Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-55950 Sat, 24 Jan 2015 01:04:42 GMT Foreclosure echo ``Private mortgage insurance was created to help less wealthy people buy homes by reducing the risk to mortgage lenders if the borrower defaults. Generally, home buyers who make less than a 20 percent downpayment must buy the insurance, which typically costs $30 to $70 for every $100,000 borrowed, and pays the bank for some of its losses when the borrower doesn't pay the mortgage and the house goes into foreclosure.

But while the policies have helped hundreds of thousands obtain a mortgage nationwide, they also created a class of home owners who were especially vulnerable when the economy crashed in 2008. They had large mortgages -- sometimes pressed upon them by predatory lenders -- and little equity in their houses. When real estate values collapsed, they often owed more than their houses were worth.''

iehi-feed-55939 Thu, 22 Jan 2015 21:28:35 GMT Wells Fargo, JPMorgan slapped for title kickback scheme iehi-feed-55936 Thu, 22 Jan 2015 19:19:56 GMT Serbian central bank to discuss franc loan pain with bankers, borrowers iehi-feed-55923 Wed, 21 Jan 2015 21:01:19 GMT S.&.P. to Pay Nearly $80 Million in Settlements; Face 1-Year Ban ``Standard & Poor's, the credit rating agency blamed with helping inflate the subprime mortgage bubble, has now settled accusations that it orchestrated a similar fraud years after the bubble burst.

S.&P. has agreed to settle an array of government investigations stemming from 2011, paying nearly $80 million and admitting to some of its misdeeds, federal and state authorities announced on Wednesday. As part of the deals, reached with the Securities and Exchange Commission and the attorneys general in New York and Massachusetts, S.&P. also agreed to take a one-year "timeout" from rating certain commercial mortgage investments at the heart of the case, an embarrassing blow to the rating agency.

... the Justice Department and several state attorneys general did [also] take action, suing S.&P. in connection with the crisis. After fighting that case for two years, S.&P. has now reached a tentative settlement that would require it to pay $1.37 billion, people briefed on the matter said this week, a penalty large enough to wipe out its operating profit for a year.

iehi-feed-55920 Wed, 21 Jan 2015 18:51:47 GMT 4 Bankers Get Slapped By A Woman In Massachusetts iehi-feed-55904 Tue, 20 Jan 2015 13:51:30 GMT ‘Twas the Night Before Christmas -- 2014 (A Political & Social Year-in-Review) | Mandelman Matters iehi-feed-55864 Wed, 14 Jan 2015 18:22:53 GMT CFPB: Nearly Half of Homebuyers Don't Shop Around for Mortgages iehi-feed-55859 Wed, 14 Jan 2015 15:54:58 GMT Ocwen Financial's Shares Tumble on California Concerns iehi-feed-55838 Sat, 10 Jan 2015 03:32:29 GMT Do You Pay Rent To Blackstone? This Is Where Wall Street Is America's Landlord (map) iehi-feed-55836 Sat, 10 Jan 2015 03:25:51 GMT Chinese Real-Estate Default Rocks Junk Bonds iehi-feed-55824 Thu, 08 Jan 2015 18:39:07 GMT Bill Black: Mortgage Appraisal Fraud is Baaack... Because Bank Execs Profit From It iehi-feed-55822 Wed, 07 Jan 2015 16:29:39 GMT Florida County To Investigate Mortgage Document Fraud iehi-feed-55821 Wed, 07 Jan 2015 16:23:19 GMT Obama Said to Announce Cut in FHA Mortgage Insurance Premiums iehi-feed-55776 Wed, 31 Dec 2014 17:34:36 GMT US Home Price Growth Slows for 11th Consecutive Month iehi-feed-55754 Sat, 27 Dec 2014 04:06:30 GMT Credit Suisse must face $10 billion N.Y. mortgage-fraud lawsuit iehi-feed-55736 Wed, 24 Dec 2014 16:03:24 GMT The Housing Recovery Remains Cancelled Due To 6 Months Of Downward Revisions iehi-feed-55719 Mon, 22 Dec 2014 21:25:53 GMT NYDFS & OCWEN Reach Deal: $150 Million Fine W/ CEO Erbey Shown The Door iehi-feed-55716 Mon, 22 Dec 2014 16:14:05 GMT Sales of U.S. Existing Homes Decrease More Than Forecast iehi-feed-55715 Mon, 22 Dec 2014 16:12:35 GMT Ocwen executive chairman to resign in $150 mln settlement iehi-feed-55710 Mon, 22 Dec 2014 00:10:33 GMT Pandemonimium Breaks Out As Treasury Releases New TILA Guidebook