11 posts tagged with economy and mortgage.
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I get around

Rodney Durham stopped working in 1991, declared bankruptcy and lives on Social Security. Nonetheless, Wells Fargo lent him $15,197 to buy a used Mitsubishi sedan. “I am not sure how I got the loan,” Mr. Durham, age 60, said.

Mr. Durham’s application said that he made $35,000 as a technician at Lourdes Hospital in Binghamton, N.Y., according to a copy of the loan document. But he says he told the dealer he hadn’t worked at the hospital for more than three decades. Now, after months of Wells Fargo pressing him over missed payments, the bank has repossessed his car.
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The thermometer showed a 103.5-degree fever, and her 10-year-old’s asthma was flaring up. Mary Bolender, who lives in Las Vegas, needed to get her daughter to an emergency room, but her 2005 Chrysler van would not start. The cause was not a mechanical problem — it was her lender.

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This is the face of the new subprime boom. [more inside]
posted by Potomac Avenue on Oct 1, 2014 - 69 comments

Thanks, Housing Collapse!

14 Year Old Buys House in Florida Meet Willow Tufano, age 14: Lady Gaga fan, animal lover, landlord. [more inside]
posted by modernnomad on Mar 9, 2012 - 102 comments

Now You See It, Now You Don't

Homeowners are using a little known loophole in the bankruptcy laws to shed their second mortgages.
posted by reenum on May 9, 2011 - 42 comments

Iowa loophole voids mortgage

Matt and Jamie Danielson, with the aid of their bankruptcy attorney, were able to use a little known loophole in the Iowa law to void their mortgage and own their house outright after making just one payment. However, further investigation has uncovered some unsavory events in the couple's past.
posted by reenum on Apr 21, 2011 - 60 comments

The 25-Year 'Foreclosure From Hell'

Patsy Campbell has been fighting her foreclosure in Florida courts for the past 25 years. She has not made a mortgage payment since 1985 while foiling the efforts of several banks to evict her from her home in Okeechobee, Florida.
posted by reenum on Dec 30, 2010 - 150 comments

Worst decade in generations.

Aughts were a lost decade for U.S. economy and workers. For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different. The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation's growth. Meanwhile, some of the administration's remedies might be making things worse: U.S. Loan Effort Is Seen as Adding to Housing Woes. [more inside]
posted by VikingSword on Jan 2, 2010 - 69 comments

Tanta Vive!

The Compleat ÜberNerd: a fascinating series of blog entries detailing the nitty-gritty behind the mortgage industry by Calculated Risk's "Tanta." If you're curious about automated underwriting systems or the ins and outs of mortgage servicing or if you just enjoy some Mortgage Pig Excel art, Tanta was the blogger for you. Tanta, otherwise known as Doris Dungey, passed away on Sunday morning (NYT obit, CR obit).
posted by mullacc on Dec 1, 2008 - 15 comments

They laughed at Peter Schiff

The laughed at him. Foretelling the doom and gloom of the mortgage crisis as a pundit in these 2006-2007 interviews, Peter Schiff held to a grim economic outlook. Recently in the Washington Post, Schiff writes: "Our leaders irrationally promoted home-buying, discouraged savings, and recklessly encouraged borrowing and lending, which together undermined our markets."
posted by thisisdrew on Nov 14, 2008 - 33 comments

Subprime Artistry

The Subprime Primer. [via] An entertaining, lo-fi, comic-book style explanation of the complex Subprime Mortgage mess.
posted by afx114 on Feb 17, 2008 - 77 comments

living in a gilded cage

America's debtor prisons.
posted by geos on Jan 25, 2008 - 81 comments

DOOOOOM! Oh wait, Nevermind. We're fine. You're still doomed though.

Some see an economic apocalypse. Others see an err.. economic apocalypse. But have no fear! A solution is at hand. [more inside]
posted by Lord_Pall on Dec 13, 2007 - 61 comments

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