Word: mortgagees
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Epic congressional investigations of Wall Street have followed the nation's epic financial disasters: the Pujo Committee, starting in 1912, and the Pecora Commission, in 1932. Now, after a year of sometimes enlightening but mostly maddening congressional hearings about the Panic of 2008, a potential modern equivalent is under way...
But as private equity funds seized on the rental market in major cities in recent years, all this was jeopardized by the need to generate fat returns of 15%-20% per annum. Worse, this business model was based on a dirty secret - expelling as many existing tenants as possible. This...
"From a public policy standpoint, you can make a strong case that it is not desirable [for Wall Street money to be in this market], and equally strong you can say that housing regulators or authorities in New York and most other cities have been asleep at the wheel for...
This week the largest financial firms in the nation have been reporting how they did in the last three months of 2009. In two words: not good. Citigroup and Bank of America lost roughly $8 billion and $5 billion, respectively. The credit-card and mortgage businesses of JPMorgan Chase, which...
Worse, some analysts say that even the banks' recently deflated earnings are likely stronger than they would have been without government help. Banks have been reporting that consumer credit is improving, with fewer individuals falling behind on their mortgage or credit-card bills. But programs like the government's Home...