Tuesday, October 25, 2011
The Obama administration announced Monday that it will try and expand HARP, the Home Affordable Refinance Program, to reach to at least one million more people. HARP was introduced in 2009 to help underwater borrowers refinance their mortgages. At the time the administration predicted HARP would help millions of homeowners. But after two and a half years, less than 900,000 homeowners have refinanced under HARP. New changes to HARP will make it possible for homeowners whose mortgages are severely underwater to participate.
Tuesday, October 18, 2011
Tuesday, October 04, 2011
Tuesday, October 04, 2011
Michael Lewis looks at how the tsunami of cheap credit across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering societies—from Iceland to Greece to Ireland—the chance to indulge and take risks. Boomerang: Travels in the New Third World investigates of bubbles abroad and here at home in California and Washington, DC.
Monday, October 03, 2011
Matt Taibbi, a contributing editor for Rolling Stone, talks about the ongoing American financial crisis, the Wall Street protests, and the commodities bubble that transferred billions of dollars to Wall Street while creating food shortages around the world. His book Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History, newly released in paperback, looks at the biggest players in the financial industry and the politicians who do their bidding.
Friday, July 08, 2011
Wednesday, July 06, 2011
Tuesday, June 21, 2011
By Ilya Marritz
JP Morgan will pay $153.6 million to settle charges it deceived customers about complex mortgage-related securities it sold to them in 2007 just as the housing market was souring, the Securities and Exchange Commission said Tuesday.
Monday, June 20, 2011
— Deborah Solomon, financial policy writer for The Wall Street Journal, on The Brian Lehrer Show.
Tuesday, June 07, 2011
It's been almost a year after Congress passed the Dodd-Frank financial regulatory law and many of the legislation’s rules are behind schedule. Regulators have extended the comment periods on the rules under pressure from Wall Street and Congress. "You have a lot of people on Wall Street who are concerned that they need lots of time to put rules in effect," says Louise Story, Wall Street and finance reporter for The New York Times. However, "the longer it takes for the regulations to go into effect, the longer the banks have to make money off of the derivatives." She details the need for the bill and the cause of the delays.
Wednesday, June 01, 2011
Louise Story, Wall Street and finance reporter for The New York Times investigates the lawsuit against Fabrice Tourre, a young Goldman Sachs employee who is the sole person being sued by the S.E.C. for his role in selling bad mortgage deals. Louise Story and Gretchen Morgenson write, "How Mr. Tourre alone came to be the face of mortgage-securities fraud has raised questions among former prosecutors and Congressional officials about how aggressive and thorough the government’s investigations have been into Wall Street’s role in the mortgage crisis."
Wednesday, May 25, 2011
New York Times's Pulitzer Prize-winning columnist Gretchen Morgenson and Joshua Rosner discuss how the financial meltdown resulted from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders. Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon reveals how the watchdogs who were supposed to protect us from financial harm were actually complicit in creating the financial crisis. Drawing on previously untapped sources and building on original research from Rosner—who raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.
Wednesday, May 18, 2011
It was not something that one or two banks was doing, so I think you're going to find that the probe will probably expand to all firms that were large in the area of securitizing mortgage loans and selling them to investors...If prosecutors have been holding back on bringing charges, some of these lawsuits and the discovery and material coming out in them can be very helpful in making a case.
— Gretchen Morgenson, business writer for the New York Times, on The Brian Lehrer Show.
Wednesday, May 18, 2011
Gretchen Morgenson, business writer for the New York Times and author of the new book Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon, talks about the news that the New York Attorney General is preparing for an investigation into the banks' role in the financial crisis.
Monday, May 09, 2011
Insurance companies have traditionally set up subsidiaries in off-shore tax havens like Bermuda and the Cayman Islands in part to get around strict state regulations regarding their investment strategies. But according to a report by our partner, The New York Times, a number of states have begun luring insurance giants back by allowing them to establish "captive" subsidiaries — risk management systems that allow companies to invest and reinsure without as much capital backing. Now some state insurance commissioners are warning that captives could put insurance policy holders at risk in the same way that the housing market was endangered by mortgage-backed securities.
Tuesday, April 19, 2011
[S&P doesn't] have a lot of credibility left after totally blowing all major calls of the past decade...The chance that the United States would not pay its debts after more than 200 years of being the best creditor in the world, that chance exists. It is quite remote in my assessment. But there's no question that S&P is trying to swing the other way and trying to get some attention from the left and right, and it's obviously working.
— Simon Johnson, former chief economist of the International Monetary Fund and professor at the MIT Sloan School of Management, on The Brian Lehrer Show.
Friday, April 15, 2011
Cuomo was really one of earliest to start looking at mortgage securities. He subpoenaed all of the banks and rating agencies back in the summer of 2007, before people really realized we were having crisis. There was all this information about how they were packing loans into mortgage bonds, but that's something he never brought a case in. He had all that information showing just how much banks knew about how crummy those loans were.
— Louise Story, New York Times Wall Street and Financial reporter, on The Brian Lehrer Show.
Friday, April 15, 2011
Tuesday, April 05, 2011
During the financial crisis, the Federal Reserve got a lot of flack for handing out big bailouts to major banks like Citibank and JP Morgan Chase, which were deemed "too big to fail." But it turns out that many more banks received funds through the Federal Reserve Bank's so-called “discount window” policy, including investment banks and foreign banks. The names of those banks were released last week, after the Supreme Court ruled in February that under the Freedom of Information Act, the Fed had to make the names and amounts known.
Wednesday, March 02, 2011
Matt Taibbi talks about his latest article for Rolling Stone magazine, "Why Isn’t Wall Street in Jail?" He reports on why Wall Street banks—the culprits behind the global financial disaster—weren’t criminally prosecuted for knowingly selling worthless mortgage-backed investments to insurance companies, state pension funds, and foreign banks.