Items Tagged with 'Chuck Schumer'

ARTICLES

  • Fraud Concerns Take Center Stage in Government Circles

    Neil Barofsky, special inspector general for TARP, is sounding a warning about the potential for fraud within the Treasury's mortgage modification program. Meanwhile, United States Senator Charles E. Schumer, joined by all five NYC district attorneys, introduced legislation Monday calling on the federal government to infuse $100 million into fighting the recent wave of housing scams.
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  • Citi Throws Weight Behind Cram-Downs

    In a move that clearly caught much of the financial and mortgage markets by surprise late Thursday, Citigroup, Inc. [stock C][/stock] agreed with key legislators on a plan that would allow bankruptcy judges to modify the terms of mortgages during debt restructuring. The move is a surprising break from the financial industry's long-standing and strong stance against allowing so-called mortgage debt cram-downs.
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  • Paulson Seeks Blank Check for Treasury

    The good news? The current administration now appears to understand the gravity of the financial situation. But that may be the only clear good news so far to come out of an unprecedented power grab by Treasury secretary Henry Paulson and administration officials, including an intrusion into free markets unlike any other in history. Saying that the American economy may fail if Congress fails to act on his proposal, Treasury secretary Henry Paulson is pushing for powers that have little historical precedent in our country, a sort of blank check that he says will help end this crisis.
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  • Democrats Push for Foreclosure Freeze at Fannie, Freddie

    Four Democratic Senators, led by Charles Schumer (D-NY), are pushing federal regulators and new chief executives at Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock] to freeze all foreclosures on loans they own for 90 days. Numerous news outlets reported on the move Thursday afternoon, citing a letter sent by Schumer, Sherrod Brown (D-OH), Bob Casey (D-PAU), Bob Menendez (D-NJ) earlier this week.
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  • California AG May Probe IndyMac Failure: Report

    The nation's mortgage mess and growing string of bank failures just got very political, as if it wasn't already. A PR group that reps for the Republican National Committee and other GOP political interests circulated a copy of a letter to the press yesterday from more than 50 former IndyMac Bancorp Inc. employees, alleging that a press leak by Sen. Chuck Schumer (D-NY) caused the bank to fail. HW obtained a copy, as well.
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  • IndyMac Fails; OTS, Schumer Point Fingers

    It's over for the Pasadena-based thrift that once ruled the Alt-A mortgage roost. On Friday evening, the Federal Deposit Insurance Corp. closed Indymac Bancorp Inc. [stock IMB][/stock] and its $32.01 billion in total assets, and total deposits of $19.06 billion.
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  • Schumer: IndyMac's Troubles Don't Extend to Regional Banks

    In the wake of the troubles now facing Indymac Bancorp Inc. [stock IMB][/stock], Senator Charles Schumer (D-NY) came out Tuesday suggesting that the bank's troubles "were not replicated by other regional banks." "Neither depositors nor investors should read IndyMac’s unique troubles as an omen for other institutions," he said in a statement released by his office early Tuesday afternoon, clearly looking to assuage investor concern and perhaps looking to take a conciliatory tack with frustrated banking regulators.
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