Too many important mortgage stories today that I should be doing as posts. Please forgive the brief commentary.
Zoo Story Frying Pan
Are Genetically Modified Foods Safe To Eat? Mother Jones (hat tip reader May S)
‘I’ Is a Window To the Soul Wall Street Journal (hat tip Marshall Auerback)
Moody’s Sees More European Downgrades Bloomberg
Poll sees a new low in Americans’ approval of Congress Washington Post
Wolf: Grover Norquist’s Relationships Should Give People Pause House.gov (hat tip reader Robert M). I thought talking about Grover Norquist was tantamount to saying Lord Voldemort’s name out loud.
The Reign of the One Percenters: Income Inequality and the Death of Culture in New York City TruthOut. This is really true. One of the reasons I wanted to live in NYC was it was (once) a vibrant and diverse city. It has become dramatically less so over time.
Occupy Wall Street, Powered by Big Labor Andy Kroll, Mother Jones
Corporate social-media engines track Occupy activists Philly.com (hat tip reader Paul T). Notice how they are desperate to find an institutional agent provocateur. They seem unable to accept that opposition is broad based. And notice the scare mongering. Expect to see more of that.
Standstill over anti-Wall Street park protest to endure New York Legal [blog] Reuters (hat tip Buzz Potamkin)
Longest series of web site outages at BoA in thirteen years, says industry observer Associated Press (hat tip Lambert Strether)
BofA, Wells Fargo Accused of Charging Veterans Illegal Fees Bloomberg (hat tip Arthur)
Bank of America’s Countrywide May Face Fraud Suit After U.S. Housing Audit Bloomberg (hat tip Buzz Potamkin)
Secret Docs Show Foreclosure Watchdog Doesn’t Bark or Bite ProPublica. This is hugely frustrating. As with Magnetar, PP does a lot of digging and misses the real story. The frame here is to blame Treasury for a poor job of oversight and suggest they should have imposed penalties. But HAMP was a voluntary program and Treasury argued (and sadly, they have a point) that no one would have participated had there been penalties! The only thing Treasury can do (and here it has dragged its feet) it to claw back incentive payments. The better frame would be to criticize Treasury for cooking up such a lame, bank-skewed program in the first place, and to take the angle Nevada is pursuing, which is consumer fraud: the banks presented the program as operating along the lines defined by Treasury and systematically didn’t adhere to the program guidelines.
Judge rips firing contest of convenience store chain’s owner USA Today (hat tip Buzz Potamkin)
BNY Mellon sued over currency rates Financial Times. Go Schneiderman!
Hungry Muppet to appear on “Sesame Street” Reuters (hat tip Lisa Epstein). Wow.
Justice Democrats take on big banks Matt Stoller, Poltico. Today’s must read.
Antidote du jour: