The Economist Agrees that the Bailouts Didn’t Have to Turn Out This Way

By: Wednesday October 31, 2012 1:09 pm

The Economist’s print edition gives one of the unlikelier reviews to Neil Barofsky’s Bailout and Sheila Bair’s Bull by the Horns that I’ve seen (I’ve read the former, and am making my way through the latter). In it, they acknowledge that the US bank bailouts were horribly unfair to the individual Americans who ultimately financed [...]

Maria Bartiromo: Pandit Went Galt Because of All the Horrible Name-Calling

By: Wednesday October 17, 2012 12:19 pm

I don’t know if Vikram Pandit wants to cite Maria Bartiromo in his list of reasons why he stepped down as head of Citigroup, but it certainly rings true as a general Wall Street titan complaint. Let’s face it, we have an individual here who sold his hedge fund to Citi for $800 million, taking [...]

Sheila Bair Changes Media Narrative on Housing Policy

By: Wednesday September 26, 2012 11:41 am

It turns out that a whole bunch of observers can scream their collective heads off about Obama Administration housing policy for three-plus years, to almost no avail, but it takes one person with foreknowledge in the room to get the herd to nod their heads sagely. I took a look at Sheila Bair’s new book [...]

Sheila Bair: HAMP Sucked

By: Tuesday September 25, 2012 12:21 pm

I have not read Sheila Bair’s upcoming book, “Bull by the Horns,” but it’s on a growing list (I hear former Senate staffer Jeff Connaughton’s book is excellent as well). Arthur Delaney notes that she had harsh words for HAMP, the Administration’s failed program to rescue homeowners facing foreclosure. And she didn’t shy away from accurately describing the program as one that fostered predatory lending.

NYT Picks Up on Weaknesses of Foreclosure Fraud Settlement

By: Wednesday March 28, 2012 6:17 am

On March 13, I read the foreclosure fraud settlement documents and noticed that the banks would be eligible to get credit for their penalty for performing routine actions, like waiving deficiency judgments, bulldozing or donating homes. These are the sorts of things banks do all the time, and yet they could comprise up to one-quarter [...]

Bair Recommends Scrapping the Volcker Rule

By: Friday December 9, 2011 10:55 am

If you needed to appeal to one authority on banking regulation, you could do worse than to consult Sheila Bair, the former chairwoman of the FDIC. And now she’s advocating scrapping the Volcker rule and starting over. She comes at this by looking at the spectacle of MF Global – a brokerage house that would [...]

Sheila Bair: The Last Adult Left Washington

By: Monday July 11, 2011 7:35 am

Joe Nocera’s extended exit interview with Sheila Bair that appeared in the New York Times Magazine over the weekend was one of those moments where you realize that you’re actually not crazy, and there is a voice of sanity out in the universe. That it comes from a moderate Republican shows you just how far [...]

Bair, Bernanke Ready to Move on Swipe Fee Rule, Despite Objections

By: Friday May 13, 2011 12:58 pm

A couple weeks ago, we saw the enormous lobby culture massing around swipe fees, the relatively obscure issue that determines where billions of dollars go between banks and retailers. The important thing to start with is that this was already determined through a public process. Last year, Congress held a vote, Dick Durbin got over [...]

Warren Shoots to Top of Short List for CFPB Job

By: Tuesday April 26, 2011 6:10 am

We’ve seen enough trial balloons out of this Administration to cause a run on helium (Big Helium Bailout!), but this latest one courtesy of Bloomberg News is actually a two-fer. First, there’s the speculation that Elizabeth Warren tops the list for Director of the Consumer Financial Protection Bureau, which she devised, fought to get enacted [...]

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 [...]

60 Minutes Tackles Foreclosure Fraud Tonight, Exposing Unresolved Chain of Title Problems

By: Sunday April 3, 2011 2:09 pm

I am definitely looking forward to tonight’s 60 Minutes special on foreclosure fraud. In it, the head of the FDIC, Sheila Bair, will call for a cleanup Superfund to cleanse the country of toxic mortgages. Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they [...]

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