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foreclosures 
Mon Nov 28, 2011 at 12:25:27 PM MST
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( - promoted by Fong)
Bloomberg (Occupy that!) is reporting the Federal Reserve lent some of the nation's largest banks about 7.7 Trillion Dollars in the last few years. Some of those banks have a very large presence in Colorado. Many of those banks continue to foreclose or threaten foreclosure on their customers, even while they received almost-free and almost-limitless loans from the Federal Reserve:The Treasury Department relied on the recommendations of the Fed to decide which banks were healthy enough to get TARP money and how much, the former officials say. The six biggest U.S. banks, which received $160 billion of TARP funds, borrowed as much as $460 billion from the Fed, measured by peak daily debt calculated by Bloomberg using data obtained from the central bank. Former Treasury Secretary Hank Paulson didn't respond to a request for comment.
The six -- JPMorgan, Bank of America, Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. (GS) and Morgan Stanley -- accounted for 63 percent of the average daily debt to the Fed by all publicly traded U.S. banks, money managers and investment- services firms, the data show. By comparison, they had about half of the industry's assets before the bailout, which lasted from August 2007 through April 2010. The daily debt figure excludes cash that banks passed along to money-market funds.
Bank of America in Colorado here. Wells Fargo in Colorado here (PDF). Judging by their junk mail Citi does business here. They probably also lied to federal investigators. And JPMorgan and Goldman do business everywhere.
UPDATE: Goldman Sachs and other hedge fund operators were given advance notice of Freddie/Fannie actions by then-Secretary Paulson, a former GS exec - compelling some to see their lawyers immediately. (h/t Kos.)
UPDATE II: BofA, Well Fargo, and Citi may have* illegally foreclosed on military families:
Ten leading US lenders may have unlawfully foreclosed on the mortgages of nearly 5,000 active-duty members of the US military in recent years, according to data released by a federal regulator. [...]
The data released by the OCC are based on estimates prepared by lenders and their consultants. BofA said it is reviewing 2,400 foreclosures involving active-duty military families to see if they were conducted properly. Wells Fargo is reviewing 870 foreclosures and Citigroup is looking at 700 cases.
Those 3 banks operate in Colorado. Fort Carson, in Colorado Springs, is a primary hub of support for our military operations in Iraq and Afghanistan, has an enormous number of service members and their families who live both on base and in local off-base housing.
Would government regulation, something Republicans like Doug Lamborn and Mike Coffman are always complaining about, have helped reduce the amount of money we gave to banks so they wouldn't crash?
Duh......
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Thu Mar 24, 2011 at 06:25:42 AM MST
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From launching a satellite to getting pregnant there are windows of time in every aspect of life that once missed must either be waited for again, or achieved with much more difficulty and expense. Not least among these are the economic windows. Attention to the problems of the nation's unregulated derivatives and the nature of the bond insurance markets might have prevented the kind of near economic cataclysm that we are still suffering the after affects of.
Just because we have managed to stabilize our financial markets and get our mega-companies making a big wad of cash again does not mean that the economy is stable or can't be damaged by a failure to act when needed.
One of the leading economic indicators over the last few decades has been the sale of new homes. This is a good gage of not only how people feel about the economy (you don't get involved in a 30 year mortgage if you think you are going to lose your job) and it also says a lot about the demand for all kinds of products that go with home ownership.
In February of this year, it fell to it lowest level since the statistic started being measured in 1963. The total was 19,000, for the entire nation. That would annualize out at about a quarter million new homes sold for all of 2011 if the trend continues.
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Thu Jul 15, 2010 at 06:44:20 AM MST
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There a many reasons why 2010 will go down as a record year, the amount of oil spilled, the historic legislation that was passed, the hottest average temperatures ever observed in the US. All these will be indicators of a year that in the words of the ancient Chinese curse were "interesting times". This morning we have another looming on the horizon. So far this year foreclosures are running at 10 times their average.
In any given year in the United States there are around 100,000 foreclosures. This year Reality Track, the folks who keep track of the numbers of foreclosed houses, says that there have been 528,000 foreclosures so far, if this pace continues then the end of 2010 will see one million family homes foreclosed on.
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