The unfolding foreclosure fraud crisis centers on mortgage servicers, companies that collect and organize mortgage payments on behalf of banks. (Many are actually subsidiaries of big financial-service companies, like J.P. Morgan Chase.) When a homeowner misses payments, the servicers are meant to carefully review their financial statements and to notify More…
The senior Republican on the Banking Committee and senior senator from Alabama, who is blocking lauded economist Peter Diamond from joining the Federal Reserve board, doubles down on his objections after Diamond wins a Nobel Prize:
[Sen. Richard] Shelby says Diamond lacks expertise in so-called monetary policy —
Some very just desserts on this Columbus Day morning: Peter Diamond, a lauded economist at MIT, won the Nobel Prize, along with Dale T. Mortensen and Christopher A. Pissarides. The three economists won for their examination of “markets with search frictions.” In Diamond’s case, he focused on labor markets More…
Today, the Senate went on its August recess, without passing the small business bill, the unemployment extension for 99ers (which is still under consideration by the Finance Committee) or many other provisions. It also failed to get to the nomination of Peter Diamond, a lauded economist named More…
The Senate has two weeks until it adjourns for the August recess, and Majority Leader Harry Reid (D-Nev.) has promised that legislation to help small businesses is the highest priority on his docket.
Normally, small business bills are the welcome fruits of bipartisan labor. But not this small business bill. More…
Both incumbent members of Congress who switched parties since the 2008 election have now lost re-nomination, as voters turned away Democrat-turned-Republican Rep. Parker Griffith (Ala.) Tuesday.
Griffith conceded late Tuesday night to Madison County Commissioner Mo Brooks, who defeated Griffith 51-33 percent. A third candidate, veteran Les Phillip, More…
The Senate just voted on two amendments tackling the loss-taking government-sponsored enterprises Fannie Mae and Freddie Mac, which stabilize the mortgage market at a $7 billion-per-month cost.
Sens. John McCain (R-Ariz), Richard Shelby (R-Ala.) and Judd Gregg’s (R-N.H.) amendment to end Fannie and Freddie’s governmental conservatorships within three years and More…
Senators are currently debating Sen. Bernie Sanders’ (I-Vt.) Audit the Fed amendment to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill. (Watch the floor debate here.) Just a few moments ago, Sen. Sam Brownback (R-Kans.) took to the floor to accuse executive-branch opponents of the measure of “exaggerating” the More…
The much-derided amendment by Sen. Richard Shelby (R-Ala.) to gut the consumer financial protections from Sen. Chris Dodd’s (D-Conn.) financial regulatory reform just failed. Sens. Charles Grassley (R-Iowa) and Olympia Snowe (R-Maine) both voted against the amendment. The final vote was 38 yeas, and 61 nos.
Next vote up: Sen. 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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