The Role of Government and The Foreclosure Crisis

4 More banks close as U.S. bank failures reaches 124 this year

Three bank failures in Georgia and one in Ohio has brought 2010's tally to 124, according to the Federal Deposit Insurance Corp. on Friday...

Americans' Net Worth Falls Along With Stocks

U.S. households saw their wealth decline in the second quarter despite their efforts to save more money, underscoring the economy's struggle to recover from the recession.

Record number of US homes seized by banks

More US homes were repossessed by banks in August-more than 95,000-than in any other month in history, according to, a real estate marketplace. The company expects 1.2 million bank repossessions this year, a level 12 times higher than in 2005, when there were only 100,000.

Wall Street Banks Committing Widespread Mortgage Foreclosure Fraud

A Florida state-court judge, in a rare ruling, said a major national bank perpetrated a "fraud" in a foreclosure lawsuit, raising questions about how banks are attempting to claim homes from borrowers in default.

The housing recession isn't over

The spate of foreclosures is particularly problematic since it continues to add to the housing glut. And until the number of homes on the market comes down, it's tough to imagine how sales and prices will improve all that dramatically.

From Information Clearing House


The Role of Government and The Foreclosure Crisis

Dean Baker, Truthout: "The basic story of the foreclosure crisis is that banks made trillions of dollars of bad mortgage loans that were used to buy or refinance houses at bubble-inflated prices. With the collapse of the housing bubble, more than a fifth of all mortgages are underwater. As a result, many homeowners are struggling to pay mortgages on houses in which they have no equity and have no real prospect of ever getting equity. This is where the two competing views of government come in. If the market is allowed to run its course, millions of homeowners will default on mortgages, leaving banks and investors with large losses."

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