An examination of the details in the B of A settlement shows many examples of risky behavior, including mortgage applications that were underwritten with "shadow" guidelines that allowed exceptions to approve almost any loan.
Sen. Sherrod Brown is "a strong defender of Dodd-Frank, but also someone who is willing to take an honest look at the potential consequences of the law," said one analyst.
Sen. Sherrod Brown may give the country's biggest banks heartburn, but there are signs he's positioning himself as an industry ally ahead of a potential bid to run the Banking Committee.

SIGNIFICANCE: "The size and scope of this multibillion-dollar agreement go far beyond the 'cost of doing business,'" says attorney general Eric Holder. Bank of America CEO Brian Moynihan says the deal "allows us to … focus on the future."
Bank of America must pay a record amount for mortgage-related claims, but the accord still leaves questions about tax liability and other banks in the government's crosshairs.

"I don't think it's FHFA's role to contract the footprint of Fannie and Freddie," FHFA Director Mel Watt said in a May 13 speech.
The hot-button topic of what Fannie Mae and Freddie Mac should charge for loan guarantees is emerging as a key issue in reviving a private-label securitization market.

Rep. Fernand St Germain
The 14-term congressman was a dominating force as House Banking Committee chairman. But the savings and loan deregulation bearing his name tarnished his legislative record, and ethics allegations created a cloud of suspicion that led to his ouster.

The mortgage interest tax deduction is supposed to encourage homeownership among low- and middle-income Americans. But it primarily benefits higher-income taxpayers, according to a new study from the Mercatus Center at George Mason University.
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