States gain more power over banks
Reporting from Washington — The Supreme Court ruled Monday that states could enforce some of their consumer protection laws against national banks, a move that could lead to tougher oversight than federal regulators have provided in recent years.
The 5-4 decision in a case involving attempts by New York’s attorney general to enforce fair-lending laws was [...]
Executive Calls ’30s Housing Solutions Superior
A former Fannie Mae executive has deemed Depression-era efforts to modify ailing mortgages more successful than those being used in the current housing crisis. The executive, Edward J. Pinto, who was Fannie’s chief credit officer in the late 1980s, argues in a paper prepared for a research group that current modification efforts by the [...]
Read Full Post | Make a Comment ( 1 so far )Nearly 1 in 6 Homeowners ‘Under Water’
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults — the very misfortune that touched off the credit crisis last year.
The result of homeowners being “under water” is more pressure on an [...]
