Daily Archives: January 15, 2014

Link

Detroit centenarian who was evicted from her home dies at 103

Detroit centenarian who was evicted from her home dies at 103

Detroit — Texana Hollis, a centenarian who was once evicted from her Detroit home two years ago after failing to pay $59.95 in property taxes, has died.

Mrs. Hollis died at her Detroit home on Dec. 31, 2013, from natural causes, said her granddaughter Deborah Hollis-Coburn. She was 103.

“She was a God-fearing, caring and loving mother, grandmother, great-grandmother, great-great-grandmother and friend,” said Hollis-Coburn, 49, of Tracy, Calif.

Texana Hollis’ eviction from her home at the age of 101 was national news. She had lived at the house on Carbondale near Livernois and Tireman in southwest Detroit for 60 years.

Mrs. Hollis’ son Warren Hollis took out a $32,000 reverse mortgage from the U.S. Department of Housing and Urban Development for the house in 2002. He told The Detroit News he spent half of the money to fix the leaky roof of the 1920s house.

Link

Hard proof Dodd-Frank isn’t working; The GSEs just got played, big time

Hard proof Dodd-Frank isn’t working; The GSEs just got played, big time

Reuters is running a pretty shocking exclusive right now. Apparently the Federal Bureau of Investigation, of all agencies, is investigating the claim that derivative traders are front running swaps orders from Fannie Mae andFreddie Mac.

The article itself goes into the unethical, if technically legal, nature of these trades. So I won’t. Still the contents are disturbing in implication.

The first is that the government-sponsored enterprises didn’t even look to monitor shifts in markets BEFORE placing these huge orders. Clearly, they were getting played, but aren’t even wide awake enough to take notice.

Second, this is proof Dodd-Frank isn’t working. The financial reform made plenty to do with how it would regulate derivatives and how this was going to happen: “The Dodd-Frank Act divides regulatory authority over swap agreements between the CFTC and SEC.”