Readers Reflect on BofA Mortgage Racket/Lying
Posted by Larry Doyle on June 17th, 2013 8:45 AM |
Would you ever want to do business with an individual or an entity that lied to you? Probably not, right?
Should we add Bank of America to the list of those entities (financial institutions, regulators, our government) that have been less than forthright in engaging those with whom it was saying one thing but doing something entirely different?
A cursory review of the testimony I highlighted this past Friday, Bank America Mortgage Racket: We Were Told to Lie, might give many who read that commentary considerable reason to pause before engaging BofA. (more…)
Tags: BAC mortgage modification, BAC mortgage refi, Bank America mortgage, Bank of America Mortgage, Bank of America mortgage modification lying, BofA Mortgage, HAMP, HAMP Obama administration, lying about mortgage modification, lying in HAMP program, modifying mortgages under HAMP, Mortgage Crisis, mortgage foreclosures, mortgage servicing lying, Neil Barofsky Bailout foam the runway, Obama program to support housing, rent seeking, Simone Gordon, support for housing
Posted in Bank of America, General, HAMP, Mortgage Crisis, Mortgages | 6 Comments »
Uncle Sam’s Rent-Seeking Economy circa 2013
Posted by Larry Doyle on May 29th, 2013 5:22 AM |
Are we in the midst of the greatest transfer of wealth in modern times?
I will allow others to debate the merits of that question, but I propose it in order to address what I see increasingly as the “new normal” reality of our current economic condition here in the United States. What lies at the core of this new normal dynamic? A rent-seeking economy, defined as:
When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.
An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don’t create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group. (more…)
Tags: Barry Posner Penn State, definition of rent seeking, how does rent seeking develop, how does rent seeking work, how to define our economy in 2013, rent seeking, rent seeking and regulatory capture, rent seeking economy, rent seeking unearned profits, rent seeking Wall Street and Washington, Wall Street-Washington incest, what is rent seeking, why does rent seeking persist
Posted in Economy, General, Wall Street Washington Incest | 14 Comments »