Senator Al Franken is asking the feds to launch investigations into potential criminal activity by Ally and its subsidiary GMAC Mortgage, which have come under scrutiny of late for allegedly using fraudulent foreclosure documents to boot people from their homes.
In a letter to a veritable who’s who of financial regulators, Franken says he’s Read More
In prepared remarks delivered to the Financial Crisis Inquiry Commission today, Federal Reserve chairman Ben Bernanke said it’s super important that the government establish a way to wind down behemoth financial institutions, and that elimination of the “too-big-to-fail” phenomenon is key to averting any future crisis.
“The creation of a resolution regime for systemically critical Read More
Residents of largely non-white neighborhoods in New York City were far more likely to receive a subprime loan than those in largely white neighborhoods, regardless of the borrower’s race, according to a new study from NYU’s Furman Center.
The study, which controlled for differences in income and loan amounts, found that African-American borrowers living in Read More
According to a new Furman Center report, New Yorkers took out more subprime loans and refinanced more loans than the nation on average.
To wit, in New York City in 2006, 21 percent of all home loans and 27 percent of all home refinancings were sub-prime. Compare that to the national averages of Read More