David Dayen reports some big news on the foreclosure fraud scandal:
[Richard Cordray, the Attorney General for the state of Ohio] has filed a lawsuit in Lucas County (Toledo) Common Pleas Court against GMAC Mortgage and their parent company Ally Financial, in a suit which names Jeffrey Stephan,
Soon after Rep. Brad Miller (D-N.C.) came to Washington in 2002, a fellow member of the House Financial Services Committee told him to pick an arcane financial issue — any issue — and to make it his pet topic. Miller chose mortgage finance. He knew little about it. Banking lobbyists More…
This weekend Sen. Jeff Merkley (D-Ore.) shot down prospects for a comprehensive immigration reform bill in the fall, telling constituents that “reform isn’t going to happen this year.” It’s not a surprising statement, but it’s bad news for advocates of comprehensive immigration reform, particularly because Merkley is working with Sen. More…
If President Obama hoped that his meeting with key senators on Tuesday would produce anything resembling a consensus on energy legislation, he came away disappointed. Democratic leaders emerged from the meeting expressing their grudging willingness to compromise further — provided some sort of emissions More…
It has been 22 days since some unemployment insurance recipients stopped receiving benefits, as the extenders bill — also known as the jobs bill or H.R. 4213 — took considerable time and cuts to make it through the House, and has stalled in the Senate for nearly a month More…
President Obama is stepping up his engagement on the Gulf of Mexico oil spill this week, conducting a two-day tour of the Gulf states and returning to make his first speech from the Oval Office on Tuesday, in which he’ll lay out his plan to force BP to create More…
It has been a quiet week on the financial regulatory reform front, but that does not mean the deal-making has stopped. With the House and Senate out of session this week, Sen. Al Franken (D-Minn.) has been pushing his provision to reform the credit ratings agencies, and Sens. Jeff Merkley More…
There’s a ton of last-minute changes currently happening to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill. Below are my updates on the most important ones.
First: No cloture vote at 2 p.m. The Senate will vote on amendments instead, and the bill will still be up for debate. Notably, More…
This afternoon, an amendment protecting mortgage consumers from predatory lending practices made it into Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill. The Senate approved the amendment by Sen. Jeff Merkley (D-Ore.) and Sen. Amy Klobuchar (D-Minn.) 63 to 36.
The new language prohibits mortgage lenders from receiving hidden payments More…
Forget auditing the Fed or breaking up the banks. Before senators address those proposed amendments to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill, they need to decide whether to adopt Sen. Richard Shelby’s (R-Ala.) amendment on consumer protection.
It has been a sticking point for months. Republicans want to More…
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