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Author Archives: ProPublica

ProPublica

Father Struggles to Pay Dead Son’s Student Loans

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by Marian Wang, ProPublica, A few months after he buried his son, Francisco Reynoso began getting notices in the mail. Then the debt collectors came calling. “They would say, ‘We don’t care what happened with your son, you have to pay us,’” recalled Reynoso, a gardener from Palmdale, Calif. Reynoso’s son, Freddy, had been the pride of his family and ... Read More »

Foreclosure Victim Guide on How to Get Compensation You Are Entitled To

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by Paul Kiel ProPublica, If you’re a victim of banking abuses during the foreclosure crisis, the government says it’ll make sure you receive compensation from your bank. It’s a simple idea. But for victims, determining who’s eligible, how to apply, and when you might get a check in the mail isn’t simple at all. So we built a list of ... Read More »

Billion Dollar Foreclosure Settlement Money Goes Elsewhere

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by Paul Kiel and Cora Currier ProPublica States have diverted $974 million from this year’s landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. That’s nearly forty percent of the $2.5 billion in penalties paid to the states under the agreement. The settlement, between five of the country’s ... Read More »

Student Loans Getting Shuffled All Over. Leaves Many Confused.

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by Marian Wang ProPublica The Department of Education has been transferring large batches of federal student loans to new loan-servicing companies — leaving in the lurch some borrowers who are suddenly encountering problems with their loans, such as payments that are mysteriously adjusted up or down. The switch, which has been going on for months and will ultimately include millions ... Read More »

Foreclosure in America. The All Too Common Story of How Dreams Turn to Dirt.

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by Paul Kiel ProPublica Sheila Ramos’ grandsons, 10 and 13, started crying. They wanted to know where the house was. There wasn’t one. There was only a tent. They had flown from Florida, after Ramos had fallen hopelessly behind on the mortgage for her three-bedroom home, to this family-owned patch of rural land on Hawaii’s Big Island. There, on a ... Read More »

Ron Paul Reported to be Really Serious About Tracking Campaign Cash

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by Kim Barker ProPublica This story was co-published with Yahoo! News. He may be in last place when it comes to delegates, but when it comes to filing expense reports with the FEC, Ron Paul beats everyone. His campaign’s hyper-vigilance is notable, verging on fanatical. Every bank fee, every 22 cents at a FedEx, every $1 toll on the Florida ... Read More »

Republican Presidential Candidates Not Specific on Help for Struggling Homeowners

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by Lois Beckett ProPublica As we’ve detailed, President Obama’s plans to help homeowners have come up short time and again. We recently looked at Obama’s latest proposals, most of which are unlikely to make a major dent in the crisis. So, how about the Republican presidential candidates: What do they say should be done about the foreclosure crisis? They don’t ... Read More »

Forgiven Debt from Mortgages May Soon be Taxed Again as Income Unless Congress Acts

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by Lois Beckett ProPublica You bought your house when the market was high and then lost your job. In order to avoid foreclosure, you negotiated a short sale for half of what you paid, ruining your credit rating for years and draining your bank account. But there is a tiny silver lining: Thanks to a 2007 law, you don’t have ... Read More »

Will Proposed Government Programs Really Help Homeowners?

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by Cora Currier ProPublica The Obama administration has recently unveiled a string of proposals to help struggling homeowners and get the housing market back on its feet2014 part of the administration’s “We Can’t Wait” election year to-do list. Of course, the White House has made big promises before about helping homeowners, only to see them disappoint time and again. Here ... Read More »

Senators Angry About Freddie Mac Betting Against Homeowners

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by Jesse Eisinger ProPublica Sen. Robert Menendez, D-N.J., had sharp words for Freddie Mac’s investment practices and conflicts of interest at a Senate Banking Committee hearing Thursday. The senator’s concerns came in the wake of a ProPublica and NPR report that Freddie, the giant taxpayer-owned mortgage company, had made concentrated investments in complex mortgage securities that benefited from the inability ... Read More »

Mortgage Settlement With Banks Leaves Consumers Still Looking In the Abandoned Windows

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by Cora Currier ProPublica The Obama administration is billing today’s $25 billion agreement between most states and five banks that engaged in flawed or deceptive practices as a big win for struggling homeowners. Most of the money in the settlement isn’t a penalty, or a fine levied on the banks. Instead, the biggest slice of the settlement will be money ... Read More »

Federal Housing Finance Agency Just STICKING it to Homeowners

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by Cora Currier ProPublica, Last week, ProPublica and NPR raised questions about a risky investment strategy at Freddie Mac that would pay off if homeowners stayed trapped in expensive mortgages. It’s just the latest example of how government-owned Freddie Mac and Fannie Mae have frustrated many by not putting homeowners first. Fannie and Freddie are required to help homeowners while ... Read More »

Fannie Mae and Freddie Mac Just Won’t Help Homeowners. Here’s Why.

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by Cora Currier ProPublica Earlier this week, ProPublica and NPR detailed how Freddie Mac placed bets against homeowners that paid off if borrowers were unable to refinance their mortgage loans. The story highlighted the conflicted role of the behemoth and now government-controlled Freddie Mac and Fannie Mae: They are at once supposed to maximize their profits and thus pay back ... Read More »

The Exploding Income Gap

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by Braden Goyette, ProPublica The nonpartisan Congressional Budget Office recently released a much-discussed study showing that over the past three decades the income of the highest-paid Americans has soared while the income of others has grown much more modestly. Here’s a rundown of some statistics illustrating the growing income gap. But first, some context. These numbers reflect income, not wealth. ... Read More »

Allied Home Mortgage The Subject of Fed Case

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Feds File Massive Fraud Case Against Allied Home Mortgage by Tracy Weber and Charles Ornstein ProPublica, Nov. 1, 2011, 5:51 p.m.by Charles Ornstein and Tracy Weber, ProPublica, July 2, 2010by Tracy Weber and Charles Ornstein, ProPublica, July 2, 2010by Charles Ornstein and Tracy Weber, ProPublica, July 2, 2010 Federal prosecutors sued Allied Home Mortgage Capital Corp. and two top executives ... Read More »

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