U.S. News

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Detroit bankruptcy: Revenue, not spending, the problem

The ruling concerns the 23,500 retired city workers collecting pension benefits.

 

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Richmond takes a daring step for homeowners

After a tumultuous meeting drawing hundreds of residents, the Richmond City Council voted to continue exploring a plan to rescue underwater mortgages by using the power of eminent domain.

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Detroit bankruptcy coming to your city next, leaders warn

Detroit is the canary in the coalmine, warned speakers at a public forum on the city's bankruptcy, held this past Saturday, sponsored by Congressman John Conyers Jr.

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Obama to investigate mortgage fraud

Responding to public demands to prosecute the banks responsible for creating the financial crisis, President Obama announced on Tuesday a new financial irregularities task force

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Labor and community groups call for action as mortgage fraud settlement nears

Take action, says Working America in response to reports that the Justice Department is nearing an agreement with several banks responsible for ripping off home owners by mortgage fraud.

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Bank pays biggest settlement ever in mortgage rip-off

The Bank of America, just before Christmas, agreed to pay a $335 million settlement on behalf of its Countrywide financial unit for steering Black and Latino homeowners toward sub-prime loans.