One of the outstanding interviews after President Obama announced there would be an investigative task force into the Wall Street banks’ mortgage fraud was aired on The Rachel Maddow Show on Jan. 28, 2012.  It is a MUST WATCH TV interview – click here.

New York Attorney General Eric Super-Schneiderman has been appointed by President 

Another  shenanigans by Wall Street — aided and abetted by politicians owned by Wall Street. Never bothered to understand the definition of derivatives in which derivatives are not just a financial product…

The sudden dramatic collapse in the price of oil appears to be an act of geopolitical warfare against Russia. The result could be trillions of dollars in oil derivative losses; and the FDIC could be liable, following repeal of key portions of the Dodd-Frank Act last weekend.

Senator Elizabeth Warren charged Citigroup last week with “holding government funding hostage to ram through its government bailout provision.” At issue was a section in the omnibus budget bill repealing the Lincoln Amendment to the Dodd-Frank Act, which protected depositor funds by requiring the largest banks to push out a portion of their derivatives business into non-FDIC-insured subsidiaries.

Warren and Representative Maxine Waters came close to killing the spending bill because…

If Ocwen Financial (OCN) thought that its regulatory troubles were over now that it settled with the New York Department of Financial Services for $150 million, the beleaguered company has another thing coming, according to Morningstar.

In a note to clients, Morningstar analysts say that the real cost of the NYDFS settlement will definitely be more than the $150 million Ocwen must pay to homeowners in New York.

In Morningstar’s analysts’ opinion, Ocwen’s real losses may be the loss of soon-to-be former chairman William Erbey, who is being forced to resign as part of the NYDFS settlement, as well as settlement terms that require ongoing monitoring of corporate governance and a ban on acquiring mortgage servicing rights until certain process and technology improvements are implemented to the satisfaction of the NYDFS.

“The real cost of compliance with the terms will undoubtedly be greater than the $150…

WASHINGTON, D.C. — America’s presidential campaign is already well under way. The election is not until November 2016, and very few candidates have formally thrown their hats into the ring, but the competition to promote and develop ideas — both behind closed doors and publicly — is in full swing.

Earlier this month, Citigroup C, -0.20%  took advantage of this formative political moment by seizing an opportunity to score a tactical victory — but one that amounts to a strategic blunder. Using legislative language apparently drafted by Citigroup’s own lobbyists, the firm successfully pressed for the repeal of some of the 2010 Dodd-Frank financial reforms. The provision was then passed after it was attached to a last-minute spending bill, a tactic that ensured little debate in the House of Representatives and none at all in the Senate.

At a stroke, Citigroup executives demonstrated both their continued political clout in…

Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc’s (>> Citigroup Inc) Japanese retail banking operations in October for about 40 billion yen ($330 million), people with knowledge of the matter said on Wednesday.

The Sumitomo Mitsui Financial Group Inc (>> Sumitomo Mitsui Financial Group, Inc.) unit will announce the long-awaited purchase on Thursday, the sources said.

Citi’s Japan consumer banking business has been hurt by weak loan demand and falling interest margins in a market where the U.S.-based lender has operated for over 100 years.

Spokesmen for the two banks declined to comment on the deal.

Read on.

Now that the dust is beginning to settle on the $150 million settlement between Ocwen Financial (OCN) and the New York Department of Financial Services, the company has unveiled its plans for the future.

First and foremost, the company will be without departing chairman William Erbey, who was forced to resign as part of the NYDFS settlement. But in a conference call with investors, Ocwen Chief Executive Officer Ron Faris revealed Ocwen’s four-part plan for the future and said that Erbey’s departure isn’t the only big change for the nonbank.

Faris told investors that Ocwen is planning to exit agency servicing. “We are going to focus our servicing business primarily on non-agency servicing,” Faris said.

Faris said that Ocwen plans to sell off its entire portfolio of agency servicing. “We estimate the difference between our $1.1 billion book value and fair value of our agency MSRs is between $400…

FDIC HAS ALREADY PAID $1 BILLION TO ONEWEST, ESTIMATES IT WILL PAY $1.4 BILLION MORE

December 16, 2014- Pasadena, CA: At a press conference today, LA community leaders will release new data that has not previously been shared with the public about the amount of money the FDIC has paid to OneWest Bank under two controversial shared loss agreements. OneWest is part of a proposed, Too Big To Fail bank merger with CIT Group, a merger that over fifty organizations are opposing.

After the CEO of the bank refused to disclose how much money the bank received from the FDIC, the California Reinvestment Coalition (CRC) filed a Freedom of Information Act (FOIA) request with the FDIC. According to data provided to CRC, the FDIC has already paid out over one billion dollars ($1,028,404,397) to OneWest Bank. The FDIC estimates it will pay out an additional $1.4 billion to OneWest…