On Monday, a group of institutional investors sued Countrywide and Bank of America over Countrywide’s mortgages practices. The bank is accused of issuing vast numbers of loans using methods that went beyond lax standards and in…
After an exhaustive examination, DailyFinance’s legal reporter comes to a clear verdict. Banks have done three things to create the massive glut of foreclosures choking America’s legal systems and laying waste to its real estat…
Standard & Poor’s is revamping its credit rating methodology for banks and financial institutions in a way that may cause about 40% of rated banks to get a downgrade, The Wall Street Journal reported Tuesday.
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The U.S. Aaa credit rating won’t be under pressure from budget deficits in 2010 or 2011, Moody’s Investors Service (MOD) said.
The White House budget office projects that the federal deficit will top $1.5 trillion this year.
“Certainly over time, a…
The mortgage-backed securities meltdown whose effects still haunt our economy sprang from a simple cause: The rules of the game gave big incentives to every player involved to ignore the problems and keep collecting their fees….