California updates tagged with 'Fed'

As Joe Biden said last year during the Democratic presidential primary debates, and will likely reiterate tonight in Denver, the main source for our current credit crisis lies in mysterious lending...

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An FBI official, back in September, 2004, three years before the first wave of foreclosures hit the housing market, made a then chilling and portent observation: The booming mortgage business,...

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The Los Angeles Times reported Sunday that real estate evaluations are still being inflated, despite federal housing legislation that was signed last month tightening appraisal standards that comply...

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New York senator Charles Schumer will not be investigated for comments made about IndyMac Bancorp days before its collapse. California Attorney General Jerry Brown, on Thursday, sent a...

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According to an article that was just published on CNNMoney.com, the FDIC is going to offer a plan IndyMac mortgage borrowers that will modify loans for homeowners most at risk of foreclosure. The...

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An very well written Op-Ed showed up in the New York Times on Tuesday concerning President Bush's signing of the housing bill, which occurred the following day. The most interesting element to the...

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According to CNBC.com, former Federal Reserve Chairman Alan Greenspan said the US is “nowhere near the bottom” of the housing slump and is “right on the brink” of a recession. These remarks greatly...

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President Bush finally signed into law this morning the housing relief bill that seemed, until two weeks ago, as if it wouldn't get signed (see the President's comments from last week), after months...

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Below is an article from HousingWire.com, written back in December, 2006. The article clearly states that "billions of dollars" will be lost and that the then looming foreclosure crisis will be "one...

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In 2007, mortgage brokers and loan officers received huge payouts by lenders like Countrywide, Bear Stearns and IndyMac to put unsuspecting borrowers into expensive loans (supbrime, ALT-A., etc.),...

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Last week, at a Houston fundraiser for Republican congressional candidate Pete Olson, President Bush asked for the TV cameras in the room to be shut off. Unaware that iPhones exist, and that someone could be recording him with such a device, he then proceeded to do a two-minute standup act that one might find David Letterman or Jay Leno doing during their opening monologues. Unfortunately, and in bad taste, Bush chose to make fun of the housing crisis, which can be viewed on YouTube, Facebook and ABC News.

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Congress is close to passing a bill that is meant to stabilize the housing market and provide relief to troubled homeowners. However, the bill, if Bush doesn't veto it (something that he is...

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A grinning Barney Frank told Politico.com that, "The top financial officials of George Bush's administration have come before the public and said 'We're from the government, and we're here to help...

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CNN reports that the FBI is currently investigating IndyMac Bancorp for fraud. The federal government is likely looking into whether IndyMac committed fraud when it made home loans to subprime...

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Fannie Mae and Freddie Mac own over half of the $10 trillion in home mortgages in the U.S. combined. These two government sponsored entities are seen as the wheels that make the mortgage industry...

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