Skip to main content

Leading national minority oanizations vw to fix Fed's new UDAP rule

National Mortgage Professional
Dec 22, 2008

Casey Research study: Bailouts for failed banks already a failureMortgagePress.comCasey Research, bailouts, IndyBank, Citigroup Casey Research has released a report with disturbing findings about the federal government's vast and unprecedented activities in bailing out troubled commercial banks like IndyBank and Citigroup. Their findings appear in the latest issue of The Casey Report, the flagship publication of Casey Research. The report can be viewed here. "Over the past four months, American commercial banks have received massive amounts of bailout money, ostensibly to unfreeze the credit market and enable the banks to lend again," write Bud Conrad and Doug Hornig, Casey Research analysts. "The banks' cash assets rose by more than a half-trillion dollars. That is primarily taxpayers' money. But it did not serve a useful purpose. In reality, we got scammed." "The Treasury borrowed taxpayer dollars via the sale of Treasury notes and deposited the cash at the Federal Reserve. The Fed used the money to relieve banks of their most toxic liabilities. But instead of lending it, the banks simply bought more Treasury notes, thereby polishing up their balance sheets. The net result is that the Treasury incurred more debt. The Fed absorbed all manner of bad debts for which it may not get ten cents on the dollar and the banks ended up with more money and less debt." The Treasury Department bilked U.S. taxpayers for $3 trillion in three months. "The consequences are dire. Responses of gargantuan size have merely served to keep the system from collapsing and have barely begun to improve it. Thus, the situation is not yet stabilized. There will be new surprise problems, and bigger responses, for the foreseeable future. Of that we can be certain. And collectively, all the government's responses will inevitably have a negative effect on the value of the U.S. dollar," said Mr. Conrad and Mr. Hornig. For more information, visit www.caseyresearch.com.
Published
Dec 22, 2008
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021