Where is Patrick Leahy on this? He has made no public statement on the HSBC case, despite being the co-author of the Fraud Enforcement and Recovery Act, which was supposed to deliver funds toward prosecuting fraudulent big bank activity (it never actually did). Grassley, a co-author, has spoken out. Why not Leahy?
|By: David Dayen Monday December 17, 2012 9:05 am|
|By: David Dayen Thursday July 19, 2012 6:41 am|
The bid by the private company Mortgage Resolution Partners to team with municipalities and use eminent domain laws to purchase underwater mortgages and then refinance them at a discount to the borrower has generated lots of attention at the wonk level. Now the White House has weighed in, and expressed skepticism.
|By: David Dayen Friday July 13, 2012 1:43 pm|
The reason I initially contacted Rep. Brad Miller today was to discuss an issue that has come into vogue this week as a potential solution to the housing crisis. San Bernardino County is considering a partnership with Mortgage Resolution Partners on a scheme that would condemn underwater mortgages through the process of eminent domain, and then refinance those mortgages with the borrower. If it works, this would save the individual borrowers tens of thousands, if not hundreds of thousands, of dollars and remove the vulnerability of being underwater; provide an economic stimulus to struggling municipalities; and provide MRP with a tidy profit on the new mortgage, after buying the old mortgage at a large discount through eminent domain.
|By: David Dayen Friday July 13, 2012 8:35 am|
For a separate story (stay tuned!), I spoke yesterday with Rep. Brad Miller (D-NC), a member of the House Financial Services Committee. And while I had him, I asked him about that assembly of housing groups yesterday, all of whom pointed to the Justice Department as the culprit for the lack of progress on investigations from the RMBS working group, the task force supposed to be probing securitization abuses during the housing bubble.
|By: masaccio Sunday June 17, 2012 10:30 am|
House Democrats have a chance to show Jamie Dimon that he isn’t the King of America. Let’s hope they don’t follow the example of the lapdog millionaires in the Senate.
|By: David Dayen Thursday April 19, 2012 5:45 pm|
Barney Frank and Brad Miller tried to shake up a House Financial Services Committee hearing yesterday. As per usual, Republicans wanted to go after the CFPB’s funding and subject it to the appropriations process. As it stands, CFPB derives its funding from a portion of the funding of the Federal Reserve, which comes from sources independent of Congress. The argument goes, why should CFPB be exempt from Congressional oversight in terms of its funding? The real agenda is that Republicans would then squeeze funding for CFPB to render them ineffective, or attach strings to the funding, either explicitly or implicitly.
|By: David Dayen Monday January 23, 2012 1:45 pm|
Protesters have gathered outside a meeting taking place in Chicago today between officials with the Obama Administration and some state Attorneys General or members of their staff, aimed at reaching agreement on a low-ball settlement with leading banks over foreclosure fraud. The proposed settlement would give homeowners a pittance in exchange for a broad release of liability from prosecution for the banks.
|By: David Dayen Wednesday December 21, 2011 5:00 pm|
The Department of Justice has announced a $335 million settlement with Countrywide, the former subprime mortgage giant now subsumed into Bank of America, on claims of housing discrimination. And once again we see that Countrywide doesn’t have to admit wrongdoing for their crimes.
|By: David Dayen Wednesday November 30, 2011 10:30 am|
Eric Schneiderman’s has gone where federal regulators fear to tread, to actually do the jobs of the federal government should do. In foreclosure fraud, he undertook the investigation that the feds would not. Now he is applying that to foreclosures on active-duty military service members.
|By: David Dayen Monday October 17, 2011 10:00 am|
Over the weekend, as Occupy Wall Street protests escalated, the video of a woman arrested at a Citibank branch for trying to close her account shot through the blogosphere. It wasn’t even the only example of people being denied the opportunity to close their bank accounts over the weekend. And a similar incident occurred two months ago.