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The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages…

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The mortgage meltdown: what went wrong and how do we fix it? Owning a home can bestow a sense of security and independence. But today, in a cruel twist, many Americans now regard their…

TransUnion today said borrowers, especially in California, continue to focus on credit card payments and ignore their mortgages. This is at least the company’s second study showing the same trend. The percentage of consumers current on credit cards and delinquent on mortgages first surpassed the percentage of consumers current…

( Update: Attorney Lear comment. ) The seizure of a handful of mortgage-aid companies operated by two men was made permanent today by Orange County Superior Court Judge Frederick Horn. The Judge granted a petition by the California State Bar, which closed on Dec. 21 the operations of Curtis…

( Update: Response from Tornow’s attorney. ) A man who posed as a mortgage broker was sentenced this morning to 70 months in prison, federal prosecutors said. Jared Tornow, of San Clemente, and others falsified documents on $40 million in loans, costing lenders more than $7 million in losses…

Ben Bernanke, head of the Federal Reserve, said Monday the central bank will continue to support the mortgage market while bank lending remains constrained, reports National Mortgage News. Here’s more: “We continue to encourage banks to raise additional capital to support their lending. And we continue to facilitate securitizing…

There are many ideas for preventing another period of extremely reckless lending.  Some think the answer is for lenders to maintain a stake in the loans they make even after the loans are sold. Here’s more from National Mortgage News yesterday: Senate Banking Committee chairman Christopher Dodd, D-Conn., has…

First Dupage Bank of Westmont, Illinois, was closed today, becoming the 106th failure of an FDIC-insured lender this year. Read more HERE. Other banks that failed today are: Riverview Community Bank of Otsego, Minnesota. Read more HERE. American United Bank of Lawrenceville, Georgia. Read more HERE. Partners Bank of…

Tad Lowrey, chief executive of CapitalSource Bank in Los Angeles, said the Federal Deposit Insurance Corp.’s plan to make banks prepay $45 billion in fees is an ingenious way for government to borrow from banks and have the cash necessary to deal with more bank failures. “I’m not very…

The Federal Deposit Insurance Corp., which protects consumer deposits at banks, said in a much anticipated release: The Board of Directors of the Federal Deposit Insurance Corporation today adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the…