Taylor, Bean and Whitaker in Trouble: FHA Expulsion

Mortgage lender Taylor, Bean and Whitaker Mortgage Corp. has been suspended from the Federal Housing Administration (FHA), on grounds of possible fraud. According to the FHA, Taylor Bean failed to submit a mandatory annual financial report and did not reveal they had...

Jersey City Dreaming: Bullets, Bribes, and Unreal Real Estate

Last night I dreamed I went to Jersey City again... I lived in Jersey City, New Jersey for sizable chunks of time during the 70s, 80s, and 90s. The experience made a deep impression on me. Which is why I still write about JC when events resonate. In June an auction of...

Foreclosure Crisis Watch: Hope for Homeowners Hopeless?

There will be an expected three million failed mortgages this year and 8,500 homes threatened for foreclosure per day. This is despite the 300 billion dollars allotted for the Bush administration’s Hope for Homeowners program. The scheme which has been in effect since last...

Mortgage Relief Program: Will it be too late for many homeowners?

In order to address the enduring foreclosure crisis, the Senate has passed a mortgage rescue proposal that aims to help distressed homeowners switch to government-backed mortgages under the supervision of the...

Mortgage Relief Program: Will it be too late for many homeowners?

In order to address the enduring foreclosure crisis, the Senate has passed a mortgage rescue proposal that aims to help distressed homeowners switch to government-backed mortgages under the supervision of the...

Hillary's Housing Fix in a New York Nutshell

A raw March morning in Albany. The wind whistled round the Empire State Asylum for the Politically Insane. Dr. Edwards, the new chief of staff, was making his first tour of the facility. Dr. Murchison, his predecessor, was acting as guide. First up, the day room....

The Bush Subprime Bailout: Limited Surge or Taxpayer Quagmire?

Ick! The Ownership Society of crap mortgage lending that President Bush pushed so assiduously has gone and done an Iraq on the carpet. Attention taxpayers and homebuyers dumb enough to save for real down-payments. The roar you hear at the door is Dubya with a wallet-sucking...

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