Mortgage Crisis
Obama administration brokers pro-bank mortgage fraud settlement
By Joseph Kishore, February 10, 2012
The terms of the agreement announced Thursday are entirely favorable to the banks, while doing little or nothing to aid the millions of people who have been devastated by the collapse of the US housing market.
Mortgage stress rising in Australia
By Eduardo Ballesteros, October 21, 2011
The Moody’s report provides a glimpse of the mounting financial distress being experienced by working class households, even before the current barrage of manufacturing job losses.
The tip of the iceberg of Wall Street criminality
Bank of America agrees to $8.5 billion settlement on fraud claims
By Barry Grey, July 2, 2011
Bank of America, the biggest US bank by assets, announced Wednesday it had agreed to settle securities fraud claims brought by a group of 22 large investors for $8.5 billion.
US: Oregon foreclosure filings skyrocket
By Hector Cordon, June 10, 2011
Oregon foreclosure rates had skyrocketed by an astounding 236.2 percent in April over the previous month.
US foreclosures soar, housing prices slump
By Patrick Martin, December 31, 2010
As many as nine million American families have been foreclosed or face the threat of it in the coming year.
Four of five Las Vegas mortgages “underwater”
By Roger Herman and Therese Leclerc, November 29, 2010
Four of every five Las Vegas homeowners hold mortgages that exceed the value of their homes.
Global financial crisis leaves two million Australians in poverty
By Mike Head, November 4, 2010
Beneath the surface of the mining-led “recovery”, millions of ordinary people are suffering economic insecurity, acute financial difficulties and housing stress.
US Federal Reserve announces new round of bond purchases
By Barry Grey, November 4, 2010
The Federal Reserve Board on Wednesday announced a new round of bond purchases, in effect printing up hundreds of billions of fresh dollars and injecting them into the US economy.
US mortgage crisis: The case for public ownership
By Tom Eley, October 23, 2010
In the face of mounting evidence of systematic fraud by leading US banks in the foreclosure and eviction of millions of families from their homes, the Obama administration continues to oppose a moratorium on foreclosures.
With White House backing, banks resume foreclosure evictions
By Tom Eley, October 20, 2010
Bank of America and GMAC announced they are resuming foreclosure evictions, after claiming they found no problems with legal documents related to home repossessions.
Thousands of homeowners seek help in Sacramento, California
By Oliver Richards and Karl Eisner, October 11, 2010
Thousands of homeowners struggling with foreclosures and financial distress attended a “mortgage modification” event sponsored by the Neighborhood Assistance Corporation of America (NACA) in Sacramento, California on the weekend. The gathering followed a similar “Save the Dream” event in Los Angeles
The Global Economic Breakdown—A Marxist Analysis
Nick Beams to address University of Western Sydney students
September 1, 2010
Socialist Equality Party (Australia) national secretary Nick Beams has been invited by the University of Western Sydney Schools of Law and Economics and Finance to deliver a guest lecture on the global financial crisis.
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