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Last Entry: March 31, 2011 at 14:13:05

RealtyTrac Foreclosure News

Posted on October 29, 2010
RealtyTrac reports that high numbers of foreclosures are spreading beyond the initial problem states. Eleven out of the twenty largest U.S. metropolitan areas showed an increase in foreclosures in the third quarter of 2010. Because of the backlog of foreclosed...

Innovative Community-Based Foreclosure Prevention

Posted on October 29, 2010
This week, the Federal Reserve announced publication of Addressing the Impact of the Foreclosure Crisis, describing the innovative, community-based foreclosure prevention and neighborhood stabilization activities sponsored by the Fed as part of its Mortgage Outreach and Research Efforts (MORE) initiative...

FDIC Chairman Sheila Bair: "Mortgages and the Future of Housing Finance"

Posted on October 27, 2010
FDIC Chairman Sheila Bair gave the keynote address Monday to the Symposium on Mortgages and the Future of Housing Finance conducted jointly by the FDIC and the Federal Reserve in Washington this week. Her remarks touched on the following issues:...

Recent Money Laundering Enforcement Actions

Posted on October 27, 2010
HSBC and Royal Bank of Scotland top the 2010 list so far. Here's a story about Britain's Financial Services Authority (FSA) fining Royal Bank of Scotland 5.6 Million Pounds for failing to adequately screen customers to prevent its banks from...

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Evaluating the Crisis Measures by the Fed to Purchase Government-Backed securities in the Secondary Market

Posted on October 26, 2010
Now that we have some breathing room to evaluate many of the emergency measures adopted by the Federal Reserve and the Treasury to avert greater financial disaster, one of the more interesting studies considers the effects of large-scale purchases of...

SEC Proposes Two Rules Under Dodd-Frank "Say on Pay"

Posted on October 26, 2010
On October 18, 2010, the SEC issued two proposed rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to: Shareholder approval of executive compensation and "golden parachute" arrangements; and Disclosure by institutional investment managers...

Currency Wars

Posted on October 25, 2010
G 20 Finance ministers and central bank governors met this weekend in South Korea. They reached agreement on a framework for containing large current account surpluses and deficits but were unable to agree on specific targets. The U.S. has been...

New Acting Comptroller Addresses the American Bankers Association

Posted on October 25, 2010
Acting Comptroller John Walsh gave his first public speech to the American Bankers Association Annual Convention this month in Boston. After two months on the job, he had a lot to say about Dodd-Frank. The OCC has at least 65...

Water Cooler Finance Examines the Potential for Mortgage Foreclosure Problems to Derail Economic Recovery

Posted on October 23, 2010
Just how bad could the fallout from the mortgage foreclosure issues stemming from "robo-signed" documents be? Both court-ordered and lender-initiated halts to further foreclosure sales -- and reluctance of title companies to issue title policies on foreclosed properties -- have...

Dodd-Frank "Risk Retention" Requirements

Posted on October 23, 2010
One of the most concerning provisions of the Dodd-Frank financial reform legislation is the requirement for "risk retention" by mortgage originators and securitizers. This requirement would represent a completely new approach to selling into the secondary market and creating mortgage-backed...

Federal Reserve Beige Book

Posted on October 23, 2010
Each of the Federal Reserve Banks reports economic data from its district which is then compiled to present a picture of the current economy. The Federal Reserve's Beige Book released Oct. 20, 2010, shows that "national economic activity continued to...

Credit Reports and Job Applications

Posted on October 21, 2010
Employers do run credit checks on job applicants -- but should they? Is credit score tied in any meaningful way to ability to perform the work required? Obviously, the answer is yes, if the job is with a financial institution...

Mortgages and the Future of Housing Finance

Posted on October 21, 2010
FDIC and the Federal Reserve are hosting a Symposium on Mortgages and the Future of Housing Finance. Federal Reserve Chairman Ben Bernanke will deliver opening remarks, and FDIC Chairman Sheila Bair will be the keynote luncheon speaker. Chairman Bernanke's opening...

Government Making Money on the Bailout

Posted on October 20, 2010
Bloomberg reports today: "Wall Street Bailout Returns 8.2% Profit Beating Treasury Bonds:" "The U.S. government?s bailout of financial firms through the Troubled Asset Relief Program provided taxpayers with higher returns than yields paid on 30- year Treasury bonds -- enough...

"Rangers, Yankees and Federal Open Market Committee" -- Richard Fisher

Posted on October 20, 2010
President of the Dallas Federal Reserve Bank, Richard Fisher, gave another intriguing speech yesterday at the New York Association for Business Economics: "Rangers, Yankees and Federal Open Market Committee: One Game at a Time." After noting economist Kenneth Galbraith's remark...

Addressing the Real Estate Crisis: "Take a Bath and Move On"

Posted on October 19, 2010
A very interesting article on today's Brookings website, "Pretend and Extend: Our Mortgage Crisis Fantasy," posits that much of the reason we are experiencing difficulty recovering from the economic crisis is due to overinvestment in undesirable geographic locations that will...

Comparing Canadian & U.S. Financial Systems

Posted on October 19, 2010
My article, "Lessons from Canada: Crisis-Proofing a National Financial System," has just been posted on SSRN. View my research on my SSRN Author page: http://ssrn.com/author=391481 (ag) Oct. 19, 2010, in Financial Regulatory Reform

Lying CEOs - Who Knew?

Posted on October 18, 2010
Although for some CEOs, you can tell if they are lying by the fact that their lips are moving (old joke), NPR reports on a study conducted by two researchers at Stanford University's Graduate School of Business that has produced...

National Association of Attorneys General Investigates Mortgage Foreclosure Fraud

Posted on October 18, 2010
The National Association of Attorneys General (NAAG) has announced that all 50 states are participating in a mortgage fraud investigation. Now that Dodd-Frank acknowledges the power of state attorneys general to pursue violations of state consumer protection laws, even national...

An Insider's View of Predatory Lending at Ameriquest

Posted on October 17, 2010
Here's a link to an early excerpt from the book, THE MONSTER: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis, which will be out Oct. 26 from Times Books: http://us.macmillan.com/BookCustomPage.aspx?isbn=9780805090468#Excerpt The book...

In Support of the Dual Banking System

Posted on October 16, 2010
This week's CSBS newsletter reports that Richard Neiman, New York's Banking Superintendent, gave a speech at the Exchequer Club, Washington, D.C. Neiman "called for a renewed level of coordination among state and federal financial supervisors. He advocates "Cooperative Federalism,? an...

JPMorgan Chase as the "Canary in the Coal Mine"?

Posted on October 15, 2010
The American Banker had a very interesting article today, noting that JPMorgan Chase's sluggish earnings may portend even worse for financial institutions that are less well positioned. According to JPMorgan Chase's latest financials, "credit costs fell to their lowest point...

Behind the Foreclosure Freeze: Pictures of the House GMAC Tried to Foreclose

Posted on October 15, 2010
The New York times has pictures of the house financed by GMAC, which was the subject of the foreclosure lawsuit in Maine that exposed rampant "robo-signing" practices. A dedicated pro bono lawyer who had formerly worked in a bank foreclosure...

Legalize Insider Trading?

Posted on October 15, 2010
Texas University McCombs School of Business Professors Robert Prentice and Dain Donelson have a new paper, "Insider Trading as a Signaling Device," reported in the McCombs Newsletter. The Prentice/Donelson paper challenges articles by Henry Manne and Jonathon Macey, who support...

Senator Dodd Speaks at NYU Global Economic Policy Forum

Posted on October 14, 2010
Senator Chris Dodd spoke today at the NYU Global Economic Policy Forum. The new Consumer Financial Protection Bureau was the subject of his remarks. Although Sen. Dodd, a Democrat, is retiring, he indicated that he would support Elizabeth Warren should...

Wondering About Bank Failures?

Posted on October 13, 2010
Here's a link to the FDIC's failed bank list. It's updated for each failure. Georgia, California, and Florida still lead in numbers of failures. LInk: http://www.fdic.gov/bank/individual/failed/banklist.html (ag) in Economy

FOMC Minutes Released Today

Posted on October 12, 2010
Minutes of the Federal Reserve Board's Federal Open Market Committee (FOMC) held on Sept. 21, 2010, were released today. Although a short statement regarding action taken is released at the conclusion of each FOMC meeting, minutes are made public three...

Excessive Overdraft Fees Result in Big Civil Money Penalties

Posted on October 12, 2010
Woodforest National Bank, Houston, TX, must refund $32 Million in excessive overdraft fees charged to its customers AND must pay a $1 Million Civil Money Penalty assessed by the Office of the Comptroller of the Currency (OCC), the bank's primary...

New Federal Reserve Governor - Sarah Bloom Raskin

Posted on October 11, 2010
Sarah Bloom Raskin was sworn in Oct. 4, 2010, as the newest member of the Board of Governors of the Federal System. Her term will end Jan. 31, 2016. Ms. Raskin was formerly the Maryland Commissioner of Financial Regulation. She...

Bernanke Tells Congress What the Fed Is Doing to Implement Dodd-Frank

Posted on October 11, 2010
Federal Reserve Chairman Ben Bernanke testified before the Senate Banking Committee on Sept. 30, 2010, about steps the Federal Reserve is taking to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act, including: Participating in the Financial Stability Oversight...

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