Bank Of America To Pay $800 Million For Duping Customers

By: Thursday April 10, 2014 5:22 am

Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act. [...]

JPMorgan Agrees To Pay Billions For Causing Financial Crisis

By: Wednesday November 20, 2013 5:07 am

Yesterday the Justice Department announced a $13 billion settlement with JPMorgan over the megabank’s fraud in the mortgage backed security market that helped trigger a financial meltdown in 2008. The deal was completed after JPMorgan CEO Jamie Dimon summoned Attorney General Holder to a private meeting to avoid a press conference, the terms discussed at [...]

The Housing Task Force That Wasn’t

By: Friday February 15, 2013 5:02 am

Anyone remember that Mortgage Task Force President Obama put together to finally take on Wall Street over rampant fraud in the mortgage market? You know, the one Obama announced while running for re-election after having done exactly nothing to help struggling homeowners while shoveling taxpayer money to the banks. Well, apparently even that miniscule gesture [...]

Frontline Exposes DOJ’s Failure To Prosecute Wall Street

By: Wednesday January 23, 2013 5:55 am

Watch Alarm Bells In The Housing Market on PBS. See more from FRONTLINE. Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for [...]

Taxpayers Picking Up Tab For Foreclosure Fraud

By: Friday January 18, 2013 5:36 am

As if more evidence was needed that Wall Street has rigged the game in its favor, the IRS is going to allow the banks that engaged in a massive nationwide program of mortgage fraud to write off their settlement: Consumer advocates have complained that U.S. mortgage lenders are getting off easy in a deal to [...]

CFTC Charges Oil Traders in 2008 Speculation Scheme

By: Wednesday May 25, 2011 7:25 am

The Commodity Futures Trading Commission charged one trading house and two individuals for illegally manipulating oil prices during the price spike of 2008, when oil reached $147 a barrel, by creating the appearance of a shortage to drive up the benchmark for crude. While the action covers oil trading in 2008, the connection to today, [...]

Servicers Still Abusing Homeowners, Service Members, Regardless of the Law

By: Monday May 16, 2011 12:30 pm

Maybe the foreclosure crisis hasn’t been fully solved. But at least we have those consent orders on the top mortgage servicers. At least federal regulators will lay down the law and we’ll get to see those independent reviews of each mortgage company and the wrongful foreclosures they initiated. I mean, at least there will be [...]

Imminent OCC Enforcement Order on Banks Barely a Slap on the Wrist for Foreclosure Fraud

By: Monday April 4, 2011 2:32 pm

I enjoyed the 60 Minutes story last night on the mortgage mess, because it actually went beyond robo-signing and touched on some of the more fundamental ways in which banks have committed fraud on state courts. Sheila Bair, in suggesting that individual homeowners could be paid off as a make-good for this trouble, and also [...]

Banks Writing Their Own Stress Tests

By: Thursday March 3, 2011 12:10 pm

You may not know that there’s a new round of stress tests for the banks on the horizon. The Federal Reserve announced these stress tests late last year, designed to determine whether the banks could handle another downturn. The last stress tests were plagued by actual bargaining between the administrators of the tests and the [...]

The Madoff Interview: The Banks “Had to Know”

By: Wednesday February 16, 2011 7:59 am

Diana Henriques snagged the first interview with Bernie Madoff since his arrest in late 2008. And while he maintained that his family knew nothing about his Ponzi scheme, he asserted that banks and hedge funds “had to know.” But during a private two-hour interview in a visitor room here on Tuesday, and in earlier e-mail [...]

Asking Uncomfortable Questions Not a Matter of Left or Right

By: Monday February 7, 2011 12:56 pm

Here’s Politico being just dense (but I repeat myself): “We don’t see ourselves as left,” she told POLITICO. “And I think it’s one area where news consumers are ahead of the media, because they know that continuing to see everything that’s happening as a right-left issue is missing what’s happening, and is also making it [...]