Submitted by Carl Horowitz on Fri, 06/17/2011 - 10:45
Delay, waste and corruption are nothing new to subsidized housing programs. An expose of the U.S. Department of Housing and Urban Development's HOME Investment Partnerships Program published in the May 14-17 Washington Post has reinforced the longstanding view of agency critics that too much money is going to line the pockets of developers who either are shady or in over their heads.
Submitted by Carl Horowitz on Thu, 05/12/2011 - 12:02
Elizabeth Warren (see photo) is an anomaly: a Harvard law professor and an outspoken populist. But as a ranking member of the Obama administration, she and her office are fast becoming unpopular - at least among many congressional Republicans. Since last September, Warren has served as acting director of the Consumer Financial Protection Bureau (CFPB), a powerful watchdog agency created by last year's financial reform overhaul.
Submitted by Carl Horowitz on Mon, 03/21/2011 - 15:46
The mortgage foreclosure crisis in this country may have been superseded by events in Japan, Libya and elsewhere for now, but in its own way it's taking a heavy toll. And it's likely to get worse, given the context of evidence that an Obama-initiated homeowner subsidy program to stem the tide isn't working and of a new federal agency poised to extract $20 billion from lenders on behalf of heavily delinquent borrowers.
Submitted by Paul Chesser on Thu, 08/05/2010 - 15:04
Probably not. Seems like the more that presidentially-prizedShoreBank gets extensions from private financial institutions (Goldman Sachs, Citigroup, etc.) and from its federal regulators (the FDIC and Federal Reserve), the deeper in the hole it finds itself. Earlier this week the Chicago Tribunereported:
ShoreBank’s capital deficiency worsened in the second quarter, according to newly submitted financial results to regulators, and the Chicago-based lender now needs to raise at least $190 million just to meet targets set out in March by state and U.S. banking regulators….
Submitted by Paul Chesser on Thu, 06/17/2010 - 11:15
Congressman Spencer Bachus of Alabama must feel like he’s experiencing déjà vu all over again.
The Ranking Republican on the Financial Services Committee last month asked the Obama Administration to explain its role in the bailout of Chicago-based ShoreBank, a lending institution favored by the community organizing and green job creating crowds. Hundreds of similar-sized others were allowed to fail, but several “too big to fail” banks (who survived thanks to TARP money) were reportedly pressured into a joint effort to rescue ShoreBank. Bachus sent the president a letter, then issued a press release:
Delay, waste and corruption are nothing new to subsidized housing programs. An expose of the U.S. Department of Housing and Urban Development's HOME Investment Partnerships Program 
Elizabeth Warren (see photo) is an anomaly: a Harvard law professor and an outspoken populist. But as a ranking member of the Obama administration, she and her office are fast becoming unpopular - at least among many congressional Republicans. Since last September, Warren has served as acting director of the Consumer Financial Protection Bureau (CFPB), a powerful watchdog agency created by last year's financial reform overhaul. 
The mortgage foreclosure crisis in this country may have been superseded by events in Japan, Libya and elsewhere for now, but in its own way it's taking a heavy toll. And it's likely to get worse, given the context of evidence that an Obama-initiated homeowner subsidy program to stem the tide isn't working and of a new federal agency poised to extract $20 billion from lenders on behalf of heavily delinquent borrowers.
Probably not. Seems like the more that 
Congressman Spencer Bachus of Alabama must feel like he’s experiencing déjà vu all over again.
