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Paul Kiesel

Former Fed Chief Greenspan Changes Economic Outlook: Housing Nowhere Near the Bottom

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 contrast what Mr. Greenspan said, in [...]
Paul Kiesel

Combating Subprime Mortgage Fraud

The New York State Commission of Investigations reported that the state’s mortgage borrowers need more regulatory protection from predatory lenders, according to CNNMoney.com. Predatory mortgage brokers were able to take advantage of loopholes [...]
Paul Kiesel

Bush Signs Housing Relief Package

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 of effort by its co-authors, Senators [...]
Paul Kiesel

Center for Responsible Lending Foresaw Foreclosure Crisis Back in 2006, Greenspan and Bush Officials Largely Ignored Group’s Findings

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 of the worst foreclosure [...]
Paul Kiesel

Housing Bill Pros and Cons, Bush to Sign It After Senate Vote

Whether people agree or disagree with the Housing Bill that was passed by the House on Wednesday, and is expected to be passed by the Senate next week, every homeowner, including homeowners barely affected by the foreclosure crisis and/or potential [...]
Paul Kiesel

Fed Misses Major Lending Abuse Issue: Mortgage Brokers Steering Borrowers into Bad Loans for Fat Fees

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.), according to the Department of Housing and Urban [...]
Paul Kiesel

San Diego Wants to be a Foreclosure Sanctuary, Sues Bank of America Amid Congress Passing Housing Bill

The Southern California housing market has been crushed over the last seven months, as foreclosure rates continue to soar and home prices further depreciate. The City of San Diego, in an effort to curb the foreclosure problem, has filed a lawsuit [...]
Paul Kiesel

Bush Makes Fun of Housing Crisis: ‘Wall Street Got Drunk’

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, [...]
Paul Kiesel

White House Renews Threat to Veto Housing Bill, Bush Pushes Congress to Pass His Version

Yesterday, the White House renewed its threat to veto the housing bill that will be voted on tomorrow by the House if it contained a $4 billion block grant program for states to buy foreclosed homes (in order to get foreclosed homes off the [...]
Paul Kiesel

California Foreclosure Crush Continues

CNN and the AP reported today that foreclosures in the state of California rose in the second quater to the “highest level in at least 20 years.” DataQuick Information Systems also says in its report Tuesday that the number of default [...]