A group of House Republicans and Democrats, 108 strong, have expressed in a letter that the new rules on “qualified residential mortgages,” among the first on the industry for CFPB, should include a “safe harbor” provision that would shield mortgage brokers and originators from borrower lawsuits. If expressed broadly, this would give borrowers no legal recourse on new loans to contest the terms of their mortgages.
|By: David Dayen Wednesday July 18, 2012 1:10 pm|
|By: David Dayen Tuesday June 19, 2012 11:40 am|
The House of Representatives, in some cases on a bipartisan basis, is generally getting at the issue of JPMorgan Chase’s multi-billion dollar losses in today’s Financial Services Committee hearing with CEO Jamie Dimon. But the two stars of the show thus far were Democratic Reps. Gary Ackerman and Brad Sherman. Ackerman asked point-blank if there’s any difference between gambling and investing.
|By: David Dayen Wednesday February 22, 2012 8:30 am|
If we see military action in Iran in the next several months, you can trace part of the reason back to a redistricting quirk in the San Fernando Valley and a debate between Democratic House Representatives Howard Berman and Brad Sherman, redrawn into the same district. They spend most of the night trying to be the most belligerent to Iran and most solicitous to whatever Israel wants.
|By: David Dayen Tuesday June 15, 2010 2:00 pm|
The conference committee for Wall Street reform finally got around to the title on credit rating agencies, and we saw a lot of unanimity on the House side for the offer written by Barney Frank, which would retain the language removing references to credit rating agencies from the regulatory code, but which would cancel out the Franken amendment, which would change the issuer-pays model to one where an SEC office would assign initial ratings. The House offer passed on a voice vote with almost no opposition.
|By: David Dayen Friday April 23, 2010 4:20 pm|
Here’s where we’re at on the Wall Street reform, with a vote on a motion to proceed expected Monday: we have positives on some fronts, negatives on others, and the Republicans still acting like spoiled children. Business as usual.