Busted: Bankers and The Global Economy

February 7, 2009

Congress: Americans Don’t Care About Pork

Filed under: economy, government, money, politics — Tags: , , , , , , , , — digitaleconomy @ 5:10 pm

A sarcastic Charles Schumer impales the American intelligence with some condesending irreverence. Houston, economy or no economy, digital or not, we have an attitude problem in Congress. Americans don’t need this kind of ‘help.’

May 19, 2008

Mortgage Vultures and Congress

In a recent hearing on mortgage servicing, Senators probed Countrywide Mortgage on exactly how mortgage servicers make their profits. Servicers earn revenue through a fee that is a percentage of the mortgage, float income from interest on temporarily-held funds, and through retained fees like late charges and other fees paid by borrowers.

Senator Charles Schumer described the addition of these fees as “piling on”. Mr. Schumer is convinced that a “vulture mentality” is developing among mortgage servicers as defaults rise. Senator Schumer called Steve Bailey of Countrywide to task for attempting to deny that mortgage servicers profit everyday from delinquent homeowners, even when borrowers and loan holders might benefit if the family retained its home, rather than struggle to pay an avalanche of default costs. (more…)

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