Big lenders are trying to move past the foreclosure-document mess, saying they're now confident their paperwork is accurate. Yet they face so much organized resistance that they can't just snap up their briefcases, declare the crisis over and move on.
Internal company documents show that at least twice, the Remington Arms Company considered a nationwide recall of its popular 700 series rifles, but decided against it despite thousands of complaints and dozens of lawsuits over inadvertent discharges.
At the heart of the decades-long controversy over the Remington 700 series is a piece of metal that is roughly the length of a paper clip.
Texas Attorney General Greg Abbott, who has called for a halt on foreclosures, told CNBC Tuesday, that sorting through the underlying problems caused by some wrongful foreclosures could take months to unwind and require lots of legal work.
When news broke that problems with the foreclosure process at several large banks broke, several Capitol Hill lawmakers began calling for a national moratorium on foreclosures. Although the Obama administration has refused to jump on this bandwagon, it’ s worth considering the likely consequences of a national freeze.
The Republican party will launch aggressive inquiries into alleged abuse of mortgages for low-income buyers if it takes control of the House of Representatives next month.
The public panned it. Republicans obstructed it. Many Democrats fled from it. Even so, the session of Congress now drawing to a close was the most productive in nearly half a century.
Jerry Brown, California attorney general and gubernatorial candidate, told CNBC Friday that he has a history of balancing the state’s budget, coming up with a surplus and overseeing job growth, as governor previously.
California gubernatorial candidate Meg Whitman told CNBC Friday that the “way forward,” out of the state's bloated government, deficit and high taxes, was to look at what New Jersey Gov. Chris Christie has done since taking office.
New York Republican gubernatorial candidate Carl Paladino told CNBC Thursday that he would slash spending and taxes across the state, especially for businesses.
A halt to foreclosures could be a boost to home prices in the near term, Carl Riccadonna, US senior economist at Deutsche Bank, told CNBC Thursday.
Citigroup was accused in a lawsuit Wednesday of using companywide layoffs during the recent financial turmoil to purge its work force of scores of female employees to save the jobs of less-qualified men.
The retail industry's trade group said a study it commissioned estimates a European-style VAT would result in the loss of 850,000 jobs in its first year, reduce the gross domestic product for three years, and cut retail spending by $2.5 billion over its first decade.
The heated contest for President Obama’s former Senate seat here could turn on a little-noticed factor: the generous backing of Wall Street donors.
Nonprofit arts groups tend to spend much of their time scrounging for grants and praying for corporate largesse. But one art foundation taking shape on 120 acres in the high oak chaparral of Sonoma County has different kinds of worries these days: spider mites, bud rot and the occasional low-flying surveillance visit from the local Sheriff’s Office. The NYT reports.
The European Commission is preparing for a smoking ban across the European Union, with legislation introduced as early as next year, according to several media reports Tuesday.
Texting and driving is as dangerous and driving while drunk, Clarence Ditlow, executive director of the Center for Auto Safety, told CNBC Monday. Such sentiment, fueled by the increasing number of cell-phone-related accidents, is part of what is driving a nation-wide ban on combining the two activities.
Two big banks, Bank of America and PNC Financial Services Group, announced further cutbacks in foreclosures, the latest fallout from flawed paperwork in the foreclosure process that has become a major obstacle to the housing market's recovery.
The currency wars are heating up and the competition among the countries of who can keep their currencies undervalued the longest is driving commodities like the price of gold to dizzying new highs.
For graduating MBA students five years ago, the path may have been predictable: accept diploma, sign onto a six-figure income with a major investment banking firm, and begin 18-hour workdays.