Schneiderman Takes Over: Investigation Commenced on Wrongful Military Foreclosures

By: Wednesday November 30, 2011 7:09 am

Eric Schneiderman’s profile lately has been to go where federal regulators fear to tread, to actually do the jobs of the federal government when they fail to do so. In foreclosure fraud, he undertook the investigation that the feds would not. Now he is applying that to military foreclosures, although the authority here is a [...]

Dem Senators Raise Issue of Backdoor BofA Bailout

By: Thursday October 27, 2011 10:20 am

Ten Democratic Senators, led by Sherrod Brown (D-OH), have written to financial regulators expressing their opposition to the recent move of Bank of America derivative exposure from Merrill Lynch to their federally insured subsidiary. By putting the derivatives under the FDIC, this puts taxpayers on the hook for potentially massive losses (the notional value of [...]

Banks Stopping “Protesters” from Closing Accounts Not New

By: Monday October 17, 2011 7:35 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. A Bank of America branch in [...]

Progressives, Dem Lawmakers Restart Move Your Money Push

By: Thursday October 6, 2011 6:26 am

The Progressive Change Campaign Committee is pushing a bill just introduced that essentially serves as a reminder to Bank of America customers that they should move their money to a local community bank. The legislation, from Sen. Dick Durbin (D-IL) and Rep. Brad Miller (D-NC), is a direct reaction to Bank of America’s announcement that [...]

FHFA Lawsuits: Price Tag Could Reach as High as $60 Billion

By: Wednesday September 7, 2011 8:15 am

It’s been very hard to determine how much the FHFA is seeking in their lawsuit against leading banks in the mortgage bond scandal. We knew the total value of the mortgage backed securities in the suit – around $250 billion – but not precisely the amounts FHFA would ask for. Public radio’s Marketplace takes a [...]

FHFA Files Suit Against 17 Banks

By: Friday September 2, 2011 2:41 pm

Now here’s a Friday afternoon news dump: the FHFA, as expected, went ahead with their lawsuits against major banks, 17 in all, over mortgage backed securities purchased by Fannie Mae and Freddie Mac. The lawsuits cover $105 billion worth of securities, and FHFA wants returns on some portion of the losses taken on the securities, [...]

Miller, Franken Assail Banks for Continuing Robo-Signing

By: Tuesday July 19, 2011 2:25 pm

Members of Congress expressed outrage and surprise that the nation’s leading banks have continued to engage in robo-signing, months after they swore to the public and in Congressional testimony that they would end the practice. Lawmakers in the House and the Senate said that regulatory enforcement and monitoring needed to be increased, and no settlement [...]

The Republican Effort to Stop All Regulators

By: Monday June 20, 2011 1:21 pm

Rep. Brad Miller (D-NC) had an opinion piece in Politico last Friday about the GOP’s strategy to deregulate the financial sector by simply ensuring that nobody does the regulation. During the day on Friday, he told me that the NYT’s Binyamin Applebaum approached him, telling him that he was about to write the same story. [...]

Progressive Open Campaign for Warren Recess Appointment to CFPB

By: Friday May 20, 2011 8:50 am

We are roughly two months away from the Consumer Financial Protection Bureau transferring into the Federal Reserve. If the agency doesn’t have a director by then, it risks losing powers over non-bank financial institutions until it acquires that agency head. This would upset the mission of the CFPB and reduce safety for consumers. The Administration [...]

Democrats Introduce Anti-Foreclosure Fraud Legislation

By: Thursday April 14, 2011 11:45 am

We know about the toothless consent decree on mortgage servicing by OTS, OCC and the Fed. I believe this undermines the AG settlement, but I wasn’t particularly wedded to that settlement, which suffered from many of the same problems and already looked dead in the water. It’s possible that this could turn out very well [...]

Miller, House Dems Urge Fannie and Freddie Overseer to Accept Principal Mods

By: Monday March 14, 2011 11:42 am

A major issue in the foreclosure crisis right now is the way in which individual actors are pursuing their own selfish short-term goals rather than what would be best for the greater economy, and ultimately, their own businesses. The loan servicers would rather foreclose, when they work for investors who would prefer at least getting [...]

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