New suit alleges deceptive foreclosure practices

SPRINGFIELD, Mass. (WWLP) – This week, Massachusetts slapped a huge lawsuit on five major U.S. banks. The lawsuit claims the banks’ shady practices have contributed to people illegally being removed from their home. State Attorney General Martha Coakley says she is not going to wait any longer to hold banks accountable for allegedly deceptive foreclosure …

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 …

Almost 9 percent of U.S. homeowners missed a payment

The Mortgage Bankers Association said Monday that 8.44 percent of homeowners missed at least one mortgage payment in the April-June quarter. That figure, which is adjusted for seasonal factors, rose 0.12 percentage point from the January-March period of 2011. In a normal market, the percentage of delinquent borrowers is about 1.1 percent, according to the …