Category Archives: financial regulation

Morning Awful: Freddie Mac

Privatized in 1968, Freddie Mac was late to the subprime game. Its status as a “government sponsored entity” gave it a certain chip on the shoulder about profitability — so it bought in big, and got stuck with lots of … Continue reading

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Bank of America Forgot to Bribe Obama

Bank of America has agreed to a $335 million settlement over charges of racial bias. Two memes can be put to rest: one, minorities did not cause the meltdown — they were its foremost victims. Two, the president isn’t holding … Continue reading

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Restoring Economic Facts

Galleon Group LLC co-founder Raj Rajaratnam is guilty on all counts: Although Rajaratnam never testified at his trial, the jurors heard his voice on dozens of tapes, and they did not paint a flattering portrait. The tapes proved that the … Continue reading

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Morning Awful: Foreclosure Fever

At HuffPo, Shahien Nasiripour reports that active duty military members have been victims of illegal foreclosure: The GAO report, which focused on problems in the mortgage industry and the lack of federal oversight, is the first official study to feature … Continue reading

Posted in Financial Reform, financial regulation, Morning Awful | 2 Comments

The Culture Of Criminal Capital

Much to everyone’s surprise, HuffPo’s Shahien Nasiripour reports, the Financial Crisis Commission has ended its work by referring Wall Street malfeasance to prosecutors: Richard Bowen, former chief underwriter for Citigroup’s consumer-lending unit, testified that, in the middle of 2006, he … Continue reading

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Fed: End Foreclosure Abuse

Put it in the just-like-Bush file: WASHINGTON — The Federal Reserve has reversed its opposition to new rules reining in foreclosure abuses, and will support stronger regulations on the nation’s largest banks, according to a source familiar with the matter. … Continue reading

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Foreclosure Fever

The president used his “pocket veto” last Friday to strike down an ugly bill that would have let banks foreclose on homes with out-of-state notaries. This was the banks’ way of trying to deal with all the bad paperwork from … Continue reading

Posted in financial crisis, Financial Derivatives, financial meltdown, Financial Reform, financial regulation | Tagged , | 1 Comment

Brownback Mountain

The Senate voted yesterday to stop incentivizing mortgage fraud. Mortgage brokers and loan officers will no longer earn more for sticking a higher interest rate in the fine print, and they have to prove you can repay the loan. They … Continue reading

Posted in Financial Reform, financial regulation, mortgage crisis, Sam Brownback, veterans issues | Leave a comment

The Fannie Mae, Freddie Mac Firebreak

Can we just review one important fact about these two institutions before we have a Senate debate on them? They were both privatized in 1968 — a fact central to the story of the meltdown: In the schizoid reality of … Continue reading

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Ron Paul Triangulates Shelby

This ad has started showing up all over Huffington Post lately. Click it and you’ll visit Ron Paul’s Campaign For Liberty, otherwise known as C4L, where a set of Frank Luntz and Paulite talking points contains the following call to … Continue reading

Posted in financial crisis, Financial Reform, financial regulation, firebaggers, Gold Standard, Republicans Meet The Teabag Terror, ron paul, Senator Shelby | Leave a comment

Wheat From Chaff

Suddenly, Senate Republicans aren’t insisting on scrapping the financial reform bill to start over: Senator Richard Shelby (R-Ala.) said on Tuesday that negotiations between Republicans and Democrats over financial reform legislation have progressed to the point that the debate now … Continue reading

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