'Banking Caucus' member aims for Senate

By Alison Fitzgerald

Republican candidate for Senate U.S. Rep. Shelley Moore Capito defends little banks but big banks benefit too.

Excerpts from this story referencing "Congress":

"… ased market oversight of financial institutions. Capito is part of the “Congressional Banking Caucus,” a group of lawmakers identified by the Center for …"

"… f 2010. At least 30 bills have been proposed to the House during the 113th Congress, aimed at chipping away at aspects of Dodd-Frank. Members of the banking c …"

"… she said she also voted against the $700 billion bank bailout approved by Congress in 2008. She said her support of the banking industry is meant to help sm …"

"… he Financial Services Committee, may be seeing his leadership challenged. Congressman Frank Lucas, R-Okla., said earlier this month that he’s considering t …"

Former subprime executive making risky loans again

By Daniel Wagner

Andy Pollock, who led First Franklin's bad loan factory, is pushing interest-only loans at new firm.

Excerpts from this story referencing "WDB Funding":

"… r out. The veteran subprime executive has been named president and CEO of WDB Funding, the company announced last week. WDB is a national lender that provi …"

"… ly sank Merrill Lynch, which was forced to sell itself to Bank of America. WDB Funding is the third mortgage company Pollock has helped lead since rejoining the …"

"… not qualify for government guarantees because they carry more risk. WDB Funding’s managing partner said he is “ecstatic” to have nabbed Pollock. “ …"

Center 'Meltdown' series continues to expose abuses that could lead to the next economic crisis

By Bill Buzenberg

Four years after answering 'Who's behind the financial meltdown,' we follow up and see where those people are now.

Excerpts from this story referencing "Subprime lending":

"… five years later and their lavish lifestyles. The second installment, “Subprime lending execs back in business five years after crash,” tells the story of how m …"

Ex-SEC chief now helps companies navigate post-meltdown reforms

By Lauren Kyger, Alison Fitzgerald and John Dunbar

Former regulators profit from their experience with jobs, book deals and speaking fees.

Excerpts from this story referencing "banker":

"… ff a series of dramatic actions in Washington, D.C., and on Wall Street as bankers and regulators sought to avoid a shutdown of the global economy. To mark …"

"… nization called The Systemic Risk Council. The group of former regulators, bankers and academics is calling for stringent financial regulations, including h …"

"… hose who saw the Treasury and the Federal Reserve as looking out for their banker buddies while Sheila was looking out for them. The FDIC resolved 375  …"

Subprime lending execs back in business five years after crash

By Daniel Wagner

Executives from all of the top 25 subprime lending firms are working in the mortgage business five years later.

Excerpts from this story referencing "Finance":

"… be, says Guy Cecala, publisher of the trade magazine Inside Mortgage Finance. "You're going to see a little more risk coming into the system" Cecala sa …"

"… n 2000. His boss at New Penn is CEO Jerry Schiano, who founded Wilmington Finance before the crisis. Schiano ran Wilmington until 2007, despite selling it t …"

"… lmington until 2007, despite selling it to AIG subsidiary American General Finance for $121 million in 2003. In 2010, Wilmington and another of AIG’s compa …"

Bear Stearns mortgage executives have plum jobs on Wall Street

By Lauren Kyger and Alison Fitzgerald

Executives from the mortgage finance division that helped sink Bear Stearns have similar jobs at major Wall Street banks.

Excerpts from this story referencing "Financial Crisis Inquiry Commission":

"… gage securitization, according to the January 2011 report of the Financial Crisis Inquiry Commission, a panel created by Congress to investigate the causes of the crisis. May …"

Dodd's failed presidential campaign fixes its books

By Michael Beckel

After being fined by the FEC, Democrat Chris Dodd's 2008 presidential campaign files amended documents.

Excerpts from this story referencing "head":

"… an for president, Dodd — who left the U.S. Senate in 2011 and became the head of the lobbying powerhouse Motion Picture Association of America — …"

Capitalism and Corrections: Wall Street loan for youth inmate rehab

By Susan Ferriss

A Goldman Sachs loan to NYC will pay for a new youth offender program, and deliver a profit or loss depending on the program's success.

Report: Countrywide won influence with discounts

By The Associated Press

Subprime lender Countrywide bought influence of Washington elite with mortgage discounts

Finance industry makes up nearly half of pro-Romney super PAC’s donations

By Alexandra Duszak and Rachael Marcus

America's wealthiest investors fill coffers of pro-Romney super PAC.

Excerpts from this story referencing "Payday loan":

"… EO of one of the country’s largest payday lenders, Check into Cash Inc. Payday loans, also known as payday advances, are short-term loans secured against the …"

New whistleblower cases allege continued bank fraud

By Amy Biegelsen and Emma Schwartz

Mortgage modifications and appraisal processes in question

Excerpts from this story referencing "JP Morgan Chase":

"… several federal agencies included Bank of America and Citibank, as well as JP Morgan Chase, Wells Fargo, and Ally Financial Inc. Although the formal papers have yet …"

Feds investigating possible fraud at GE’s former subprime unit

By Michael Hudson and E. Scott Reckard

Federal investigators looking into possible fraud at GE's now-closed subprime lender

Ex-WaMu worker claims he was shunned for refusing to push toxic loans on borrowers

By Michael Hudson

Ex-WaMu employee says he fought pressure to sell toxic loans

Excerpts from this story referencing "high-earning salesman":

"… ployed by WaMu.”‘Flagship loan’Greg Saffer put in several years as a high-earning salesman at a smaller lender in Los Angeles, Citizens Mortgage, before he took a jo …"

Senate committee finds most 'trapped' offshore income is already in U.S.

By John Aloysius Farrell

Senate committee finds most 'trapped' offshore income from Google, Microsoft already in U.S.

Whistleblowers ignored, punished by lenders, dozens of former employees say

By Michael Hudson

Former mortgage company employees say fraud was widespread in industry

Excerpts from this story referencing "Wells Fargo":

"… rmer ran into trouble soon after she started her job as a fraud analyst at Wells Fargo Bank. Her bosses, she later claimed, were upset that she was, well, findin …"

"… e didn’t “see the big picture” and that “it is not your job to fix Wells Fargo.” Management, she claimed, ordered her to stop contacting the company’ …"

"… er to stop contacting the company’s ethics hotline.In the end, she said, Wells Fargo forced her out of her job.Parmer isn’t alone in claiming she was punishe …"

"… ea that employees were punished for reporting problems.In court documents, Wells Fargo denied Parmer’s charges that management interfered with in-house fraud w …"

Worst may be yet to come in foreclosure crisis, study says

Millions more homes at 'imminent risk of default' study says

Obama housing plan gets faint praise

The president outlined a new plan to help homeowners, GOP presidential candidates rely on free market

GOP candidates in foreclosure capital say government not the solution to crisis

By Michael Hudson

Republican candidates in Nevada say foreclosure mess will go away if government stays out of it

Countrywide loan underwriter found herself in ‘dangerous territory’

By Michael Hudson

Countrywide underwriter learns that eventually, giants really do fall

Excerpts from this story referencing "New England":

"… litigation against the lender.Brian Koss, who oversaw 54 loan branches in New England and upstate New York as a senior regional vice president, told Bloomberg B …"

S&P not shy about using its clout politically

By Michael Hudson and Aaron Mehta

S&P and other credit rating firms wield as much political clout as financial

Excerpts from this story referencing "Financial Crisis Inquiry Commission":

"… t favorable rating to win business and greater market share.”The federal Financial Crisis Inquiry Commission concluded that “credit rating agencies were essential cogs in the wheel …"

A roundup of investigations in the three years since the last market crash

By Shirley Gao

iWatch News reports on the financial crisis from 2008 to now

As housing crisis festers, mortgage servicers spend $8 million on political contributions

By Michael Hudson and Aaron Mehta

Mortgage servicers pony up $8 million in political donations as housing crisis festers

Excerpts from this story referencing "National Association of Consumer Advocates":

"… Carliner said.Not everyone agrees.Ira Rheingold, executive director of the National Association of Consumer Advocates, a consumer attorneys group, argues that any national settlement should be …"

2012 election + weak housing market = new White House policies?

By Shirley Gao and Julie Vorman

The fast-approaching 2012 election has the Obama administration eyeing new policies to breathe life into housing market

Excerpts from this story referencing "American Enterprise Institute":

"… y into risky lending, not the private sector, writes Peter Wallison of the American Enterprise Institute in a Wall Street Journal opinion column.  He says this view is suppor …"

Dodd-Frank author is proudest of "skin in the game" requirement for mortgage securitizers

By Shirley Gao

Rep. Barney Frank defends Dodd-Frank law as first anniversary nears

Mortgage servicing standards at the top of consumer agency's agenda

By Julie Vorman and Shirley Gao

New consumer agency sets mortgage servicing standards as a top priority

Excerpts from this story referencing "Congress":

"… priorities when it opens for business on July 21, an agency official told Congress today.Raj Date, associate CFPB director for markets and regulation, said t …"

“Go tell a Republican,” Rep. Frank says to complaints that Congress has failed to curb foreclosures

By Julie Vorman

Foreclosure complaints? "Go tell a Republican" says Rep. Frank

Excerpts from this story referencing "Lehman":

"… Deloitte, PricewaterhouseCoopers (PwC), and Ernst & Young (auditor to Lehman) – who knew all along what was going on and never told a soul, including …"

SEC aims to shed more light on murky world of derivatives

By Shirley Gao and Julie Vorman

SEC aims to shed more light on murky world of derivatives

Senior Treasury Dept. official is latest financial regulator to resign

By Julie Vorman

Yet another senior vacancy among banking regulators

Excerpts from this story referencing "financial reform law":

"… Oversight Council to monitor systemic risk, as required by the Dodd-Frank financial reform law. Unnamed sources told the newspaper that Obama would nominate a replacemen …"

Democrats demand ouster of regulator for not being tough enough with banks

By Shirley Gao

Democrats demand ouster of regulator who doesn't see need for higher capital requirements

Excerpts from this story referencing "Connecticut":

"… s only adequate “if you want the bureau to fail,” said Rosa DeLauro of Connecticut, who was among Democratic members who opposed the bill. The bill now goes …"

Financial reform this week: How to handle a Too Big To Fail bank near collapse

By Julie Vorman

FDIC panel tackles tools needed to dismember biggest banks

Excerpts from this story referencing "Deven Sharma":

"… l bank.Former Fed Chairman Paul Volcker, Standard & Poor’s President Deven Sharma, MIT economist Simon Johnson, and former Citigroup Inc. Chairman John Reed …"

"… ock senior managing director Peter Fisher, Standard & Poor's President Deven Sharma, ex-Citigroup Chairman John Reed, ex-Fed Chairman Paul Volcker, ex-SEC Cha …"

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