Category Archives: banks

Focus of New Regulation Should Be On Securitization

The election of Barack Obama as the presumptive 44th President of the United States promises to usher in an era of increased regulation of the financial markets pursuant to Obama’s platform of economic reform. So far, many commentaries on the … Continue reading

Posted in accounting, Alt-A, banks, Barack Obama, broader credit crisis, causes of the crisis, lenders, mortgage market, regulation, securities, securitization, subprime | Leave a comment

Clinton Breaks Down the Credit Crisis

I happened to catch Bill Clinton on the Late Show with David Letterman earlier this month and was surprised at how much substance was contained in the interview. I encourage you to read the full text of Clinton’s explanation of … Continue reading

Posted in banks, Bill Clinton, causes of the crisis, cheap money, Fannie Mae, Federal Reserve, Freddie Mac, incentives, interest rates, legislation, lenders, liquidity, overinvestment, subprime | Leave a comment

Wikipedia Subprime Timeline a Comprehensive (and Opinionated) Resource

I just discovered the Wikipedia Subprime Crisis Impact Timeline that provides a great resource to those trying to understand what this crisis is and how we got here. The timeline spans 40 years from 1968 to the present, including the … Continue reading

Posted in bailout, banks, Ben Bernanke, causes of the crisis, Fannie Mae, Federal Reserve, Freddie Mac, Hank Paulson, legislation, regulation, securitization, subprime, takeover, timeline, Treasury, Wikipedia | Leave a comment

BofA Settles Countrywide Suits with State Attorneys General for $8.68 billion. Deal Said to Provide Homeowners with More Relief than Federal Bailout

On October 6, California Attorney General Jerry Brown (pictured at left) announced that Bank of America, parent of Countrywide Financial Corp., had agreed to pay $8.68 billion to modify the home loans of over 400,000 homeowners in a negotiated settlement … Continue reading

Posted in Attorneys General, bailout, banks, BofA, borrower fraud, Countrywide, Government bailout, homeowner relief, Jerry Brown, lawsuits, legislation, liquidity, predatory lending, stability | 4 Comments

Seventh Circuit Disallows Class Actions for TILA Violations

In August, I wrote about a major Seventh Circuit ruling on the way that could open the doors for borrowers to file class actions against mortgage lenders to rescind their loans. On September 24, the Seventh Circuit issued its ruling, … Continue reading

Posted in Andrews v. Chevy Chase, appeals, banks, Chevy Chase, Complaints, lenders, litigation, predatory lending, rescission, Seventh Circuit, TILA | Leave a comment