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  • U.S. expands investigation into money laundering by foreign cash buyers

    The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a "significant" portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into Los Angeles, San Francisco, and several other areas. Click the headline to read more.

Fed’s Duke says mortgage disclosure requirements need review

Federal Reserve Governor Elizabeth Duke said the time has come for a review of federal requirements for mortgage disclosures. “Clearly the recent mortgage crisis has highlighted the ramifications of a mortgage market that is not functioning well,” Duke said today in introductory remarks at a hearing on the Home Mortgage Disclosure Act at the Chicago Fed. She didn’t comment on the U.S. economic outlook or monetary policy. “While HMDA data cannot solve all market problems, the time is certainly ripe for reviewing and revising the data element standards and reporting formats,” Duke said.

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