By Paul Kiel/ProPublica

On Thursday, administration officials stood alongside state attorneys general to announce a $25 billion mortgage settlement. It was reminiscent of a big announcement by administration officials three Februarys ago involving an even bigger number: $50 billion. That money was supposed to go to the administration’s signature mortgage modification program, which eventually became HAMP.

Three years later, HAMP (the Home Affordable Modification Program) is widely considered a failure. That failure provides key context to yesterday’s announcement.

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Posted on February 11, 2012

By Cora Currier/ProPublica

The Obama administration is billing Thursday’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 banks put toward principal reduction – reducing the amount owed by struggling or underwater borrowers. (Banks will also put smaller amounts toward refinancing and other ways of helping people get back in control of spiraling debt.)

Getting a break on their mortgages could help the millions of homeowners who owe more on their home than it is worth. But many of them won’t qualify – thanks to government-owned Fannie Mae and Freddie Mac.

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Posted on February 10, 2012

By The Illinois Public Interest Research Group

Today the Illinois PIRG Education Fund and Demos released a new analysis of the funding sources for the campaign finance behemoths known as Super PACs.
The findings confirm what many predicted in the wake of the Supreme Court’s damaging Citizens United decision: since their inception in 2010, Super PACs have been primarily funded by a small segment of very wealthy individuals and business interests, with a small but significant amount of funds coming from secret sources.

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Posted on February 8, 2012

Plus: Lies And Videotape

Privatizing schools, demonizing teachers and using political hackery to build resumes and make money. The kids get the shaft.
1. Part of a cynical story about how Chicago works.

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Posted on February 6, 2012

By The Beachwood Occupation Affairs Desk

And what a week it was.
1. Meet the new HQ at 500 West Cermak.

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Posted on February 3, 2012

Oh, Who Are We Kidding? Sixty!

Illinois Groundhog Punksthetaxpayers Phil saw his shadow this morning, portending the following:
* Six more years of corruption. Oh, who are we kidding? Six more decades of corruption.
* Six more lies a day out of City Hall.
* Six references to the Land of Lincoln in every Pat Quinn speech. Wait, six more references to the Land of Lincoln in every Pat Quinn speech.
* Six more ways for Rahm to blame the city’s problems on teachers and librarians.

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Posted on February 2, 2012