Not so fast, boys

I knew Elizabeth Warren wasn’t going to sit in the corner and behave!

Three influential lawmakers on Thursday called for bank regulators to disclose more details of the $8.5 billion foreclosure abuse settlement reached earlier this month and to reveal what happened during the case-by-case review program it abruptly replaced.


In a letter to the Office of the Comptroller of the Currency and the Federal Reserve, Sen. Elizabeth Warren (D-Mass.) and Rep. Elijah Cummings (D-Md.) wrote that “additional transparency” was necessary to ensure the confidence necessary “to speed recovery in the housing markets.” They asked regulators to turn over the results of the performance reviews of the independent contractors hired to examine the loan files, as well as detailed information about the reviews’ preliminary results, to determine the extent of the harm to the 500,000 people who applied to the program.


In a separate letter, Rep. Maxine Waters (D-Calif.) called the sudden end of the foreclosure reviews “troubling” and asked that an independent monitor be named to oversee the new deal.


Under the foreclosure settlement, announced Jan. 7, 11 large mortgage companies, including the biggest banks — JPMorgan Chase, Wells Fargo and Bank of America — agreed to distribute $3.3 billion in cash payments to homeowners who received a foreclosure notice between 2009 and 2010. The lenders pledged an additional $5.2 billion to loan modifications and other programs meant to prevent future foreclosures.


The agreement comes on top of a settlement reached between five banks, 49 states and the federal government in 2012 to resolve alleged document forging and mortgage management, or “servicing,” abuses. It replaces a key piece of an earlier 2011 agreement known as the Independent Foreclosure Review.


Bank regulators initially described that review as giving homeowners who believed their mortgage company made a mistake or error during the course of their foreclosure, such as an overcharge or a botched loan modification, a chance to have an independent consultant review their case and award financial compensation of up to $125,000.

Thanks to Seth Price.

Our next Secretary of Commerce?

Penny Pritzker, union buster.

Penny Pritzker, sub-prime lender who drove Superior Bank into the ground.

Penny Pritzker, Chicago Board of Ed member who thinks your children only deserve enough education to make them a member of the workforce.

Penny Pritzker, billionaire tax dodger.

Penny Pritzker, potential Secretary of Commerce nominee? Is this a joke?

Chicago businesswoman Penny Pritzker has emerged as a leading candidate to serve in the administration of President Obama, for whom she has long been a campaign supporter and top fund raiser.


A senior administration official cautioned that no announcement is imminent and that Obama has made no decision. But Pritzker is under consideration to serve as Commerce secretary or perhaps in another senior position involving relations between Obama and business leaders, according to officials close to the process who spoke anonymously to comment on internal deliberations.


Pritzker is a member of the Chicago family behind the Hyatt Hotels Corp. She has been a prominent Obama friend and supporter since his early days in politics and ran his 2008 campaign fundraising operation.


[…] Forbes’ annual list of the world’s billionaires last March put Pritzker at No. 719 and said her hotels and investments were worth $1.8 billion.

God made a banker

You saw this Super Bowl ad, right?

This is hysterical:

And on the eighth day God looked down on his planned paradise and said, “I need someone who can flip this for a quick buck.”


So God made a banker.


God said, “I need someone who doesn’t grow anything or make anything but who will borrow money from the public at 0% interest and then lend it back to the public at 2% or 5% or 10% and pay himself a bonus for doing so.”


So God made a banker.


God said, “I need someone who will take money from the people who work and save, and use that money to create a dotcom bubble and a housing bubble and a stock bubble and an oil bubble and a commodities bubble and a bond bubble and another stock bubble, and then sell it to people in Poughkeepsie and Spokane and Bakersfield, and pay himself another bonus.”


So God made a banker.


God said, “I need someone to build homes in the swamps and deserts using shoddy materials and other people’s money, and then use these homes as collateral for a Ponzi scheme he can sell to pensioners in California and Michigan and Sweden. I need someone who will then foreclose on those homes, kick out the occupants, and switch off the air conditioning and the plumbing, and watch the houses turn back into dirt. And then pay himself another bonus.”


God said, “I need someone to lend money to people with bad credit at 30% interest in order to get his stock price up, and then, just before the loans turn bad, cash out his stock and walk away. And who, when asked later, will, with a tearful eye, say the government made him do it.”


God said, “And I need somebody who will tell everyone else to stand on their own two feet, but who will then run to the government for a bailout as soon as he gets into trouble — and who will then use that bailout money to help elect a Congress that will look the other way. And then pay himself another bonus.”


So God made a banker.

Also: God made a factory farmer!

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