Why Isn’t Anyone in Jail?

The language may be a bit coarser, but the message is the same.  Rolling Stone brings the long, twisted tail of banks, big business, defrauded investors and government agencies turning a blind eye to a whole new audience. Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company …

Who’s to Blame for the Mortgage Mess? Banks, Not Homeowners

Another excellent article by Abigail Field in DailyFinance. As the foreclosure crisis has escalated over the past several months, one overarching debate has been about who bears the most blame: homeowners or banks? After everything I’ve learned and written about the foreclosure mess, my verdict is: The banks are responsible for 90% of the problem, troubled homeowners 10%. Yes, every …

To Bailout or Not to Bailout: Mortgage Mess Endgames Emerging

Nice piece at Naked Capitalism. In the last week, several ideas for fixing the housing market have surfaced. One is the Third Way proposal, which appears to be an Administration trial balloon. Predictably, it is yet anther bailout, with plenty of smoke and mirrors to disguise that fact. A second proposal, from Sheila Bair yesterday, is to establish a “foreclosure …

U of I law professor says financial crisis is a wakeup call

From the Des Moines Register. Katherine Porter, a University of Iowa law professor on loan to Harvard University, has studied bankruptcy and foreclosure issues ranging from adding unjustified fees during foreclosure to the ineffectiveness of required bankruptcy counseling. Both Iowa Attorney General Tom Miller and Porter have testified before congressional committees investigating foreclosure problems. Q: Our nation’s foreclosure problems are …