CFPB Home Mortgage Disclosure Act Proposal May Enable Redlining
CFPB’s HDMA proposal includes no reporting requirements to determine whether mortgage servicers are treating distressed borrowers equally.
Read more...Category Archives: Banking industry
Wolf Richter: FOMC Minutes Show Fed Doesn’t Know How to Unscramble the ZIRP Omelet
FOMC members are discussing an exit from QE, even the Fed has no clue how to get the financial markets through it in one piece.
Read more...Ilargi: Russia’s Central Bank Governor Is Way Smarter Than Ours
Just like the Bank of England hired Mark Carney from Canada, maybe our central bank, the Fed, should hire Elvira Nabiullina from Russia?
Read more...Rob Parenteau: Draghi’s Doom Loop(s) – More Than Just the Euthanasia of the Rentiers
Draghi’s Doom Loop(s): why the ECB’s QE, combined with negative deposit rates, could set a 1987 style crash for bonds in motion.
Read more...Don Quijones: “Bad Bank” Mania Spreads in Europe
Yves here. I’m not as negative about “bad banks” as Don Quijones is. He does mention the positive result in Sweden, and I hope Swedish Lex will pipe up in comments to add more insight. But the Spanish case is a horrorshow and others in Europe are troubling.
Read more...Bill Black: HSBC Violates its Sweetheart Deal and Loretta Lynch Praises It
The administration has managed to turn into reality all those bad novels they sell in airport book stores that describe networks of criminal elite bankers financing terrorists, drug gangs, and venal and brutal kleptocrats with impunity from the laws.
Read more...Greece Threatens to Miss IMF Payment, Issue Drachma (Updated)
Greece has decided to up the ante in its negotiations with the Troika. The open question is whether the latest move, the press leak via Ambrose Evans-Pritchard at the Telegraph that Greece will miss its April 9 payment to the IMF so that it can continue to make pension payments, and has started to make plans to issue the drachma, are game-changers that Greece hopes they will be.
Read more...Bill Black: We Send Teachers to Prison for Rigging the Numbers, Why Not Bankers?
One has to wonder if the prosecutorial investment in bringing down a public school test-cheating ring has less to do with concern about the students and more to do with charter schools.
Read more...Federal Credit Programs and the Birth of Lemon Socialism
We regularly criticize government-subsidized lending as a terrible way to achieve policy goals. This interview with Sarah Quinn focuses on how Federal credit subsidies have grown and changed over time, with a major objective being to mask the extent of the support.
Read more...Tom Adams: The Ocwen Meltdown: When a Company Discloses Conflicts of Interest, You Should Believe Them
By Tom Adams, securitization professional for over 20 years and partner at Paykin, Krieg & Adams, LLP. You can follow him on Twitter at @advisoryA It’s been a while since I wrote here about Ocwen Financial Corporation http://www.nakedcapitalism.com/2015/02/tom-adams-ocwens-servicing-meltdown-proves-failure-of-obamas-mortgage-settlements.html , the large non-bank mortgage servicer, but things haven’t gotten any better for the company or its […]
Read more...Elizabeth Warren Strikes Back as Citigroup Tries to Blackmail the Democratic Party
Citigroup tried to get back at Elizabeth Warren and her allies for daring to call out The Bank That Must Not Be Named. The move looks to have backfired.
Read more...Bill Black: Meet Citi’s Ethical Underwriter Who Fought and Won: Sherry Hunt
How Citi ran into a buzz saw and lost a False Claims Act case when it tried stymieing whistleblower Sherry Hunt. But true to form, the DoJ took the easy way out.
Read more...The Troika’s Leverage Over Greece: The Ongoing Bank Run
Why Greece’s bank run, and the risk of a banking system collapse, gives the ECB the whip hand over Greece.
Read more...Ilargi: Kiev, Moscow, Bonds and Haircuts
Why the proposed Ukraine bond restructuring is a geopolitical matter, part of the US push against Russia via Kiev, and not mere high finance.
Read more...Bill Black: How FCIC Spurned Its One Chance at Greatness
How the FCIC not merely ignored but actually suppressed information that revealed what and more important, who, drove the crisis.
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