Manns Medium

Well here we go again America, just when we started to see some excellent signs of recovery, a group of some of the dumbest smart people in the world takes the wheel and aims us right back toward that economic cliff that we was once dangling from only a few short years ago. According to an article from the Associated Press “new U.S. rules aimed at getting banks to take on more of the risk when they package and sell mortgage securities are being relaxed with an eye to spurring broader home lending.  Federal regulators have dropped a key requirement: a 20 percent down payment from the borrower if a bank didn't hold at least 5 percent of the mortgage securities tied to those loans on its books.  The long-delayed final rules unveiled Tuesday by six federal agencies include the less stringent condition that borrowers not carry excessive debt relative to their income.  The rules, proposed in stricter form in 2011, were mandated by the overhaul law enacted in the wake of th...

It appears that every single time, Washington does anything to help ease the pain of the middle class and poor in this country, some egghead or a group of them see this as an opportunity to take advantage and make money on the backs of those who have suffered most in our country.   When are we going to say enough is enough and start hitting back?   When will the middle class and the working poor stop being a victim and start reclaiming our mantle as more than just dollar signs with legs to those who prey on us? Recently, the Obama Administration secured a very large down-payment for those homeowners who have done the right thing and kept up with their mortgage payments even though they were the only ones playing by the rules.   The task force assigned to bring those responsible for this casino creation to justice is still working diligently and for those Americans who did all that they could to keep their homes and their American Dream alive but were victims to th...

As reported numerous times before, when larger banks seek to control the flow of money they often buy out those smaller than them, change the way that they work, suck out all of the life from them then move on as some large mass of incivility.   Charles Abbott of Reuters News wrote and article titled U.S. closes banks in Georgia and Washington State where he reports that “U.S. authorities closed two small banks in west-central Georgia and one in Washington State on Friday, bringing the number of foreclosures in 2011 to 43.   FDIC Chairman Sheila Bair has said the agency expects the number of failures to fall in 2011.   CertusBank, a subsidiary of Blue Ridge Holdings Inc, bought the Georgia banks. Blue Ridge is led by former Bank of America Corp and Wachovia Corp executives who want to build a regional bank in the U.S. Southeast.   Regulators also closed Summit Bank, of Burlington, Washington, about 50 miles north of Seattle.   The article says that “communi...

Zachary Roth from the Yahoo News Blog, The Lookout pens an article titled The foreclosure mess isn’t going away reporting that b anks profit by processing a vast number of homes into foreclosure as quickly as possible.   And as the foreclosures unwind in a slew of court proceedings nationwide, many banks have produced dubiously rendered legal documents that seek to shore up the ownership paperwork long after the original mortgage transactions were on the books. In some cases, financial institutions paid contract companies who employed an army of "robo-signers"—office workers who forged signatures on mortgage documents that were then used to initiate foreclosures.” “All 50 state attorneys general are currently   conducting an investigation   into the foreclosure mess--including cases that involve forged documents like these. And Shelia Bair, head of the Federal Deposit Insurance Corporation, told CBS she thinks the banks should have to pay billions to set up a compensat...