Word: oversights
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...modern mortgage industry consists of several sectors, some regulated tightly by the feds and others covered by only a porous patchwork of state oversight. The least regulated are the independent mortgage lenders, which sell the loans they write to Wall Street or to one of those government-sponsored enterprises with a funny name--Fannie Mae, Freddie Mac, Ginnie Mae. Some of these lenders are perfectly respectable. Others, such as subprime biggies New Century Financial and American Home Mortgage, are now bankrupt...
Next are the mortgage lenders that belong to the same corporate family as a bank or a thrift. They're subject to oversight by either the Federal Reserve Board or the Office of Thrift Supervision but not to regular supervision. In this category are HSBC Finance and CitiFinancial, among others...
Even with the U.S. pumping $ 3 billion a week into Iraq with scant oversight, it's still jarring to think that U.S. soldiers may be stealing from the pot. But in recent days, an Army major--and his wife and sister--was indicted on charges of pocketing $9.6 million in bribes in exchange for contracts in Iraq. An Army captain with the 10th Mountain Division was charged after allegedly soliciting a $50,000 bribe. There are now 73 investigations into $5 billion in contracts that may have been tainted by--in addition to bribes and kickbacks--rigged bids, product substitution...
...Chairman Patrick Leahy said, "I hope the Attorney General's decision will be a step toward getting to the truth about the level of political influence this White House wields over the Department of Justice." House Speaker Nancy Pelosi said Gonzales replacement must commit "to cooperate with ongoing congressional oversight into the conduct of the White House in the politicization of federal law enforcement...
...Attorneys, to minimize discretionary abuse. Another recommendation: to keep reliable records of all external communication and to "generally discourage" communication with supervisors that excludes lead staff attorneys. Grassley praised Cox, a former Congressman, as a "model of transparency and accountability" and for "recognizing the value of Congressional oversight instead of resisting it like most other agencies do." As for the inspector general's office at the SEC, change is already happening; Walter Stachnik, the only inspector general that SEC has ever had since the post was created in 1989, quietly retired the same day the Senate report came...