Melanie Sloan, executive director of the Center for Responsibility and Ethics in Washington, just responded to the Senate Ethics Committee’s decision to clear Sens. Chris Dodd (D-Conn.) and Kent Conrad (D-N.D.) of any wrongdoing in relation to their preferential treatment from Countrywide Financial Corp.
Apparently, clearing the senators
When the news broke that they’d received special deals on loans furnished by Countrywide Financial Corp., Sens. Christopher Dodd (D-Conn.) and Kent Conrad (D-N.D.) both denied wrongdoing, saying they had no idea they’d gotten preferential treatment. Today, The Associated Press reports a different version of the tale, citing More…
Here’s a fun accounting term to remember: accretable yield. That’s the difference between a loan’s value on a bank’s balance sheet and the expected cash flow from the loan. Bloomberg reports:
JPMorgan Chase & Co. stands to reap a $29 billion windfall thanks to an accounting rule that lets
The Atlanta Federal Home Loan Bank loaned $51.5 billion to Countrywide — a mortgage lender at the heart of the subprime crisis — in 2007. Washington Mutual, which went on to become the largest failed bank in American history, received $31 billion in loans from the San Francisco FHLB. IndyMac, More…
As the Obama administration launches a new bank rescue plan and prepares to overhaul the financial regulatory system, lawmakers will look closely at the lending practices of major banks and mortgage firms. But some think they also should probe the government-chartered More…
Elana Schor at Talking Points Memo has a great inauguration interview with Rep. Barney Frank (D-Mass.). She asked him about TWI’s story last week revealing that homeowners have to sign away their rights to sue lenders, if they want to get a loan modification under Fannie and Freddie’s More…
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