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40 states to coordinate mortgage foreclosure documentation probe (Wall Street Journal)
Austerity might be all the rage for debt-issuing sovereigns in Europe these days.
But it certainly hasn't taken hold of the financial sector's would-be BSD's. The Evening Standard reports that we're right back to the boom times, at least when it comes to the kind of strip clubs favored by London's traders:
Andrew Hawes, managing director of Bollinger UK, said it was currently impossible to get enough of its £120-a-bottle Special Cuvée into Britain because demand is so strong.
He said: “There was a time when people certainly didn't want to be seen with an expensive bottle of champagne — but we're past that phase now.”
When I walked out of Delmonico's after dinner with my parents Saturday night I came across this flyer on a U.S. mail box near the restaurant.
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.
The scandal-plagued head of health-care investment banking has resigned to focus on family.
2015 is shaping up as the year the U.S. consumer will have to shine the light for the rest of the world—or else.
Softer talk on Ukraine from Russian President Vladimir Putin may be an early sign of recovery, said Christopher Granville.