On March 11, 2008 Christopher Cox, former chairman of the Securities and Exchange Commission, said he was comfortable with the amount of capital that Bear Stearns and the other publicly traded Wall Street investment banks had on hand.
Andy Pollock rode the last subprime mortgage wave to the top then got out as the industry collapsed and took the U.S. economy with it. Today, he’s back in business.
In the post-crisis tribulations, after being very close to the administration, JP Morgan started campaigning against some aspects of the new financial regulation. Its favorite target was the Volcker rule that restricts the type of investments banks can trade for their own account.
Regulators overseeing the nation’s largest financial institutions are distrustful of their bosses, afraid to speak out, and feeling isolated, according to a confidential survey this year of Federal Reserve employees.
In a hotel room not far from Disneyland, Renee Genel slumps on a couch, her family's meager possessions scattered nearby in torn plastic shopping bags.
The SEC has lost steam in its already very weak push against mortgage lenders and the investment banks that supplied them with money for alleged fraudulent lending.
Sen. Elizabeth Warren (D-Mass.) sent a letter to Attorney General Eric Holder Wednesday questioning whether a major government settlement with the nation's largest mortgage companies is merely a way to absolve banks of malpractice under a "timid enforcement strategy."
U.S. Attorney General Eric Holder is preparing to announce new cases related to the economic meltdown in the coming months as the Justice Department nears decisions on a number of probes involving large financial firms, the Wall Street Journal reported.
If you're wondering where mortgage rates are headed you're not alone. It used to be that mortgage rates reflected supply and demand but that's no longer the case.
Fannie Mae and Freddie Mac are masking billions of dollars losses because of the level of delinquent home loans they carry, a federal watchdog said in an internal report, and it said the companies should be required immediately to recognize the costs of some bad mortgages.