Monday, October 13, 2014


ECB will seek whistleblowers

impose monitors on banks - Nouy

The ECB is about to take on direct supervision of more than 130 big euro zone lenders in November after the results of stress tests are released late next month.

"Personally, I can promise you that our supervision will be tough and fair," Daniele Nouy wrote in a column published on the ECB website and in a number of newspapers. "And we will not shy away from being intrusive if we feel this is necessary."

Nouy said new ECB-led supervisory teams will supervise the banks "on a daily basis" and that generally the leader of each team will not come from the country where the bank is based.

"For example, Credit Agricole's chief supervisor will be German, Unicredit's from France, ABN AMRO's from Spain," Nouy wrote.

"The ECB will also set up a reporting mechanism to encourage and enable people who come to know of individual banks' potential violation of relevant EU law to report such violations to the ECB," she wrote. "Such reports are an effective instrument to bring to light cases of commercial misconduct."

The ECB has begun "supervisory dialogues" with banks this week in which they get partial and preliminary findings of the health assessment of their balance sheets before a formal announcement in October tells markets which banks need to raise more capital and take other steps to bolster operations. (Reporting by Michael Shields; Editing by Larry King)

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Sunday, October 12, 2014


SEPTEMBER 29, 2014


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JohnR said...

And, of course, the really amusing thing about all this is that the very people whom Obama and Holder and co. shielded went after Obama with ice picks and meataxes at every opportunity (although, in fairness, not as much directly as through proxies like Fox and the GOP). At least Cheney is unrepentently vicious, like his more noble and virtuous cousins, the hyenas. The banksters take the standard GOP route of being completely immoral and then loudly crying crocodile tears that blatant immorality is pointed out.

ifthethunderdontgetya™³²®© said in reply to JohnR...

They would have given the game away if they had thanked him. As it was, when 2012 came around, they had the choice of supporting the great deal they had going, or getting an even better deal from Romney.
The risk was that Obama and company wouldn't stay bought. Apparently, the banksters knew that risk was minimal. After all, the big payoffs come when one goes back to the private sector.

Dean Baker:
David Dayen:
The department has put real housewives in jail for mortgage fraud, but not real bankers, saving their firepower for people who manage to defraud banks, not for banks who manage to defraud people.
Most of the “investigations” of financial institutions over the past six years have swiftly moved to cash settlements, often without holding anyone responsible for admitting wrongdoing or providing a detailed description of what they did wrong.
The headline prices of these settlements usually bore no resemblance to the reality of what they cost the banks.
A recent series of securities fraud settlements with JP Morgan, Bank of America and Citigroup, which DoJ said cost the banks $36.65bn, actually cost them about $11.5bn. And shareholders, not executives, truly bear that cost. 


Bill Murray said in reply to ifthethunderdontgetya™³²®©...

Most of the “investigations” of financial institutions over the past six years have swiftly moved to cash settlements, often without holding anyone responsible for admitting wrongdoing or providing a detailed description of what they did wrong.
I believe Holder was responsible for the advent of this policy in the Clinton administration



Thursday, September 11, 2014

"If we don't figure this out, you can go ahead and shut down your mortgage offices," Stevens told attendees. "We have to have a national dialogue with proposed solutions. [Lenders and Washington policymakers] need to move beyond issues with distrust."

Obstacles to Making Affordable Mortgages Mount

SEP 10, 2014 4:01pm ET

RALEIGH, N.C. — Providing affordable home loans and broader access to credit is only going to get harder, experts said at a mortgage industry gathering this week.

Home prices are slowly edging up and interest rates are poised to rise, industry observers reminded at the American Mortgage Conference in Raleigh, N.C.

Meanwhile, demographic and economic shifts are creating more need for low-cost financing. Minorities and women are becoming the most likely homebuyers, especially in urban markets, and household incomes are expected to stay flat or even fall.

Add to the mix the challenges of the qualified-mortgage and other new rules, and bankers looking to originate more mortgages are in for some headaches, they said.

David Stevens, the president and chief executive of the Mortgage Bankers Association, spoke about the challenge in blunt terms.

"If we don't figure this out, you can go ahead and shut down your mortgage offices," Stevens told attendees. "We have to have a national dialogue with proposed solutions. [Lenders and Washington policymakers] need to move beyond issues with distrust."

Though some policymakers are working to address the problem, the public sector likely will be limited in the support it can offer lenders.

Providing more opportunities for borrowers is a key priority for the Federal Housing Administration, said Carol Galante, the agency's outgoing commissioner.
"The FHA has got to think about affordability" of its products, she said. "We need to responsibly improve access."
Complicating matters for the FHA is a requirement that it prove to Congress that it can have a 2% capital ratio, which limits how much the agency can reduce insurance premiums. Still, Galante has been talking more in recent weeks about increasing credit access.

Stevens noted several metrics that are sure to keep mortgage lenders up at night. Originations are expected to decline by roughly 45% this year compared with 2013 as a result of a sharp decline in refinance activity. The housing market is set to have its slowest rate of purchase activity since October 1995.

Aversion to credit risk is a big contributor. FICO scores of 620 to 720 made up less than 20% of government-sponsored-enterprise purchases last year, compared with 40% prior to the housing crisis.

Demands from the GSEs are another big factor, said James Lockhart 3rd, a vice chairman of the private-equity firm W.L. Ross.

"Part of the issue is that banks are still selling the Fannie and Freddie, which have the dominant standards," Lockhart said in an interview. "Banks, rightfully so, are still afraid of putbacks. The rules have changed so much. The standards are so tight, but they were too loose before. We're going to have to work our way to where we should go."

Lenders have adopted stricter underwriting standards in response to regulatory and market demands, Stevens said, and residential developers are building fewer lower-priced homes because of concerns about lenders' reluctance to serve that market.

"It is a balancing act, but the overcorrection is really extraordinary," Stevens said. "At the end of the day, how do we pull back from the edges?"

One promising development is the "Wealth Building Home Loan" product Bank of America and Neighborhood Assistance Corp. of America unveiled at the conference, hosted by the North Carolina Bankers Association.

B of A, which reached a long-term $10 billion contract with NACA, agreed to originate 15-year loans through a pilot program set to begin this month. Bank of America will hold the loans on its balance sheet, as well as subsidize the interest rate buy-down that is integral to the product's affordability.

Stevens and Galante were supportive of the premise behind the pilot and partnership between Bank of America and NACA.

Galante highlighted several ways the FHA could eventually play a greater role in boosting access to credit, including more work encouraging lease-to-own arrangements.

"There is an idea of testing a vehicle that would let people use FHA loans and structured agreements to allow [renters] to assume an FHA loan after renting for some time," she said. "As we go into this new world, helping people transition into homeownership … is going to be really important."

Stevens, who said he has a largely favorably opinion of the Consumer Financial Protection Bureau, still said that the agency should revisit and fix a number of rules that are making banks leery of lending to first-time homebuyers.

Demographic issues will also continue to challenge banks. Younger borrowers, particularly millennials, present great opportunities and challenges for lenders, said Lewis Ranieri, of Ranieri Partners. Key challenges involve marketing to those borrowers and overcoming consumer skepticism, he added.

"There is a systemic shift" in housing, Stevens said, with minorities and women making up a growing portion of potential borrowers. "This will likely cause stress to the square peg/square hole underwriting mentality."

Saturday, August 30, 2014



Stop Foreclosure Fraud presents the following...

Former bank prosecutor Lanny Breuer is back defending corporate clients. Wait ’til you see what his new job prizes Salon- When Lanny Breuer left his position as head of the Justice Department’s criminal division to return to become vice chair at the law firm Covington & Burling, most observers saw it as evidence of the [...]

Daily News- These lawyers were engaged in a court battle — literally. A New York attorney sued a bigshot partner at an international law firm for allegedly trampling him on his way out of a Brooklyn court room. David Dunn angrily assaulted Bruce Richardson when Dunn tried to leave a conference room after a referee [...]

Sounds awfully bogus…anyone surprised? PALM BEACH POST- In a generous perk for a billionaire businessman, mortgage firm Ocwen Financial Corp. bought Chairman William Erbey’s Atlanta mansion for $2 million more than he paid at the peak of the housing market. Ocwen (NYSE: OCN) said in a regulatory filing last month that it paid $6.48 million [...]
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