Via ML-Implode: discovered in the course of its normal banking activities that Wells Fargo had frozen its bank account with no warning. Upon inquiring at the local branch (which had no direct knowledge of the incident), it was discovered the account had been flagged “credit risk”, and slated to be immediately closed.

These actions are more than slightly unusual because ML-Implode’s account was a plain checking account and was not an underwritten account. In fact, ML-Implode paid a monthly fee for the account, so Wells Fargo was certainly doing it no favors.

While the site is effectively insolvent (due to the impact of multiple frivolous libel suits from corrupt mortgage, e.g. by the outlawed Grant America scheme) and thus typically had a minimal balance, there had been no problems with overdrafts and all charges and obligations were always dutifully covered…

Quilts often contain symbolic worlds reflecting aspects of the broader community or society. Artist Kathryn Clark creates “foreclosure quilts”, which are based on maps of cities, with holes representing foreclosed homes: From…

MortgageITBBC News reports:

The US Justice Department has sued Deutsche Bank for more than $1bn (£600m) for defrauding the government.

The complaint says Deutsche’s MortgageIT subsidiary lied in order to get Federal Housing Administration (FHA) insurance for its loans.

FHA rules say lenders must make sure the borrower will be able to repay the loan, but the Justice Department claims Deutsche did not do so.

A Deutsche spokesperson described the claims as “unreasonable and unfair”. “We intend to defend against the action vigorously,” she added.

The lawsuit is one of the first targeting mortgage lenders under the federal False Claims Act.

Mark Whitehouse encourages people to think it’s “okay” to default on their mortgages. In the Wall Street Journal of all places! PALMDALE, Calif. — Schoolteacher Shana Richey misses the playroom she decorated…