by Ellen Brown Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands...

by Colin Barr, CNN Money Countrywide is paying the biggest tab yet in settling a subprime class action suit And like it or not, the deal brings a rare bit of good news for some embattled former executives of the troubled mortgage lender, including longtime CEO Angelo Mozilo (right). angelo mozilo A federal judge signed off Monday on a settlement under which former shareholders of the troubled mortgage will get $624 million, the Los Angeles Times reported. The plaintiff lawyers called the sum the...

Walt Gray interviewer for California’s KCRA Channel 3 digs deeper into the foreclosure audit scam that is sweeping across the state. Attorney General Jerry Brown held a news conference last week warning of the dangers regarding phony foreclosure specialists. Attorney General Jerry Brown warned citizens of California to be on alert. He mentioned that foreclosure consultants are prohibited by law from collecting upfront fees for services; to never ignore letters from your lender; never transfer...