The California Assembly voted 49 to 14 today to approve a Realtor-backed measure expanding protections for homeowners who have refinanced their mortgages, according to the California Association of Realtors. The bill, SB 1178, now goes to Gov. Arnold Schwarzenegger’s desk. If signed, the law would take effect in June…
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A comprehensive look at the private equity arena With private equity differing from other asset classes, it requires a whole new approach for those trained in more traditional investments such as stocks and bonds. But with…
The California Senate reversed itself today and overwhelmingly passed a measure expanding mortgage protections to homeowners who have refinanced their original home loans. By a 30-4 vote, the Senate adopted SB 1178 , which would prohibit lenders from seeking repayment from homeowners when a foreclosed home is worth less…
The California Association of Realtors is fighting an uphill battle to extend loan protections to homeowners who have refinanced their mortgages. Alex Creel, CAR’s chief lobbyist, said the state Senate is likely to reconsider the plan Friday. The body rejected it on a 19-5 vote last week, he said.…
The latest from Bloomberg: President Barack Obama called for limiting the size and trading activities of financial institutions as a way to reduce risk-taking and prevent another financial crisis. The proposals will be part of an overhaul of regulations and would specifically prohibit banks from running proprietary trading operations…
President Barack Obama today called for a special fee on the 50 biggest financial firms. A bank economist and an independent economist react: Scott Anderson, senior economist, Wells Fargo Anderson said much of the losses Obama mentions actually went to nonbanks like failed insurance giant AIG and General Motors.…
President Barack Obama today proposed a special fee on 50 financial firms with assets greater than $50 billion each, saying banks should pay for their own bailout and calling executive bonuses “obscene.” While companies have paid back most of the money they got from a $700 billion program to…
President Obama is likely to propose a fee on financial companies to help close the budget deficit and recoup some taxpayer funds used to bolster the financial system, reports the New York Times ( with a nod to Politico.com). However, the administration wants to avoid a transaction tax that…
Bloomberg reports the U.S. House voted to tighten rules for derivatives and create powers to break apart healthy financial firms that threaten the economy. Here’s more: Lawmakers voted 223-202 to set up a Consumer Financial Protection Agency, expand oversight of hedge funds and build a $150 billion industry fund…
( Update II: Quotes added from defendants attorneys. ) The Securities and Exchange Commission today charged three former executives of failed Irvine-based subprime lender New Century Financial with fraud for allegedly misleading investors as the business was “collapsing” in 2006. Robert Khuzami, the agency’s director of enforcement, said, “New…