Preet Bharara can’t figure out how to sue a Wall Street CEO, let alone investigate and indict one.
|By: David Dayen Saturday October 13, 2012 12:00 pm|
FHA’s balance sheet is currently in a precarious position, but CAP argues that the expansion of that balance sheet, which now totals $1.1 trillion, helped keep credit flowing since the collapse of the bubble. “Home prices would have plummeted even further, households would have lost much more wealth than they already did during the crisis, and even more families would have lost their homes to foreclosure,” the paper claims. CAP further alleges that FHA will not require a sustained injection of public funds to keep going (through a standing line of credit it holds with the US Treasury but has never tapped), as the mortgages it insured in recent years look to be profitable. And even if FHA did need to pull funds from the line of credit, that would represent a solid investment for taxpayers, given the support that FHA provided the economy.
|By: David Dayen Thursday October 11, 2012 8:39 am|
The Federal Trade Commission caught Equifax, one of the three major credit reporting companies, selling their lists of homeowners who made late mortgage payments to a third-party direct marketing specialist. This violates the Fair Credit Reporting Act, and is also about the sleaziest thing you can do – profiting off the financial difficulties of others.
|By: David Dayen Wednesday October 10, 2012 8:15 am|
I mentioned in passing yesterday this federal civil lawsuit against Wells Fargo for its conduct on some FHA loans. “Mentioned in passing” is all that the suit deserved, but I see that the PR shop at DoJ tried to turn this into a big deal, with the media playing along. So maybe I should put together a short and sweet FAQ on this lawsuit, to place it in the proper context.
|By: masaccio Sunday July 29, 2012 10:30 am|
It would be great if banks had a duty not to participate in fraud. But that would be an entirely different world, now wouldn’t it?
|By: FeetToDaFire Sunday June 24, 2012 1:00 pm|
Bill Moyers interviews Matt Taibbi (RollingStone) and Yves Smith (NakedCapitalism). Matt and Yves are extremely bright and well informed regarding the financial sector. The two of them have obvious respect for each other and come at the banking industry from different perspectives but arrive at the same point.
|By: masaccio Sunday April 22, 2012 11:00 am|
It’s easy to salute and say Yes Sir. It’s too hard to regulate, investigate and prosecute.
|By: David Dayen Wednesday January 18, 2012 12:20 pm|
Rep. Pete Sessions (R-TX) has become the third House Republican discovered to have received a sweetheart loan as part of Countrywide’s “VIP” program. The program became notorious when conservatives jumped on the revelations that Democrats Chris Dodd and Kent Conrad received cheap loans through it. But it was always clear that influence peddling is a bipartisan sport in Washington, and it was inevitable that some Republicans would get found out.
|By: Cynthia Kouril Wednesday January 4, 2012 8:35 am|
In 2010, the Law Offices of David J. Stern spun off the robo signing document mill part of his business into a separate, publicly traded company. Now the investors are suiing Stern, based on company document and evidence that show pervasive foreclosure fraud by the original company.
|By: David Dayen Thursday December 1, 2011 8:20 am|
Most of what James Theckston describes is familiar – the financial incentive (and pressure from his corporate parent) for lenders to sign up subprime borrowers, even to those who qualified for prime loans; the racial and ethnic biases exposed by preying on the weak or uneducated; the unfairness of bailing out those Wall Street banks and doing nothing for the homeowners whose lives were ravaged.