A coalition of housing and community activists is calling on five Wall Street investment banks that "reaped" huge profits from funding and securitizing subprime loans to contribute their 2007 bonuses to a foreclosure prevention fund.The National Training and Information Center, the National Association for the Advancement of Colored People, and other groups contend that the investment banks pushed subprime lending to unsustainable levels and reaped tremendous profits and bonuses. The groups also are releasing a report that details Wall Street's involvement in the subprime debacle. "Wall Street must do the right thing and forgo their lavish bonus to help families stay in their homes," said NTIC board member Inez Killingsworth. "It's time they clean up their mess." As part of a "Save the American Dream" campaign, the groups are inviting Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers, and Bears Stearns to a summit to set up a foreclosure prevention fund.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
6h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
8h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
8h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
10h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
11h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18