Well, speaking at the American Bankers Association may fall down the list of good ideas for opponents of the Bureau of Consumer Financial Protection – I know you must remember your audience, but when it’s picked up by others, the arguments can fall flat. See a rebuttal at Credit Slips to Sen. Shelby’s argument thatRead… Read more »
A wonderful LA Times story today related to the financial crisis. During the boom years, some lenders looked for ways to reduce costs, etc. etc. One way was to forgo the usual title insurance policy, which protects lenders from title issues such as judgments, unknown heirs, and other defects in the title to the propertyRead… Read more »
Yuliya Demyanyk, a senior research economist at the Cleveland Fed, has a posting describing how the subprime mortgage crisis, the touchpoint for current economic woes, was not unanticipated and is much more complex than reported.
The NTSB has sent a letter to WMATA urging WMATA to review its safety system and report back in 30 days. Specifically, WMATA should: “[t]ake action to enhance the safety redundancy of [its] train control system by evaluating track occupancy data on a real-time basis in order to detect losses in track occupancy and automaticallyRead… Read more »
It appears some are using the decision in Cuomo v. Clearing House to say that the CFPA isn’t needed, since the states can now enforce their own consumer credit laws… www.guardian.co.uk/business/feedarticle/8583116
Any opinions about a Federal takeover of the DC Metro system. So far, the problems have been delays due to brake issues, or tourists thinking they can keep the doors open by putting out their hands. But recently, its been derailments and crashes – today’s being the first I can recall in 30+ years thatRead… Read more »
PRO: http://www.latimes.com/business/la-fi-lazarus21-2009jun21,0,7630872.column http://www.baltimoresun.com/news/opinion/editorial/bal-ed.financial21jun21,0,6203251.story http://www.huffingtonpost.com/howard-glaser/is-the-financial-and-mort_b_217056.html http://seekingalpha.com/instablog/408757-the-inoculated-investor/9427-the-case-for-consumer-protection INFO: http://www.usnews.com/blogs/the-home-front/2009/06/18/how-obamas-consumer-protection-agency-is-rattling-bankers.html Click here for a view from across the pond Quotes and such: While banks will lobby to water down the agency’s proposed powers in Congress, the devil will be in the details. One important question is how the agency would be financed. A spokesman for the Treasury toldRead… Read more »
“[T]he white paper may get beaten black and blue. There is unease on Capitol Hill over an expanded role for the Fed, continued balkanisation and much else. Bank lobby groups support systemic regulation but will waste no time trying to water down the consumer agency and persuade lawmakers that higher capital requirements will curb lendingRead… Read more »
Everyone is interested in the new financial industry regualation that will be proposed and debuted this week. I intend this posting to be a primer on some of the issues which are being discussed during the week. Some of the issues being discussed on the internet include: Regulatory Arbitrage – banks and financial institutions usingRead… Read more »
I enojoyed reading this blog posting – all of the complicated, involved CDS transactions and setups were intended to reduce, or even remove, risk from loss on the underlying asset. Well, the smart guys who thought them up got caught using them on a bet against subprime performing and were schooled by others. Unfortunately, itRead… Read more »