U.S. Takes $9.7 Bil Hit in GM Bailout

President Obama loves taking credit for saving the American auto industry and this week a federal audit reveals that the rescue effort has fleeced U.S. taxpayers out of an astounding $ 9.7 billion. While this may seem inconceivable to most, the numbers don’t lie. The United States Treasury has recorded a $ 9.7 billion loss […]

Audit finds legal problems with 84% of foreclosures

An audit of foreclosure cases ordered by San Francisco’s assessor found “clear violations of the law” in 84% of the cases studied. The violations ranged from failing to notify homeowners that they were in default to problems with the transfers of loans from one entity to another. It also found problems with the accuracy of […]

The Cost of Obama

BY JEFFREY H. ANDERSON, WeeklyStandard.com President Obama’s fourth budget has now been released, which allows for a relatively full accounting of deficit spending during his four years in office. The picture isn’t pretty, but it is revealing. According to the White House’s own figures (see table S-1 here for 2011 to 2013, and table S-1 […]

Banking, Housing and Mortgages

The Intel Hub James Hall February 9, 2012 The primary players that caused the housing bubble are: 1) The banking institutions that bundled and sold very risky mortgages 2) The Wall Street firms that bought these instruments and hedged for a default hazard by booking speculative derivative insurance that could never pay off on massive […]

AP source: House Republicans got discounted loans

ShareThis AP source: House Republicans got discounted loans 14 Jan 2012 Two veteran House Republicans received discounted mortgage loans from the now-defunct Countrywide Financial Corp. under a VIP program, a congressional official said Friday. The discounts went to Reps. Howard McKeon and Elton Gallegly of California, said the official, who was not authorized to speak […]

Secret Fed Loans Helped Banks Net $13 Billion

by Bradley Keoun and Phil Kuntz    The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn’t tell anyone which banks were in trouble so […]