Bloomberg’s long-standing Freedom of Information Act request for a look at who in the financial system took part in the Fed’s now-secret $2 trillion loan program has been granted by a second court on the basis that there exists no exemption to FOIA rules for the continued economic More…
After President Obama called the heads of 12 of the largest banks into his office to lecture them about not lending enough to small businesses, the message was clear: It’s time to get to lending, or the government will get to regulating. So while banks are More…
President Obama’s attempts to shame top bankers on Monday did little to make anyone think lending will suddenly flow freely and financial institutions will quit lobbying to undermine regulatory reform. And the fact that three of the nation’s top bankers literally phoned it in from New York because of early More…
It was last December when Julio Angulo ignored the bitter cold and sat on a rusted patio chair in the front yard of his foreclosed home in suburban Manassas, Va. He sighed, resting his hand on his knee. He stared despondently at the sky. His lender had foreclosed on his More…
On the heels of our report detailing short-sale flipping and other kinds of mortgage fraud that are on the rise, the Federal Housing Administration plans to announce it will tighten lending standards to try to stem rising defaults.
The Washington Post reports Housing and Urban Development Secretary Shaun More…
A new report out of the Treasury Department Tuesday confirmed what many lawmakers, housing advocates, small businesses and individual consumers have known all along: That despite hundreds of billions of dollars flowing from Washington to the finance industry, bank lending among recipients of the Troubled Asset Relief Program fell More…
As the economy continues to sink, the Wall Street Journal today documents an increasingly obvious fact: Most of the big banks that got a total of $148 billion in taxpayer money didn’t use it to make loans. Instead, lending activity at 10 of the 13 banks that received funds More…
The Federal Reserve is considering some aggressive steps to unlock lending, including buying large amounts of unsecured short-term debt, The New York Times says today. That’s the money that companies regularly use to run their everyday operations.
When it seizes up, so does the rest of the economy. And More…
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