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Jury Convicts Executive in $3B Mortgage Fraud Case
By not in system - AOL NewsALEXANDRIA, Va. -- A jury on Tuesday convicted the majority owner of what had been one of the nation's largest mortgage companies on all 14 counts in a $3 billion fraud trial that officials have said is one of the most significant prosecutions to arise from the nation's financial crisis. Prosecutors said Lee Farkas led a fraud scheme of staggering proportions as chairman of Florida-based Taylor Bean & Whitaker. The fraud not only caused the company's 2009 collapse and the loss of jobs for its 2,000 workers, but also contributed to the collapse of Alabama-based Colonial Bank, the sixth-largest ...
Workers Brace for Effect of Government Shutdown
By not in system - AOL NewsLITTLE ROCK, Ark. - A weather forecaster says he may have to live off the money he's been setting aside for a Caribbean vacation. A worker in Washington hopes to polish his resume so he can retire from public service and work in the private sector. An accountant wonders if she can put off her mortgage for a month. Federal workers like them across the U.S. will be out of work and without a paycheck if the looming government shutdown isn't averted. Some say they will make the best of it, using the spare time to get a few things done. Others are far more fearful of how they'll provide for their ...
House Votes to End Mortgage Reduction Program
By not in system - AOL NewsWASHINGTON -- House Republicans pushed through legislation Tuesday to terminate an underachieving Obama administration program designed to reduce mortgage payments for homeowners in danger of losing their homes to foreclosure. Most Democrats, while acknowledging that the Home Affordable Modification Program has fallen short of original goals, protested the vote to kill it. The White House, in a statement, said that if the bill ever reaches President Barack Obama's desk, his senior advisers would recommend he veto it. The vote was 252-170. The GOP-led House this month has voted to kill three ...
Obama Overhaul of Housing Finance Would Scuttle Fannie, Freddie
By Joseph Schuman - AOL NewsThe Obama administration today sent to Congress proposals to reduce government support for the home finance market, a series of ambitious if sketchy and protracted moves that would wind down the federally backed mortgage giants Fannie Mae and Freddie Mac. The 32-page plan outlines steps to make room for more private capital while reducing the role of Fannie and Freddie -- known as government-sponsored enterprises -- in the market for funding loans to prospective home buyers. "This is a plan for fundamental reform -- to wind down the GSEs, strengthen consumer protection and preserve access to ...
Opinion: Abolish Fannie and Freddie
By not in system - AOL NewsWhen the Obama administration issues its report about the future of Fannie Mae and Freddie Mac -- expected later this week -- it is sure to set off another round of debate about what to do with these giant mortgage companies. During the depths of the financial crisis, there was plenty of brave talk from Democrats and Republicans about reforming the two companies. But now, as we have arisen from the worst of it, there is much less talk on both sides of the aisle of radical reform and much more talk of going forward with business as usual. But when it comes to Fannie and Freddie, radical ...
Court Rules Against Banks in Pivotal Mortgage Case
By not in system - AOL NewsThe highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo & Co. Friday in a pivotal mortgage foreclosure case that could spark more turmoil and uncertainty in a housing market already mired in depression. The Supreme Judicial Court affirmed a lower court judge's ruling invalidating two mortgage foreclosure sales because the banks, in their capacity as trustees for mortgage securities, did not prove that they actually owned the mortgages at the time of foreclosure. The decision, which highlights the failure of financial firms to adhere to the rules that govern ...
Health Care Costs and the Uninsured: The Republicans Have a Plan
By Robert and Donna Trussell - Politics DailyFollow the Trussell cartoons on Twitter at ChaosTheoryPD ...
Oregon to Pick Up Mortgage Payments for Struggling Homeowners
By Susanna Baird - AOL News(Dec. 13) -- Oregon will play mortgage superhero to 5,000 state residents in 2011, paying one year of each person's mortgage. Via the Oregon Homeownership Stabilization Initiative's Mortgage Payment Assistance Program, struggling homeowners who earn approximately $74,000 a year for a family of four and are unemployed or have lost 25 percent of their income can enter a lottery. The state expects 20,000 to 30,000 homeowners to apply online. The state will pay 12 months of the winners' mortgages, up to $20,000. Winners must pay back the money, though the state will forgive 20 percent of the ...
Panel Warns of Nightmare Scenarios for Housing Crisis
By Joseph Schuman - AOL News
(Nov. 16) -- The "robo-signing" scandal at the heart of the current foreclosure crisis may be just the tip of a legal iceberg that threatens to destabilize the American financial system just as the government is least equipped to support it. That's the judgment of the Congressional Oversight Panel, the watchdog agency created to keep an eye on the Troubled Asset Relief Program, or TARP. And it's the first official warning from anyone in the government that banks' problematic servicing of foreclosures could obscure and possibly evolve into troubles on a global scale. "At this point the ...
Microsoft CEO Sells $1.3B of Shares
By not in system - AOL News(Nov. 6) -- Microsoft Corp. CEO Steve Ballmer has sold about $1.3 billion worth of his company shares recently, the first time he's done so in seven years. Ballmer confirmed the stock sales Friday and said they were made to diversify his investments and aid his year-end tax planning. He said he plans to sell as many as 75 million shares by year's end. Securities and Exchange Commission filings by Ballmer this week show he sold about 50 million shares. Ballmer still holds about 350 million shares, worth some $9 billion at Microsoft's current price of around $26. Ballmer issued a statement "to ...
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