Morgan Stanley Banker Who Stabbed Cab Driver Fired by Firm

By: Friday December 21, 2012 1:04 pm

I was racking my brain for one final story that sums up this era in politics, the state of our world circa 2012, and I have to give it to this one from a few days ago. William Bryan Jennings, whose parents obviously hoped for a Progressive populist reformer as a child, grew up to [...]

What the Housing Market Actually Looks Like

By: Thursday December 20, 2012 8:30 am

This week brought more good statistical news for the housing market. Existing home sales rose at a decent clip in November, nearing post-bubble highs not seen since the artificial spike from the homebuyer’s tax credit (I’ve noted that the end of the Mortgage Forgiveness Debt Relief Act could be giving the same spike). Inventory fell [...]

The Mortgage Scam Against Widows, and Why No Mortgage Lender Should Ever Get Legal Immunity

By: Wednesday December 19, 2012 9:15 am

Dealbook had an item yesterday about the qualified mortgage rule and the bid by mortgage lenders to acquire a “safe harbor,” essentially a shield against consumer lawsuits, in the process. I’ve already gone over this topic and continue to oppose giving banks a safe harbor of any kind on the merits. But just to shift [...]

UBS Fined $1.5 Billion, Pleads Guilty to Fraud Charge in Libor Case

By: Wednesday December 19, 2012 8:30 am

Swiss bank UBS will pay $1.5 billionfor their role in the Libor rate-rigging scandal. The sum is over three times the fine imposed on Barclays Bank for the same violations. UBS also admitted to one count of wire fraud in its Japanese unit, according to the Justice Department. Much of the rate rigging in the [...]

Mortgage Backed Securities Lawsuits Still Proliferate

By: Tuesday December 18, 2012 7:35 am

While we wait for more settlements in the Libor case, banks continue to face exposure for their fraudulent mortgage conduct dating back to the housing bubble. Two more major lawsuits emerged yesterday. DZ Bank, a cooperative from Germany, sued Bank of America over $546 million in mortgage backed securities. The same firm has sued Morgan [...]

Banks Want Nevada to Change Laws Criminalizing Foreclosure Fraud

By: Monday December 17, 2012 11:06 am

One of the most successful states at restoring due process and the rule of law to the foreclosure process has been Nevada. The state put into law the simple principle that, before a bank takes someone’s home away, they must actually prove that they own the property. And if they try to fabricate that property [...]

In Bank Fraud, Responsibility Lies at the Very Top

By: Friday December 14, 2012 6:59 am

The Office of the Comptroller of the Currency, which under the direction of Thomas Curry has been moderately more tough-minded against the banks, released a report that essentially admits that the big banks are poorly managed and have inadequate risk management controls. As Yves Smith points out, this means that the executives need to go [...]

Yes, We’re Still in the Middle of a Foreclosure Crisis

By: Thursday December 13, 2012 3:26 pm

The Office of Mortgage Settlement Oversight released some interesting data on the first-lien and second-lien portfolios of the five services sanctioned in the foreclosure fraud settlement. Calculated Risk reproduces the data here. Despite the heavy investment in a narrative of the foreclosure crisis being over and the housing recovery underway, these loan portfolios show substantial [...]

The HSBC Money Laundering Case as a Perfect Symbol of Too Big to Fail

By: Thursday December 13, 2012 6:19 am

Maybe I was too blasé about the federal government letting HSBC off the hook; certainly the story has effectively shown how Too Big to Fail continues to be the watchword of the financial regulatory community. My pet theory here is actually that, because practically every mega-bank engaged in this same type of money laundering for [...]

First Libor Arrests Net Three Former Low-Level Traders

By: Wednesday December 12, 2012 8:30 am

Everyone expects UBS, the Royal Bank of Scotland and several others to face some sort of sanction. But we’ve been hearing about imminent charges for months now, with nothing to show for it.

US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 7:02 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know.

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