huffingtonpost.com — Top Citigroup executives sought to assure investors and the public Monday that the firm's foreclosure process and its handling of key documents in securitizing home mortgages is "sound," despite growing concerns over how lenders may have skirted the law when bundling home mortgages, selling them and kicking delinquent borrowers out of their home.
ourfuture.org — The bank lobby is spreading a host of silly myths about the foreclosure fraud outbreak in an effort to downplay the scandal and minimize concerns over potential bank losses that have emerged in the blogosphere. Housing Wire’s Paul Jackson spouts most of them in his post today. Jackson does acknowledge a host of major problems for banks that have been recently highlighted by the blogosphere, but he’s still spreading serious misinformation on foreclosure fraud and its potential effects. Banks routinely rip-off borrowers in the foreclosure process, and the blogosphere's uproar over foreclosure fraud is more than justified.
washingtonpost.com — Just 10 days after announcing a nationwide halt to foreclosure sales, Bank of America, the nation's largest bank, said Monday that it would begin resubmitting paperwork on Oct. 25 to restart foreclosures on borrowers who missed their payments in 23 states. If judges approve the new filings, the bank expects that the sales of foreclosed properties will start up once again in the states where a court order is needed to foreclose on a home.
tpmcafe.talkingpointsmemo.com — The latest jobs bill coming out of Washington isn't really a bill at all. It's the Fed's attempt to keep long-term interest rates low by pumping even more money into the economy ("quantitative easing" in Fed-speak).
bloomberg.com — The dollar has dropped more than 7 percent since Aug. 27, when Chairman Ben S. Bernanke signaled the Federal Reserve is prepared to ease monetary policy. Where once such a decline may have been met with resistance from the U.S., Geithner may now be tolerating it as a way of bolstering the recovery.
pbs.org — The Tea Party has captured the imagination and spirit of many Americans and may very well turn that into a powerful voting bloc come November. But, that bloc may not have a leg or girder to stand on as our nation’s infrastructure continues to crumble. I am very concerned, from what I have read so far, and what has been ignored to date, that the Tea Party movement will throw our public works overboard with the tea.
nytimes.com — In a New York Times/CBS News Poll last month, fewer than one in 10 respondents knew that the Obama administration had lowered taxes for most Americans. Half of those polled said they thought that their taxes had stayed the same, a third thought that their taxes had gone up, and about a tenth said they did not know. As Thom Tillis, a Republican state representative, put it as the dinner wound down here, “This was the tax cut that fell in the woods — nobody heard it.”
washingtonpost.com — The number of U.S. homes lost to foreclosure rose sharply in July, as lenders took back more properties from homeowners who had been in default for months on end.
Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, the foreclosure-listing firm RealtyTrac said Thursday.
bloomberg.com — The Federal Reserve’s first attempt to bolster the flagging U.S. recovery shows no sign of dispelling investor concerns the world’s largest economy may slide back into a recession.
The Standard & Poor’s 500 Index fell for a third straight day yesterday after paring losses in the hours after the central bank’s Aug. 10 announcement it would sustain its assets at the current level. A subsequent decline in 10-year Treasury yields hasn’t yet filtered through to corporations now paying higher premiums.
wonkroom.thinkprogress.org — Republicans have been defending their desire to preserve the Bush tax cuts for the wealthy — which the Obama administration would like to see expire at the end of the year — by falsely claiming that they will affect a multitude of small businesses. Florida’s Republican Senate candidate Marco Rubio is willing to take this concocted version of reality so far as to claim that it’s actually a “misnomer” to call them tax cuts for the wealthy at all:
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