Tag Archives | Subprime

Silenced Financial Crisis Blogger Wins Court Case: Re-Posts Materials on Mortgage Specialists’ Fraud

The Mortage Lender Implode-O-Meter blog reports:

In a resounding ruling for free speech, the New Hampshire Supreme Court has reversed a superior court’s ruling ordering the Implode-o-Meter web site to take down contributed materials and divulge the identity of a whistleblower.

Mortage Lender Implode-O-Meter

The case was The Mortgage Specialists vs. Implode-Explode Heavy Industries, Inc. (the owner of ML-Implode.com). It concerned items posted to MoSpec’s “Ailing/Watch List” entry — the 2007 “Loan Chart” data for the company, and a post by username “Brianbattersby” accusing MoSpec and its President, Michael Gill, of habitual/systemic fraud.

In light of the ruling, the original content has been restored at the company’s ML-Implode profile here.

The portions of the post written by ML-Implode chiefly concerned MoSpec being fined in 2008 by the New Hampshire and Massachusetts banking departments for its practices. (MoSpec’s President, Michael Gill, called these “compliance” issues; the ML-Implode whistleblower argued otherwise.)

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Shadow Elite: Are They Responsible For The Subprime Mortgage Crisis?

disinformation reader (and frequent commenter) 5by5 tipped us off to the article below by Jack Blum. 5by5 wrote to us saying:

It’s not your standard take on the idea, and it references something that Raymond and Joe covered when they interviewed Adam Parfey — namely, the blurb in “Apocalypse Culture II” by Jonathan Vankin about how the media marginalizes any thought outside the commonly accepted narrative as if it were a virus because conspiracy theory is inherently confrontational.

Ironically, the article I’m linking to comes not from a writer, but from a Republican government investigator who’s run into the phenomenon first-hand for the past 45 years, looking into very real corruption schemes like Bush’s bank, BCCI.

The elite he speaks of are studied in the book “Shadow Elite” by Janine Wedel (whom I think it would be fascinating for Raymond & Joe to interview for the podcast as well).

I found this part really revealing:

“Despite the desperate need for such an investigative approach, throughout my career I have been constantly perplexed by the reception to it.

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The Credit Card’s Newest Trick: 79.9 Percent Interest

PremiereBankCandice Choi writes on the AP via Yahoo News:

It’s no mistake. This credit card’s interest rate is 79.9 percent.

The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It’s a strategy other subprime card issuers could start adopting to get around the new rules.

Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card’s credit line.

In a recent mailing for a preapproved card, First Premier lowers fees to just that limit — $75 in the first year for a credit line of $300. But the new law doesn’t set a cap on interest rates. Hence the 79.9 APR, up from the previous 9.9 percent.

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The Great Foreclosure Robbery Of The 21st Century

By Robert Singer

The Center for Responsible Lending estimates that there have now been 1,000,000 foreclosures filed so far in 2009 and the group expects the foreclosure number to double before the end of the year.

U.S. Home Vacancies Hit 18.7 Million on Bank Seizures (Update2) [1]

Thanks to our controlled and uncontrolled media, we know when you take the derivative of the foreclosure crisis you get those greedy predatory lenders at AIG, Goldman Sachs and Bank of America plotting to steal our tacky (I mean tract-y) houses.

Conventional wisdumb and the media always blame the usual suspects and FOX News wraps it up: “It’s the age-old Wall Street vs. Main Street smackdown again”

Is this foreclosure for profit?

Read the rest at the Marketoracle

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