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 [...]

Brooksley Born of the FCIC: “We may well still be in a financial crisis”

By: Thursday January 27, 2011 12:27 pm

In a sometimes contentious call, Financial Crisis Inquiry Commission representatives Phil Angelides and Brooksley Born acknowledged that we might still be in a financial crisis, and that their report should not be seen as the last word on an event that still has the capacity to significantly damage the global economy. Brooksley Born, who as [...]

GMAC Suspends All Foreclosures Nationwide

By: Monday September 20, 2010 1:31 pm

GMAC, the struggling financing arm of General Motors, whose mortgage arm holds $26 billion of mortgages, just suspended foreclosures in 23 states in a harried, chaotic policy shift. Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on homeowners in 23 states including Florida, Connecticut and New York. GMAC Mortgage may [...]

Too Big To Hurt – Goldman Sachs Shakes Off SEC Fine

By: Friday July 16, 2010 6:54 am

Goldman Sachs agreed to a $550 million dollar fine from the SEC yesterday in a civil suit over a package of mortgage-backed securities designed by a hedge fund which was shorting the housing market. It’s both the largest SEC fine against a financial company in history and nothing more than a bug to Goldman Sachs. [...]

Justice Department Looking Into Criminal Charges For Goldman Sachs

By: Friday April 30, 2010 6:15 am

Two weeks ago, if you told me I’d be writing the above headline, I’d think I must have been hired by The Yes Men to do one of those “imagine the possible” fake New York Times articles. But no, this is actually happening: The Securities and Exchange Commission has referred its investigation of Goldman Sachs [...]

Fraud at the Credit Rating Agencies

By: Saturday April 24, 2010 9:46 am

If we had a media that highlighted events in proportion to their importance to the nation, Carl Levin’s Permanent Subcommittee on Investigations would be plastered across every channel in the nation, including MTV. He has done some spectacular work on the financial crisis in a series of hearings, essentially morphing into the Pecora Commission, the [...]

Goldman Sachs Execs Testifying Before Senate Next Week

By: Thursday April 22, 2010 8:45 am

Carl Levin’s committee, which claims to have more smoking gun evidence of malfeasance at Goldman Sachs, will welcome their top execs before a Senate panel next week: On Tuesday, the Goldman Sachs trader accused of fraud by federal regulators, Fabrice P. Tourre, and at least three of the bank’s top executives will testify before a [...]

More Problems Coming For Goldman?

By: Monday April 19, 2010 1:45 pm

Carl Levin (D-MI), whose Permanent Subcommittee on Investigations last week revealed major mortgage fraud at Washington Mutual, apparently has more up his sleeve for Goldman Sachs. In addition to hearings next week on the financial giant: Levin’s staff has uncovered new documents “that link certain actions to specific people” at Goldman, according to a senior [...]

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