According to the Financial Times, as of last week, JPMorgan Chase sold up to 70% of its position in the CDX.NA.IG.9 index, where the Fail Whale trades originated. I assume they are working on the remaining 30%, though CEO Jamie Dimon has said that the trades would “not be an issue by the end of [...]

Today the Senate will vote on the JOBS Act, part of a deal on judicial confirmations that allows the House-passed bill to come to the floor. The Senate will vote on a substitute amendment that includes a reauthorization of the Export-Import Bank, which could upend the entire bill. And let’s hope so! As Simon Johnson [...]

Chatter increased over the weekend on a long-awaited foreclosure fraud deal between top banks and state and federal regulators, led by the Justice Department and HUD. Yves Smith provides additional details today, including a Constitutional issue over servicers providing modifications on investor-owned mortgages without their consent, a violation of the takings clause of the 5th [...]