Morning Roundup: Main Street’s Evil Short-Sellers

  • Borrowers are refinancing their mortgages in droves to take advantage of record low interest rates. This is a welcome distraction for the major banks, who are under national investigation for cramming mountains of phony foreclosure paperwork through the judicial system. [Bloomberg]
  • By the end of this year, the Securities and Exchange Commission hopes to have a comprehensive catalog of tipoffs and complaints that uses computers instead of, say, Post-It Notes. [WSJ]
  • The Group of 20 economically powerful nations agreed to set up a framework for curtailing trade imbalances without saying how exactly they would go about doing that. Treasury Secretary Tim Geithner hailed the summit as a resounding success. [FT]
  • Sometimes, when banks are feeling particularly evil, they will refuse to permit homeowners to initiate short sales of their homes — because even though they’re more expensive, foreclosures are just so much more fun. [NYT]
  • Andrew Cuomo says that Hank Greenberg, the former CEO of catastrophic failure AIG, helped the company hide $200 million in losses at one of its businesses. The accusation carries with it the shocking revelation that AIG is capable of losing money in increments smaller than $100 billion. [Reuters]

mtaylor [at] observer.com | @mbrookstaylor