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Do not believe the reassurances you might hear about the explosives found in an East Village cemetery.
One by one, the foreclosure mills are grinding to a halt.
The news that a single loan officer working for Ally’s GMAC mortgage unit processed tens of thousands of foreclosure documents, many apparently falsified, each month for five years should have executives and auditors at all the large mortgage servicers quaking.
You knew this had to come out.
On Friday afternoon, I wrote about how IRON, The Interstate Recognition of Notarizations Act, went from its beginnings as a dull bipartisan bill, which unanimously passed the House and Senate, to a political hot potato.
The Secretary of State for the state of Ohio, Jennifer Brunner, was an early critic of the bill. David Streitfeld and Gretchen Morgenson reported in the New York Times that Brunner "suggested in a telephone interview on Tuesday that a bill passed by Congress last week about notarizations could facilitate foreclosure fraud."
Last week, Bank of America announced that it was halting foreclosures in all fifty-states while it reviewed its foreclosure process for defects. Now several lawmakers on Capitol Hill are calling for other banks to initiate nationwide foreclosure freezes—a move which the Obama administration is currently opposing.
So what’s going on here? Why is the foreclosure machinery of our nation’s largest banks suddenly grinding to a halt? What does this mean for the financial sector and the economy?
Let’s start with the most basic questions first. Then I’ll explain some of the possible implications for homeowners, banks, and the economy.
Well, it's almost bonus season on Wall Street, but some financial professionals are more hopeful about their payout than others.
What exactly is going on in the U.S. job market? The AP recently ran an interesting story on the trials and tribulations of those looking for work in the current economic environment:
"They're [job seekers] running into a trend that took root during the recession. Companies became more productive by doing more with fewer workers."
"Some asked staffers to take on a broader array of duties — duties that used to be spread among multiple jobs."
"Now, someone who hopes to get those jobs must meet the new requirements. As a result, some database administrators now have to manage network security."
So the constant pressure on managers to "do more with less" seems to be translating into actual shifts in hiring policies and practices. And that not only has a negative effect on those seeking jobs, but also on companies that are finding it more difficult to fill the open jobs they already have. The article continues:
Despite the growing chorus of Democratic lawmakers calling for a nationwide moratorium on foreclosures, the Obama administration is opposed to a freeze.
David Axelrod, Obama's top adviser, went on CBS’s “Face the Nation” program on Sunday and announced the administration's positions. Basically following the same line as the Wall Street Journal editorial page — that the foreclosure crisis is just some meaningless paperwork screw-up — Axelrod emphasized the need to provide certainty to the housing market and to get the foreclosure mills up and running again "very, very quickly."
Nobel Peace Prize laureate and United Nations diplomat Martti Ahtisaari was hoping that this year’s Nobel Peace Prize winner would be a woman, maybe even his friend Mary Robinson, the former Irish president.
“But all of them are extremely well qualified,” Ahtisaari said of his long list of friends who could be in the running for the prize. When the results were announced Friday morning, it was Liu Xiaobo, China’s leading democracy advocate, who received the honor.
I got the chance to speak exclusively with him in Washington D.C. where he told me he didn't even know he was going to win the honor. He was awarded a Nobel Peace Prize in 2008 \(between Gore and Obama\) for his efforts on several continents to resolve international conflicts. In Kosovo, he helped to resolve a long-running dispute that ended a three-decade conflict in which 15,000 people died.
CNBC's Patti Domm and Jeff Cox discuss the jobs report and the current dilemma of long-term unemployment.
CNBC's Patti Domm and Jeff Cox discuss the recent GDP numbers and what factors have been affecting it.
Investors give and investors take away, and nowhere has that been more true lately than in value stocks.
Bank of America asked a federal judge to throw out a verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit.
An influential U.S. financial services industry group is downplaying concerns about possible breaches at JPMorgan Chase and other banks.
Since 1950, September is the worst performing month for the S&P 500 index.