The financial-overhaul legislation cleared a major procedural hurdle on the way to President Barack Obama’s desk Thursday, setting the stage for the Senate to give its final approval to the measure later Thursday. The Senate voted 60-to-38 to end debate on the wide-ranging legislation, a go that required 60 votes to succeed.
Posts Tagged ‘Mortgages’
New Financial Reforms Move Forward
July 15th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Barack Obama, Budget, Consumers, Credit Cards, Desk, Economy, Final Approval, Final Vote, Financial Markets, Financial Reforms, Flashpoints, Hurdle, Legislation, Mortgages, Objections, Procedural Vote, Regulators, Republicans, Senate Lawmakers, Victory 
Comments OffSEC voiced concern about CDOs as early as 2006, records show
May 6th, 2010 Before You Invest he Securities and Exchange Commission started questioning Wall Street’s practice of packaging mortgages into bonds as early as 2006, according to recently released documents. SEC officials wrote that collateralized debt obligations linked to mortgages exposed financial institutions to possible write-downs. “This risk is hard to measure and hence to manage,” according to a memo dated Feb.
Posted in Finance Fraud Tags: Amp, Bear Stearns, Bonds, Collapse, Collateralized Debt Obligations, Early Show, Financial Crisis, Financial Institutions, Inquiry Commission, Mortgages, Pid, Risk, Sec Officials, Securities And Exchange, Securities And Exchange Commission, Sid, Wall Street Comments OffGoldman gets whacked, shares drop 10% on SEC charges
April 16th, 2010 Before You Invest Shares of Goldman Sachs Group Inc. dropped 10% Friday after the Securities and Exchange Commission announced fraud charges against the company.The SEC alleges Goldman (GS) and one of its executives defrauded investors “by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S.
Posted in Finance Fraud Tags: April 20, Cdo, Collateralized Debt Obligation, Decline, Derivatives, Financial Crisis, Fraud Charges, Goldman Sachs, Goldman Sachs Group, Goldman Sachs Group Inc, Housing Market, Investors, Key Facts, Last Time, Mortgages, Sachs Group Inc, Sec Charges, Securities And Exchange, Securities And Exchange Commission, Shares Comments OffObama proposes fee for 50 largest financial institutions
January 15th, 2010 Before You Invest President Barack Obama announced details of a proposed fee on about 50 of the largest financial institutions. The plot is to generate roughly $9 billion each year during the next 10 years or so by imposing a 0.15% fee on the firms’ liabilities, not including insured deposits.
Administration Pushes For Mortgage Relief
November 30th, 2009 Before You Invest The Obama administration today announced a renewed push to get lenders to convert hundreds of thousands of temporarily restructured mortgages into permanent ones to help keep struggling homeowners from falling into foreclosure.The changes include a requirement for mortgage lenders and servicers to provide updates to the administration, sometimes daily, about each mortgage being modified, and possible fines and other sanctions for those who do not meet certain performance obligations.The moves come amid complaints of bureaucratic nightmares from people who have received the small-term reductions in their payments but have been unable to get their lender or servicer to make the changes permanent.
Understanding Offset Mortgages
July 31st, 2009 Before You Invest If you have taken the time to look into the different mortgage loans and mortgage rates that are available outside of the U.S., you will notice that there are just as many financing options overseas as there are here. Available primarily in the United Kingdom housing market, offset mortgages are becoming increasingly well loved in the discussions of real estate.
Posted in Finance Fraud Tags: American Investors, Borrowers, Buying A Home, Current Account Mortgage, Financing Options, Flexibility, Housing Market, Lenders, Loan Periods, Money, Mortgage Loans, Mortgage Rates, Mortgages, Real Estate, Retirement Age, Time Limit, United Kingdom, What This Means No Comments »Fed proposes sweeping rules for consumer protection
July 25th, 2009 Before You Invest As the Federal Reserve defends its role as a consumer-protection agency, officials at the central bank proposed overhauling disclosures made on mortgages and home-equity loans to consumers. “I reckon the general thrust of this is to make more intelligent shoppers of households, have them make better decisions,” said Fed Vice Chairman Donald Kohn.
Julian Tzolov apprehended by Department of Justice
July 15th, 2009 Before You Invest (Bloomberg) — Julian Tzolov, the fugitive former Credit Suisse Group AG broker who was charged with bail jumping, has been arrested, Assistant Brooklyn U.S. Attorney Daniel Spector said in a letter to court filed today. Authorities in Marbella, Spain have taken Tzolov into custody following an international manhunt after he disappeared in New York in May.Tzolov, who’s accused of fraudulently selling clients subprime mortgages linked to auction-rate securities, was declared a fugitive in June.
Posted in Finance Fraud Tags: Apartment, Authorities, Bloomberg, Brooklyn, Bulgaria, Count Indictment, Credit Suisse, Credit Suisse Group, Daniel Spector, Department Of Justice, Electronic Monitoring, Eric Butler, Group Ag, Illegal Scheme, Julian, Kennedy Airport, Manhunt, Marbella Spain, Mortgages, Prosecutors, Wire Fraud No Comments »UK : Shocking increase in fraud levels
April 18th, 2009 Before You Invest The Liberal Democrat’s treasury spokesman Vince Cable has claimed that the recent increase in fraud “is truly shocking”.Speaking to the Times, the British politician said that there are a growing number of mortgage fraud cases being unveiled amid the economic downturn and warned regulators to be on their guard for people turning to financial crime as a result of the recession.His comments were made following new research from the Times, which found that the UK’s Financial Services Authority (FSA) had banned over 50 per cent more finance firms from practicing over the last year.A total of 107 firms were prohibited from operating, 33 per cent of which were in the mortgages sector.Mortgage brokers Peter and James Dean of Dorset became the latest firm to be banned by the FSA over regulatory failures last week.Mr Cable claimed “it is essential that the authorities remain vigilant” to the potential fraud threat.
Posted in Finance Fraud Tags: Authorities, British Politician, Dean, Dorset, Economic Downturn, Finance Firms, Financial Crime, Financial Services Authority, Fraud Cases, Fsa, James Dean, Liberal Democrat, Mortgage Brokers, Mortgage Fraud, Mortgages, Recession, Regulators, Treasury Spokesman, Vince Cable No Comments »Ex Credit Suisse Brokers Face New Subprime Related Charges
April 2nd, 2009 Before You Invest Two former Credit Suisse Group AG brokers accused of fraudulently selling clients subprime mortgages linked to auction-rate securities pleaded not guilty to a dozen new fraud charges.Julian Tzolov and Eric Butler were first indicted last year on securities fraud and conspiracy charges in U.S. District Court in Brooklyn, New York.
Posted in Finance Fraud Tags: Bank Deposits, Brooklyn, Brooklyn New York, Cdos, Collateralized Debt Obligations, Conspiracy Charges, Credit Suisse, Credit Suisse Group, Eric Butler, Fraud Charges, Group Ag, Indictment, Investments, Julian, Money Market Funds, Mortgage, Mortgages, Securities Fraud, Student Loans, Wire Fraud No Comments »
