Editor’s Note: S.2155 is known in Washington as the Crapo bill. A fitting name. Even Georgetown Law professor and former CFPB adviser Adam Levitin in a blog post warns the dangers of further bank deregulation. This bill functionally exempts 85% of US banks and credit unions from fair lending laws in the mortgage market By …
https://newrepublic.com/article/144230/lefts-misguided-debate-kamala-harris The Left’s Misguided Debate Over Kamala Harris My article about a bank’s law-breaking during the housing crisis became a political football, obscuring the real issue at hand. By David Dayen August 8, 2017 Back in January, after Donald Trump had nominated Steven Mnuchin as treasury secretary, I uncovered a leaked document from the California …
By David Dayen, via Email alert Follow David on Tumblr Follow David on Twitter Subscribe to David Dayen’s newsletter Last week Wells Fargo was caught forcing unwanted insurance on car loan borrowers. This week, they’ve been exposed profiting from a DIFFERENT kind of unwanted insurance: The latest inquiry, by officials at the Federal Reserve Bank …
David Dayen also joins Ring of Fire Radio withScott Millican today. By Scott Millican – August 4, 2017 https://www.youtube.com/watch?v=2DAvoAxehGw Today on Ring of Fire, Investigative Journalist, David Dayen, will join us to unpack the latest Wells Fargo Bank scandal and why he thinks they should receive the corporate death penalty.
By David Dayen, August 2, 2017 The Volcker rule was a sensible principle on the day Paul Volcker announced it in January 2010, in the first Obama administration response to Scott Brown’s Senate victory. Financial institutions shouldn’t be able to take deposits and use the money to gamble in the capital markets. Simple, right? But …
President Trump and Republicans in Congress have broadcast their every intention to gut the Consumer Financial Protection Bureau. The president’s budget attempted to defund it and leading Republicans have called for its director to be fired and replaced with a more Wall Street-compliant regulator. But much like the bulk of Trump’s agenda, that assault remains …
David Dayen: More Trump Populism: Hiring a Bank Lawyer to Attack CFPB Bank Rules Read More »
ByDavid Dayen; illustrated byLia Kantrowitz Jul 17 2017, 4:27pm The bank became notorious last year for creating fake accounts on behalf of customers. Now it’s trying to kill a class-action lawsuit over shady debit card fees. Wells Fargo became a poster child for corporations that abuse their own customers last year when it got fined …
David Dayen: Wells Fargo Is Trying to Bury Another Massive Scandal Read More »
Billions in Student Debt Could Disappear Because of Lost Paperwork The latest example of America’s legal system being a total shitshow might actually help you out—if it doesn’t screw you over first. In 2006, Pablo Ramirez took out a private loan to attend Westwood College, a now-shuttered for-profit diploma mill in Fort Worth, Texas. Eight …
David Dayen at Vice: Billions in Student Debt could Disappear because of Lost Paperwork Read More »
The Real Threat To Wall Street Reform Is The Treasury Department, Not Congress The Real Threat To Wall Street Reform Is The Treasury Department, Not Congress David Dayen June 13 2017, 5:29 p.m. The Treasury Department’s first report recommending changes to the financial regulatory system wildly differs from the plan to dismantle Dodd-Frank that House Republicans …
https://www.vice.com/en_us/article/the-bankers-behind-the-financial-crisis-actually-got-promoted?curator=MediaREDEF The Bankers Behind the Financial Crisis Actually Got Promoted by David Dayen/VICE Jun 1 2017, 1:00pm Millions lost their homes and jobs, and not only did the bankers not go to jail, most of them got new and better gigs, according to a new study. By now it’s well known that no senior …
When Crime Pays: Bankers Behind Financial Crisis were Promoted, not Jailed Read More »
https://shadowproof.com/2010/07/26/hamp-is-hurting-liberalism/ by David Dayen/Shadowproof.com I wanted to circle back to this point I made on our foreclosure panel that I really do think expresses both the frustration and the danger I and some other commentators are feeling about the situation. Simply put, HAMP is hurting liberalism. It’s putting a face of bureaucratic incompetence on a …
Low-wage workers posed as bank presidents and signed bogus documents that kicked people out of their homes. Illustration by Dola Sun Flashback to May 2016. Inside the Abortive FBI Investigation of Illegal Foreclosure in Florida David Dayen May 31 2016, 4:30am The massive probe threatened to implicate the biggest banks in America, but sent just …
By David Dayen May 2, 2017 http://www.thefiscaltimes.com/Columns/2017/05/02/How-Congress-Could-Make-Steve-Bannon-s-Wildest-Dream-Come-True Beyond the competing sets of spin about the success or failure of Donald Trump’s first hundred days, even the most committed liberal partisan can admit that he has allowed corporate America to run wild. A regulatory freeze on day one delayed every final rule awaiting its effective date. …
David Dayen: How Congress Could Make Steve Bannon’s Wildest Dream Come True Read More »
The lawsuit against Ocwen is welcome, but should have happened four years ago. By David Dayen In December 2013, the Consumer Financial Protection Bureau and 49 states issued a $2.1 billion consent order against Ocwen, one of America’s largest mortgage companies, for “violating consumer financial laws at every stage of the mortgage servicing process.” Three …
David Dayen: The CFPB Just Sued a Crooked Mortgage Servicer, but Indicted Itself Read More »
http://inthesetimes.com/article/20044/the-fight-for-public-banking A Bank Even a Socialist Could Love The fight for public banking is gaining ground in cities and states across the country. BY David Dayen “We have Tea Partiers and Occupiers in the same room liking public banking. What does that tell you?” “Money is a utility that belongs to all of us,” says …
By David Dayen at Vice A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million. https://www.vice.com/en_us/article/how-a-cruel-foreclosure-drove-a-couple-to-the-brink-of-death “Franz Kafka lives… he works at Bank of America.” Judge Christopher Klein’s words kick off an incredible ruling in a federal bankruptcy court …
David Dayen: How a Cruel Foreclosure drove a couple to the brink of Death Read More »
https://www.vice.com/en_us/article/how-a-cruel-foreclosure-drove-a-couple-to-the-brink-of-death A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million. “Franz Kafka lives… he works at Bank of America.” Judge Christopher Klein’s words kick off an incredible ruling in a federal bankruptcy court in California last week, condemning …
David Dayen: How a Cruel Foreclosure Drove a Couple to the Brink of Death Read More »
By David Dayen https://theintercept.com/staff/davidd/ Treasury secretary nominee Steven Mnuchin lied in his written responses to the Senate Finance Committee, claiming that “OneWest Bank did not ‘robo-sign’ documents,” when ample evidence proves that they did. Mnuchin ran OneWest Bank from 2009 to 2015 in a manner so ruthless to mortgage holders that he has been dubbed …
Treasury Pick Steve Mnuchin Denies It, But Victims Describe His Bank as a Foreclosure Machine Treasury Secretary nominee Steve Mnuchin kicked off his confirmation hearing Thursday with a defiant opening statement, mostly defending his record as CEO of OneWest Bank. He cast himself as a tireless savior for homeowners after scooping up failed lender IndyMac. …
‘They Are Both Profiteers’: Meet The Two Most Repellent Reptiles to Slither into Trump’s Swamp Steven Mnuchin and Wilbur Ross will bleed the country dry. By Amy Goodman / Democracy Now! December 2, 2016 Photo Credit: Screengrab/Democracy Now! We look at two of Donald Trump’s Cabinet picks: Steven Mnuchin for treasury secretary and Wilbur Ross …
http://www.vice.com/read/when-you-buy-a-house-but-dont-actually-own-it Danny Shedd’s nightmare began with some cows. When Shedd, a 12-year veteran with combat experience in Iraq and Afghanistan, finished up his military service at Fort Benning, Georgia, he and his wife, Jacinda, wanted to move to the prairie. The house they settled on in Big Cabin, Oklahoma, was perfect: a 5,400 square-foot, four-bedroom …
David Dayen: When You Find Out Your Neighbors Own Your House and They Try to Evict You Read More »
http://www.dailykos.com/story/2016/9/24/1572040/-Five-questions-with-David-Dayen-about-foreclosure-fraud-activism-and-hope David Dayen (dday to old-timers at Daily Kos) has been the most single most dogged journalist digging into the massive fraud perpetuated on American homeowners in the last decade, the fraud that almost brought down the global economy. In fact, he wrote the book on it—Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great …
Five Questions with David Dayen about Foreclosure Fraud, Activism and Hope Read More »
Elizabeth Warren Asks Newly Chatty FBI Director to Explain Why DOJ Didn’t Prosecute Banksters Like a lot of other Americans, Sen. Elizabeth Warren wants to know why the Department of Justice hasn’t criminally prosecuted any of the major players responsible for the 2008 financial crisis. On Thursday, Warren released two highly provocative letters demanding some explanations. …
http://www.vice.com/read/the-only-person-jailed-for-the-foreclosure-crisis-will-soon-go-free Lorraine Brown, the lone American convicted of a crime for the mass production of bogus documents used to illegally kick people out of their homes, will be released from prison in Pittsfield Township, Michigan, this week. After serving the minimum 40 months of a 20-year maximum state sentence, Brown is set to be paroled …
David Dayen: The Only Person Jailed for the Foreclosure Crisis Will Soon Go Free Read More »
