Yesterday, we posted about the government's fraud suit against Bank of America. Today's Washington Post has this coverage, which quotes a former regulator who says that the suit is not big enough to deter future fraudulent conduct and who ties deterrence to the threat of jail time for bank executives: “This is an act of […]
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Today the United States filed a civil complaint for more than $1 billion against Bank of America, alleging that its component Countrywide engaged in a massive scheme to sell defective mortgage loans to Fannie Mae and Freddie Mac from 2007 to 2009. According to the lawsuit, "In order to increase the speed at which it […]
Read about it in this National Law Journal article. Here's an excerpt: Big banks, little banks, credit card companies, student lenders – it seems like just about every player in the financial services industry has complained about the power of the Consumer Financial Protection Bureau. Now it's the lawyers' turn. On October 24, the CFPB […]
Pursuant to congressional mandate, since March 2011 the Consumer Product Safety Commission (CPSC) has maintained an electronic database of reports of harm associated with consumer products. This database serves a crucial function in helping alert consumers to dangerous products; before the database existed, as Public Citizen has reported, the CPSC took on average more than […]
The Consumer Financial Protection Bureau yesterday added complaints about credit reporting to its on-line complaint system. That system also provides consumers the opportunity to register complaints about mortgages, credit cards, bank accounts, vehicle or other consumer loans, and student loans.
The Center on Budget and Policy Priorities answers that question in some detail. For an overview check out the chart below.
Yes, according to the U.S. Department of Justice and the California Fair Employment Department. They have sued the Law School Admission Council claiming that it has violated the Americans Disabilities Act in administering the Law School Admissions Test. Karen Sloane explains here. Here's an excerpt: A 29-year-old congressional aide claims his dyslexia impairs his ability […]
A new empirical economic study (go here and here) by Alexander Gelber and Matthew Weinzierl says that some tax policies that put more money in the pocket of low-income U.S. parents are associated positively with their children's academic abilities. This study comes at an interesting time given the recent debate about whether there should be […]
As described in this article by Emily Badger: In the years leading up to the housing crash, public data suggest that black would-be homeowners in Detroit were 70 percent more likely than white borrowers to receive a risky subprime loan from the now-defunct lender New Century Mortgage Company. This is the central statistic embedded in […]
Read about it here. Check out this excerpt: The economic significance of the disagreement [between conservatives and liberals about the role of luck in financial success] has mainly to do with taxation. Taxing success that is attributable to pure luck does not have disincentive effects, and so is a cheap away of financing government. Taxing […]