Lender Found Liable in Mortgage Fraud Case
A Florida federal judge has found a mortgage lender liable to borrowers who say they were fraudulently put into unaffordable subprime mortgages. U.S. District Judge Federico A. Moreno of the Southern District of Florida entered a default judgment against Bankers Express Mortgage Inc. The judge said the Calabasas, Calif.-based lender did not respond to a [...]
Read Full Post | Make a Comment ( None so far )The Housing Crisis and a Fight-Back Program
The current economic crisis has been building for years. At its root is the massive elimination of decent-paying jobs and lowering of wages in the U.S. and worldwide, a phenomenon explained and analyzed so well in the party’s newest book, “Low-Wage Capitalism.” The capitalist class was able to delay the inevitable economic collapse in significant [...]
Read Full Post | Make a Comment ( None so far )Liar loans lead next wave of foreclosures
In the mortgage industry, they are called “liar loans” — mortgages approved without requiring proof of the borrower’s income or assets. The worst of them earn the nickname “ninja loans,” short for “no income, no job, and (no) assets.” The nation’s struggling housing market, already awash in subprime foreclosures, is now getting hit with a [...]
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