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As housing prices improve, the FDIC is backing away from covering losses borne by failed-bank buyers. About half of the 31 failed-bank resolutions in 2012 - as of June 30 - involved an acquirer purchasing a whole bank without any loss-sharing from the FDIC. That is a sharp increase from the 34% of deals without loss-sharing last year.
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Countrywide's VIP program not only benefited numerous members of Congress, but also assisted a handful of Capitol Hill staffers and HUD Secretary Alphonso Jackson as the mortgage lender built a large web of political influence prior to the financial crisis, a congressional committee said. (Image: Michael Chu)
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The U.S. Chamber of Commerce issued a list of demands for the CFPB last week. Chief among them was that the agency define what an "abusive" practice or product is.
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Nine of the largest banks offered high-level details on how they could be taken apart if they were failing. The differences between the plans were subtle but significant.
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The OCC blew away any good feelings left over from the Fourth of July by releasing a scary report detailing all the risks facing banks. The biggest? That banks are beginning to offer new products that they don't have experience in to make up for lost earnings and low interest rates.
Law and regulation
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