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The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won’t spur an economic recovery.
Lawyers and other “gatekeepers,” such as mortgage and real estate brokers, should be prime targets in upcoming criminal prosecutions of widespread fraud underlying the current economic crisis, officials said at a Senate Judiciary Committee hearing today. “They have the most to lose, they’re the most likely to flip, and they make the best examples,” testified Neil Barofsky. He is special inspector general for the Troubled Assets Relief Program, reports a Blog of Legal Times post on the hearing. H
Prior to the mortgage crisis that is at the heart of the United States’ current economic woes, Goldman Sachs used its own internal computer models to predict that trouble was brewing and to take a step back at a time when the market was still red hot and the mortgage mess had yet to implode. See how Goldman Sachs used IT to get this early warning signal that helped them survive the crisis in a new special report from TechRepublic’s sister site ZDNet. This is required reading for IT leaders and
The enormity of the problem which is the subprime mortgage crisis has just recently, in the last year or so, been brought out to the national stage. It is easy to blame the former Bush Administration for what happened and without a doubt they do should some of the blame for their inept reaction to the situation. Unfortunately, the current mess…
Jerome Corsi: NEW YORK – A call to utilize the current global economic crisis as a panic in which governments worldwide can move to nationalize banks is emerging from the 2009 World Economic Forum in Davos, Switzerland. The forum’s founder, Klaus Schwab, told CNN yesterday the current global economic slowdown is a “transformational crisis” that should be utilized to shape a “new world.” “Above all else this is a crisis of confidence,” Schwab said. “To restore confidence you have to establis
