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New York Attorney General Kicked Off Government Group Leading Foreclosure Probe

Shahien Nasiripour | October 24, 2011 | Business
WASHINGTON -- New York Attorney General Eric Schneiderman on Tuesday was kicked off the committee leading the 50-state task force charged with probing foreclosure abuses and negotiating a possible settlement agreement with the nation's five largest mortgage firms, according to an email reviewed by The Huffington Post. Schneiderman was one...

New York Attorney General Kicked Off Government Group Leading Foreclosure Probe

Shahien Nasiripour | October 24, 2011 | Business
WASHINGTON -- New York Attorney General Eric Schneiderman on Tuesday was kicked off the committee leading the 50-state task force charged with probing foreclosure abuses and negotiating a possible settlement agreement with the nation's five largest mortgage firms, according to an email reviewed by The Huffington Post. Schneiderman was one...

Federal Reserve Risks Being Seen As Constantly Bailing Out Traders, Fed Official Says

Shahien Nasiripour | October 17, 2011 | Business
NEW YORK -- Investors will likely view the Federal Reserve's recent decision to keep short-term lending rates near zero for the next two years as part of a strategy to protect traders from stock market losses, a top central bank official warned on Wednesday. "[T]he Federal Reserve should never enact...

Federal Reserve Risks Being Seen As Constantly Bailing Out Traders, Fed Official Says

Shahien Nasiripour | October 17, 2011 | Business
NEW YORK -- Investors will likely view the Federal Reserve's recent decision to keep short-term lending rates near zero for the next two years as part of a strategy to protect traders from stock market losses, a top central bank official warned on Wednesday. "[T]he Federal Reserve should never enact...

Beau Biden, Delaware AG, Moves To Join Bank Of America Mortgage Deal, Signaling Concerns

Shahien Nasiripour | October 5, 2011 | Business
WASHINGTON -- Delaware Attorney General Beau Biden signaled his intent Friday to intervene in a proposed $8.5 billion settlement over troubled mortgage securities between Bank of America and a group of investors, uniting with his New York counterpart Eric Schneiderman, who argued a day earlier that the deal is unfair...

Beau Biden, Delaware AG, Moves To Join Bank Of America Mortgage Deal, Signaling Concerns

Shahien Nasiripour | October 5, 2011 | Business
WASHINGTON -- Delaware Attorney General Beau Biden signaled his intent Friday to intervene in a proposed $8.5 billion settlement over troubled mortgage securities between Bank of America and a group of investors, uniting with his New York counterpart Eric Schneiderman, who argued a day earlier that the deal is unfair...

New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America's Mortgage Deal

Shahien Nasiripour | October 4, 2011 | Business
WASHINGTON -- New York Attorney General Eric Schneiderman asked a state judge to reject a proposed $8.5 billion settlement agreement over soured loans between Bank of America and a group of investors, claiming in court documents that a separate bank representing the investors committed fraud for failing to ensure that...

New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America's Mortgage Deal

Shahien Nasiripour | October 4, 2011 | Business
WASHINGTON -- New York Attorney General Eric Schneiderman asked a state judge to reject a proposed $8.5 billion settlement agreement over soured loans between Bank of America and a group of investors, claiming in court documents that a separate bank representing the investors committed fraud for failing to ensure that...

Rats Spread As Baltimore Fights Foreclosures

Shahien Nasiripour | October 3, 2011 | Black Voices
WASHINGTON -- Richard Faison didn't mind that a neighbor's home was seized and boarded up until the rats from the vacant house killed one of his dogs. "That's when it hit me," said Faison, a Baltimore retiree. "That home is hurting mine." Baltimore's continuing foreclosure epidemic is a particularly poignant...

Side Deal With Bank Of America Would Cede Liability In Exchange For Homeowner Relief

Shahien Nasiripour | October 2, 2011 | Business
WASHINGTON -- Federal and state prosecutors are in advanced negotiations with Bank of America in pursuit of a settlement that would forgive the bank for a broad range of past mortgage abuses in exchange for fines that would finance a significantly expanded relief program for struggling homeowners, according to three...

Side Deal With Bank Of America Would Cede Liability In Exchange For Homeowner Relief

Shahien Nasiripour | October 2, 2011 | Business
WASHINGTON -- Federal and state prosecutors are in advanced negotiations with Bank of America in pursuit of a settlement that would forgive the bank for a broad range of past mortgage abuses in exchange for fines that would finance a significantly expanded relief program for struggling homeowners, according to three...

Elizabeth Warren's Farewell Note: 'I Leave This Agency, But Not This Fight'

Shahien Nasiripour | September 28, 2011 | Business
WASHINGTON -- Elizabeth Warren, rebuffed by the White House, today leaves the consumer agency she conceived of and created to return to academic life at Harvard Law School. Her unit, the Bureau of Consumer Financial Protection, is charged with protecting borrowers from abusive lenders. Created in the wake of the...

Elizabeth Warren's Farewell Note: 'I Leave This Agency, But Not This Fight'

Shahien Nasiripour | September 28, 2011 | Business
WASHINGTON -- Elizabeth Warren, rebuffed by the White House, today leaves the consumer agency she conceived of and created to return to academic life at Harvard Law School. Her unit, the Bureau of Consumer Financial Protection, is charged with protecting borrowers from abusive lenders. Created in the wake of the...

Wells Fargo Target Of Justice Department Probe; Agency Alleges Discriminatory Lending

Shahien Nasiripour | September 25, 2011 | Business
WASHINGTON -- The Department of Justice is preparing a lawsuit against Wells Fargo, the nation's largest home mortgage lender, for allegedly preying upon African American borrowers during the housing bubble and steering them into high-cost subprime loans, according to three people with direct knowledge of the probe. The company, the...

Wells Fargo Target Of Justice Department Probe; Agency Alleges Discriminatory Lending

Shahien Nasiripour | September 25, 2011 | Business
WASHINGTON -- The Department of Justice is preparing a lawsuit against Wells Fargo, the nation's largest home mortgage lender, for allegedly preying upon African American borrowers during the housing bubble and steering them into high-cost subprime loans, according to three people with direct knowledge of the probe. The company, the...

A Year After Dodd-Frank, Too Big To Fail Remains Bigger Problem Than Ever

Shahien Nasiripour | September 19, 2011 | Business
WASHINGTON -- A year after Congress passed a landmark law intended to tame the excesses that produced the financial crisis, some experts contend that a crucial vulnerability remains: The largest financial institutions are still so enormous that their failure could again bring the financial system to the brink of disaster....

A Year After Dodd-Frank, Too Big To Fail Remains Bigger Problem Than Ever

Shahien Nasiripour | September 19, 2011 | Business
WASHINGTON -- A year after Congress passed a landmark law intended to tame the excesses that produced the financial crisis, some experts contend that a crucial vulnerability remains: The largest financial institutions are still so enormous that their failure could again bring the financial system to the brink of disaster....

Wells Fargo Illegally Pushed Borrowers Into Subprime Mortgages, Falsified Loan Documents, Fed Says

Shahien Nasiripour | September 19, 2011 | Business
WASHINGTON -- Perhaps more than 10,000 Wells Fargo borrowers were inappropriately steered into more expensive subprime mortgages or had their loan documents falsified by bank personnel, the Federal Reserve said Wednesday. The bank, the largest U.S. mortgage lender, agreed to pay $85 million to settle civil charges. On...

Republican Opposition To Elizabeth Warren Allows White House To Duck Uncomfortable Questions

Shahien Nasiripour | September 17, 2011 | Business
WASHINGTON -- Thanks to united Republican opposition to Elizabeth Warren as the permanent head of the consumer protection agency she dreamed up and shepherded through Congress, the administration is largely able to avoid the uncomfortable discussion about just how much support she had within the White House. Obama, while...

Elizabeth Warren: Government Hasn't Sufficiently Probed Foreclosure Abuses (VIDEO)

Shahien Nasiripour | September 14, 2011 | Business
WASHINGTON -- A top Obama administration official on Thursday questioned the scope of the state and federal investigations into alleged mortgage abuses and "illegal" foreclosures perpetrated by the nation's largest mortgage companies, marking the first time a senior White House official publicly broke ranks with the administration over the issue...
All posts from 08.23.2011