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New Law Blogs

Eye on the Bailout Eye on the Bailout

Investigative journalism in the public interest.
By ProPublica

Post Frequency: 1.1/day

Last Entry: March 17, 2011 at 12:27:45

Recent Entries: 43

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Behind Administration Spin: Bailout Still $123 Billion in the Red

Posted on March 17, 2011
by Paul Kiel The administration has been on a PR offensive in recent months to tell the good news about the TARP. As the Treasury Department official in charge of the TARP is saying at a congressional hearing this morning, the bailout won't cost anywhere near the full $700 billion Congress authorized...


The Bailout Yearbook: The Stars and the Slackers

Posted on September 30, 2010
by Karen Weise After two years and half a trillion dollars, the federal bailout fund is set to expire Oct. 3. After that, the government won't be able to start new programs through the bailout, though it can continue paying money that's already committed...


Identifying Suspicious Short Selling, But Not Who?s Behind the Trades

Posted on July 08, 2010
by Karen Weise Last weekend, The Wall Street Journal highlighted new academic research showing that investors may be trading on insider information after companies approach hedge funds for loans...


Treasury?s ?Point Man? on AIG Bailout That Benefited Goldman, Owned Goldman Stock

Posted on June 30, 2010
by Karen Weise Deep in an article today on the government's bailout of AIG, The New York Times cites sources saying that the Treasury Department's "point man" on AIG, Don Jester, was a former Goldman Sachs employee who owned stock in the bank even as he was making decisions on the bailout that ultimately channeled billions of taxpayer dollars to Goldman...


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Q & A: Former SEC Chairman Sees Financial Reform as Changes on the Margins

Posted on June 28, 2010
by Karen Weise, ProPublica - June 28, 2010 1:51 pm EDT After a 20-hour, all-night session, Senate and House negotiators agreed last Friday on a compromise financial reform bill meant to prevent future economic meltdowns. Just before the bill was being finalized, former SEC Chairman Arthur Levitt wrote a scathing op-ed in The Wall Street Journal, saying the bill was “bled dry of nearly every meaningful protection of investors...


Q & A: Former SEC Chairman Sees Financial Reform as Changes on the Margins

Posted on June 28, 2010
After a 20-hour, all-night session, Senate and House negotiators agreed last Friday on a compromise financial reform bill meant to prevent future economic meltdowns. Just before the bill was being finalized, former SEC Chairman Arthur Levitt wrote a scathing op-ed in The Wall Street Journal, saying the bill was "bled dry of nearly every meaningful protection of investors...


No Penalties for Mortgage Company with Worst Loan Mod Backlog

Posted on May 28, 2010
by Paul Kiel, ProPublica - May 28, 2010 1:53 pm EDT Last week, the government released data showing that there’s a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage companies participating in the administration’s mortgage modification program, Saxon has the largest proportion of homeowners caught in modification limbo...


Loan Mod Logjam Continues for 265,000 Homeowners; Failures Jump

Posted on May 18, 2010
by Paul Kiel, ProPublica - May 18, 2010 9:35 am EDT New data released Monday shows that the administration’s mortgage modification program continues to be plagued by delays and disappointment for hundreds of thousands of homeowners...


Gov?t Loan Mod Program Leaves Some Homeowners Worse Off

Posted on May 14, 2010
by Ryan Knutson, ProPublica - May 14, 2010 10:04 am EDT Susan Lauten had done everything right during her trial mortgage modification under the government’s program to help struggling homeowners. She had submitted all the necessary paperwork and made the required trial payments on time each month...


Only $242 Million Spent So Far on Gov?t $75B Mortgage Mod Program

Posted on May 11, 2010
by Paul Kiel, ProPublica - May 11, 2010 11:06 am EDT When the administration launched its foreclosure prevention program, it committed to spend up to $75 billion. By the end of March, more than a year later, only about $242 million had actually been paid out...


Financial Reform Amendment Would Address Loan Mod Problems with ?Homeowner Advocate?

Posted on May 07, 2010
by Paul Kiel, ProPublica - May 7, 2010 11:37 am EDT An amendment to the financial reform bill filed yesterday by Sen. Al Franken, D-Minn., and Sen. Olympia Snowe, R-Maine, would create a special office to assist homeowners who are facing problems with the administration’s mortgage modification program...


Disorganization at Banks Causing Mistaken Foreclosures

Posted on May 05, 2010
by Paul Kiel, ProPublica - May 5, 2010 2:30 pm EDT Millions of people face losing their homes in the continuing foreclosure crisis, but homeowners often have more than the struggling economy and slumping house prices to worry about: Disorganization within the big banks that service mortgages has made a bad problem worse...


Have You Worked in Loss Mitigation?

Posted on May 04, 2010
by Olga Pierce, ProPublica - May 4, 2010 5:02 pm EDT Do you have experience in mortgage servicing or loss mitigation? Have you worked in a loan modification call center? ProPublica is interested in speaking with you for a story on loan mods...


Update: Reporting Matchmaker a Success

Posted on April 19, 2010
by Srinivas Rao, ProPublica - April 19, 2010 9:55 am EDT When we started our home loan modification matchmaker two weeks ago, we had one goal: helping local journalists cover the human side of the mortgage modification story. As we’ve been reporting for months, the millions of struggling homeowners seeking modifications commonly encounter confusion, errors and months of delay...


Behind the Financial Reform Push, Worries of Warring Regulators

Posted on April 14, 2010
by Jeff Gerth, ProPublica - April 14, 2010 12:07 pm EDT Backers of financial regulatory reform are gearing up for the final stretch in a yearlong effort to construct a new, streamlined architecture. But recent reports and testimony about the financial crisis suggest a crucial ingredient in any new structure is in short supply: cooperation among the watchdogs...


Behind the Financial Reform Push, Worries of Warring Regulators

Posted on April 14, 2010
Backers of financial regulatory reform are gearing up for the final stretch in a yearlong effort to construct a new, streamlined architecture. But recent reports and testimony about the financial crisis suggest a crucial ingredient in any new structure is in short supply: cooperation among the watchdogs...


The Call Geithner Didn?t Make While His New York Fed Watched Over Citigroup

Posted on April 08, 2010
by Jeff Gerth, ProPublica - April 8, 2010 10:34 am EDT The proposition that Treasury Secretary Timothy Geithner, in his prior job as president of the Federal Reserve Bank of New York, didn't do enough to rein in banking giant Citigroup just gained new support...


The Call Geithner Didn?t Make While His New York Fed Watched Over Citigroup

Posted on April 08, 2010
The proposition that Treasury Secretary Timothy Geithner, in his prior job as president of the Federal Reserve Bank of New York, didn't do enough to rein in banking giant Citigroup just gained new support. On Wednesday, the Financial Crisis Inquiry Commission disclosed that a peer review study by other Federal Reserve banks in 2005 found that the New York Fed "had insufficient resources to conduct supervisory activities" of Citigroup...


Reporting Matchmaker: Match.com?s Got Nothing on Us

Posted on April 01, 2010
by Mike Webb and Amanda Michel, ProPublica - April 1, 2010 4:13 pm EDT Valentine's Day may have already passed, but we're not letting that stop us from matching people up! Yesterday, we rolled out our home loan modification matchmaker, which partners homeowners having difficulties obtaining a loan modification with local journalists who can share their stories, investigate the problems they're having with the program and maybe even prompt some resolution...


Reporting Matchmaker: Setting Up Home Loan Modification Applicants With Local Journalists

Posted on March 31, 2010
by Paul Kiel and Amanda Michel, ProPublica - March 31, 2010 1:31 pm EDT Allow us to make an introduction: Homeowners, local journalists. Local journalists, homeowners. We’d like to set you up. Since last May, nearly 800 struggling homeowners from all over the country have shared their stories with ProPublica about their efforts to get a loan modification through the federal program...


Treasury, Ahem, Clarifies Goals for the Mortgage Mod Program

Posted on March 25, 2010
by Paul Kiel, ProPublica - March 25, 2010 11:55 am EDT How many struggling homeowners will get a mortgage modification through the government's $75 billion program? It would seem to be a simple question. But for the past year, the administration has been saying one thing, and observers have been hearing another...


Treasury, Ahem, Clarifies Goals for the Mortgage Mod Program

Posted on March 25, 2010
April 15: This post has been corrected. How many struggling homeowners will get a mortgage modification through the government's $75 billion program? It would seem to be a simple question. But for the past year, the administration has been saying one thing, and observers have been hearing another...


Lehman Brothers Autopsy: Repo 105, and Why Auditors Have Some Explaining to Do

Posted on March 16, 2010
by Marian Wang, ProPublica - March 16, 2010 9:07 am EDT If you haven’t already watched it, Marketplace has a great video explaining Repo 105, a shady accounting maneuver through which Lehman Brothers hid its financial troubles for so long before finally filing in 2008 for the largest bankruptcy in U...


New Data Shows Loan Mod Logjam Continues; Servicers Must Double-check Denials

Posted on March 15, 2010
by Paul Kiel, ProPublica - March 15, 2010 1:06 pm EDT New data released Friday shows that the story for the government’s foreclosure prevention program remains the same: Mortgage servicers have delivered relatively few permanent modifications, and hundreds of thousands of borrowers in trial modifications have yet to receive a final answer after many months of waiting...


New Data Shows Loan Mod Logjam Continues; Servicers Must Double-check Denials

Posted on March 15, 2010
New data released Friday shows that the story for the government's foreclosure prevention program remains the same: Mortgage servicers have delivered relatively few permanent modifications, and hundreds of thousands of borrowers in trial modifications have yet to receive a final answer after many months of waiting...


Your Bailout Update: $315 Billion in the Red

Posted on March 08, 2010
by Paul Kiel, ProPublica - March 8, 2010 12:40 pm EDT After shrinking for several months, taxpayer exposure to the bailout jumped in February, due to Fannie Mae's receiving another $15.3 billion. The toll stands at $315.3 billion...


Check Out Our New Loan Mod Page

Posted on March 08, 2010
by Paul Kiel, ProPublica - March 8, 2010 9:18 am EDT Attention, bookmarks! We’ve collected all of our coverage of the government’s mortgage modification program into one place. You can also find our interactive charts showing how well—or poorly—each mortgage servicer has been performing in the program...


Your Bailout Update: $315 Billion in the Red

Posted on March 08, 2010
After shrinking for several months, taxpayer exposure to the bailout jumped in February, due to Fannie Mae's receiving another $15.3 billion. The toll stands at $315.3 billion. That number accounts for not only the bailout money still outstanding, but also the revenue that the government has collected from recipients...


Check Out Our New Loan Mod Page

Posted on March 08, 2010
Attention, bookmarks! We've collected all of our coverage of the government's mortgage modification program into one place. You can also find our interactive charts showing how well -- or poorly -- each mortgage servicer has been performing in the program...


The Story So Far on the Gov?t Loan Mod Program

Posted on March 05, 2010
by Paul Kiel, ProPublica - March 5, 2010 10:29 am EDT We've created a resource page on the government's loan modification program that puts all of our reporting in one place. Take a look. For those looking for a rundown, below is our summary of the program and the problems it has encountered...


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