Class Action Lawsuit against Saxon Mortgage Services

PHILADELPHIA, Sep 14, 2011 (BUSINESS WIRE) — The law firm of Berger & Montague, P.C. has filed a class action complaint in the United States District Court for the Eastern District of Michigan on behalf of all Michigan homeowners whose mortgage loans have been serviced by Saxon Mortgage Services, Inc. and/or Ocwen Loan Servicing, LLC …

Elected officials facilitated financial crisis, profited nicely

Senator Christopher Dodd (D-CT) was the largest recipient of campaign contributions from Fannie Mae and Freddie Mac in the past decade. Dodd also turned a blind eye to the risks posed by the GSE’s. Franklin Raines, CEO of Fannie Mae. Raines made millions in bonuses when Fannie Mae manipulated earnings to meet the highest profit …

Third Anniversary of Lehman Brothers Collapse

Thursday, September 15, 2011, marked the third anniversary of Lehman Brothers failure, which occurred as doubts about the firm’s solvency caused other banks to stop providing short-term loans, leaving Lehman unable to conduct business. Its collapse nearly brought down the US banking system and sent shock waves through the world economy that are still being …