Mortgage Crisis Quick Facts Update

It’s late 2011 and we look back to 2007, and where we are now. Mortgages were at the epicenter of the financial crisis that began in 2007 and resulted in more than $2 trillion in writedowns and losses at the world’s largest financial institutions based on data compiled by Bloomberg. Sales of existing homes have …

Predatory lending went subprime, immoral, and reckless

President Barack Obama said the mortgage finance practices that led to the economic meltdown were “immoral, inappropriate and reckless,” but not necessarily illegal, making it difficult to punish key players, specifically in the subprime debacle. Obama said that in September of 2011 Obama’s statement reminds me of a lawsuit years ago against predatory lender Household …