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See theTexas Judiciary & Civil Jurisprudence Arbitration Hearing, Video of Homeowners Testimony Advance to 1:55

Billions for Home Builder Corporate Welfare from Washington 
 New York Times, by Gretchen Morgenson
 
Read and Post Remarks in The Huffington Post 
American Banking News: Tax Breaks Worth Billions to Big Business
Call and Write President Obama and Your Elected Officials
Related Articles:  NY Times: Building Flawed American Dreams 
Rise and Fall of Predatory Lending and Housing

KB Homes Infomercial - Remembering Mortgage Fraud
 Cisneros partner in Lago Vista was Bruce Karatz,
highest paid CEO in the country with $232 million compensation package. Karatz:…realize how easy it is to buy… How broad the qualification is… It’s a life changing experience that we create. 
View Ex-HUD Secretary HenryCisneros KB Home Infomercial

 

Mortgage Fraud News
In his zeal, Cisneros forgot the little guy
Tuesday, 28 October 2008

Genesis of “Affordable” Homeownership at What Price?
Policies Mr. Cisneros authorized while at HUD shaped the agenda of an unchecked industry that encouraged builders to carelessly throw up shoddily constructed homes overnight in the name of “affordable” housing... Forgotten was the lack of respect for those who were to live in these homes...The sad part is that Cisneros carried the water for some of the worst giants of the industry, giants like Countrywide and KB Homes. He facilitated federal policies that became the bread and butter of the building industry; a market made up of young first-time homebuyers and families that could not afford homes that were venerable to the deceptions of predatory lending... Overcompensated greedy CEO ' s and the building industry are the sole beneficiaries of the failed policies of Henry Cisneros. In his zeal, Cisneros forgot the little guy. See: New York Times Article -  Building Flawed American Dreams

Read more...

 
Cisneros Best Quality of housing in the World?
Thursday, 23 October 2008

Henry Cisneros: Fannie and Freddie won’t need Treasury’s help
Henry Cisneros, former Housing and Urban Development Secretary under President Bill Clinton, flat-out tells our viewers the taxpayer should not– and will not– be on the hook for propping up Fannie Mae and Freddie Mac, the two mortgage giants with major government connections. See FOX News  interview: Henry Cisneros…we have not only the strongest homeownership but the Best Quality of housing in the world.

Read more...
 
New York Times Special Report Series
Sunday, 19 October 2008

New York Times: Examining the Financial Crisis
Reporter Gretchen Morgenson discusses an upcoming New York Times series of articles examining the causes of the current financial crisis.  See Video by Gretchen Morgenson

 
New York Times Credit Crisis Series
Saturday, 18 October 2008

How the Credit Crisis Unfolded
The extent of the credit crisis that unfolded from the morning of Sept. 17 to the afternoon of Sept. 18. was unseen to the public but spooked policy makers into action. Read more...

 
Will Countrywide Officials Pay?
Friday, 17 October 2008

Countrywide to Set Aside $8.4 Billion in Loan Aid
Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners...The terms of the settlement do not address Angelo R. Mozilo, the former chief executive of Countrywide Financial, or David E. Sambol, the company’s former president. The states had included both as defendants. Mr. Brown said he would pursue litigation against both men. Neither could be reached for comment.

Read more...
 
Fannie and Freddie Government Take Over
Sunday, 07 September 2008

Treasury's Paulson says government to take over Fannie, Freddie
NEW YORK (MarketWatch) -- The U.S. Treasury Dept. said Sunday it is placing troubled mortgage giants Freddie Mac and Fannie Mae under conservatorship by the Federal Housing Finance Agency. Under the plan, the FHFA will assume the power of the board, and the two firms' cheif executives will resign after a transitional period. Treasury Secretary Henry Paulson said: "Based on what we have learned about these institutions over the last four weeks ... and given the condition of financial markets today, I concluded that it would not have been in the best interest of the taxpayers for Treasury to simply make an equity investment" rather than take over the firms outright. Read and Post Comments

 
Washington Post: Real Estate Appraisers - Still Business as Usual
Sunday, 24 August 2008

Real estate appraisers still feel pressured to inflate valuations
Are mortgage loan officers and realty agents -- even individual home sellers -- continuing to influence or attempting to interfere with appraisals despite new federal rules that ban such behavior? Ask appraisers and many will tell you: It's still business as usual. Attempts at encouraging inflated appraisals continue to be commonplace, though in some cases the techniques have become subtler. "Absolutely, appraisers continue to get pressured" to hit the numbers needed to push transactions to closing, said Bill Garber, government affairs director for the Appraisal Institute, the country's largest professional organization representing appraisers.

Read more...
 
Inman News: Fannie-Freddie Deathwatch Begins
Friday, 22 August 2008

Commentary: No end in sight to credit starvation
The big news right now is the Fannie-Freddie deathwatch. First thing: Borrowers should relax; the consequences of demise for you will be either good news or no news. The pending takeover is in many ways a non-story, just confirmation that Fannie and Freddie were, indeed, too big to fail. Hopes will be dashed at the Fed and Congress that takeover will benefit our decapitalized financial system and the economy. Maybe, just maybe, the authorities will absorb that lesson, and begin useful action.

Read more...
 
FBI Investigates Home Builders Incentives as high as $100,000 inflating appraisals
Saturday, 16 August 2008

FBI Probes Unusual Incentives for Home Buyers
When home sales began to slow at the start of the downturn, home builders offered buyers incentives -- instead of reducing prices -- to stimulate demand. The incentives included cars, tuition and credit-card payments, and even cash. Now, federal investigators are questioning whether some of those incentives misled lenders and caused them to write mortgages that were artificially inflated, contributing to today's home-price crash...the Federal Bureau of Investigation is looking into allegations that home builders, brokers and appraisers defrauded lenders by not disclosing unusually large incentives to buyers, which could have added as much as $100,000 to the price of a home.

Read more...
 
The Ins and outs of Housing and Economic Recovery Act of 2008 - Good or Bad?
Wednesday, 13 August 2008

Housing bill no panacea
The Housing and Economic Recovery Act of 2008, signed by President Bush July 30, contains a hodge-podge of new programs, protections and perks for homeowners, home buyers and housing-related companies. But considerable doubt remains as to whether the law will do much to change the current dynamics of the nation's housing markets, which are still mired in misfired mortgages and depressed home sales. The bill may turn out to be not so much too little, too late, but rather misdirected, riddled with loopholes and subject to unintended consequences.

Read more...
 
Mortgage Industry: Watchdog or Lapdog
Wednesday, 16 July 2008

Mortgage Industry Warchdog or Lapdog - By Nick Anderson, Houston Chronicle's editorial cartoonist

 
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