In the News
In the final months of 2011, almost two years before the city of Detroit would shock America by declaring bankruptcy in the face of what it claimed were insurmountable pension costs, the state of Rhode Island took bold action to avert what it called its own looming pension crisis. Led by its newly elected treasurer, Gina Raimondo – an ostentatiously ambitious 42-year-old Rhodes scholar and former venture capitalist – the state declared war on public pensions, ramming through an ingenious new law slashing benefits of state employees with a speed and ferocity seldom before seen by any local government.
Called the Rhode Island Retirement Security Act of 2011, her plan would later be hailed as the most comprehensive pension reform ever implemented. The rap was so convincing at first that the overwhelmed local burghers of her little petri-dish state didn't even know how to react. "She's Yale, Harvard, Oxford – she worked on Wall Street," says Paul Doughty, the current president of the Providence firefighters union. "Nobody wanted to be the first to raise his hand and admit he didn't know what the fuck she was talking about."
Do you remember how you felt when they told you the Easter Bunny and Santa Claus weren't real? Maybe you'd figured that out on your own, or maybe you were like my younger brother and heard it from me when you were five years old -- he's still recovering from that trauma. I may as well have told him that the crew members from Sesame Street were...
Meet The Monster Of The Housing Market: Presenting Vampire REOs Where Half Of Americans Live Mortgage-Free | Zero Hedge
Over a year ago, in addition to the money-laundering aspect (confirmed previously) and the REO-To-Rent scramble by PE firms and hedge funds (which is now over as PE become active sellers of apartment rental properties), we highlighted the third implicit subsidy to the housing non-recovery: Foreclosure stuffing. We explained this scheme by banks...
New York Attorney General Eric Schneiderman announced a lawsuit against Wells Fargo on Wednesday. He is suing the bank for failing to comply with commitments from a 2012 mortgage settlement.
According to Schneiderman, Wells Fargo has failed to promptly respond to borrowers who are seeking loan modifications. He said delays and poor service cause...
- MORTGAGE SETTLEMENT MONITOR CREATES 4 NEW ENFORCEMENT METRICS - Bloomberg
- Investors Warned on Nationstar, Ocwen RMBS Cash Remit Differences
- Countrywide Settlement Payouts May Not Come until 2015
- Fitch Reviews Proposed Servicing Transfer of BANA RMBS to SPS
- NFHA Amends Housing Discrimination Complaint Against Bank of America
Page 96 of 1008