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Political Economy: November 21, 2010 - November 27, 2010

BofA official: Countrywide mortgage documents were not transferred properly to trusts

Testimony in bankruptcy court case in New Jersey seems to indicate that Countrywide, which was purchased by Bank of America,wasn't passing along some crucial mortgage documents during the securitization process for residential mortgages. Linda DeMartini is a supervisor and operational team leader for the Litigation Management Department for BAC Home Loans Servicing L.P which managed loans for Countrywide.

By Ariana Eunjung Cha  | November 24, 2010; 10:53 AM ET  |  Permalink  |  Comments (7)
Categories:  Housing  
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Treasury official: 'inexcusable' breakdowns in basic controls in foreclosures

A top Treasury Department official said Tuesday that federal investigators looking into problems with mortgage foreclosures throughout the country have found widespread and "inexcusable" breakdowns in basic controls in the foreclosure process. "These problems must be fixed," Assistant Treasury Secretary Michael Barr told members of the Financial Stability Oversight Council, the newly formed panel of regulators responsible for identifying potential risks to the financial system.

By Brady Dennis  | November 24, 2010; 8:49 AM ET  |  Permalink  |  Comments (1)
Categories:  Financial Stability Oversight Council, Housing  
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Economic agenda: Wednesday, Nov. 24, 2010

At 8:30 a.m. -- The Labor Department releases data on weekly claims for unemployment benefits. At 8:30 a.m. -- The Commerce Department releases data on orders for durable goods. At 8:30 a.m. -- The Commerce Department releases data on personal...

By Mike Shepard  | November 24, 2010; 6:26 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Corporate profits hit record rate

U.S. companies hauled in profits at a record annual rate of $1.66 trillion dollars in the third quarter, according to a report by the Department of Commerce Tuesday containing a number of economic indicators.

By Jia Lynn Yang  | November 23, 2010; 3:05 PM ET  |  Permalink  |  Comments (4)
Categories:  Corporations  
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Fed lowers economic expectations for 2011

Top Federal Reserve officials expect the unemployment rate to remain around 9 percent at the end of next year and 8 percent at the end of 2012, according to internal forecasts that drove the central bank to take new efforts to boost the economy three weeks ago.

By Neil Irwin  | November 23, 2010; 2:18 PM ET  |  Permalink  |  Comments (86)
Categories:  Federal Reserve, U.S. Economy  
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Financial Stability Oversight Council getting abundant input, from all sides

The new council of regulators empowered by Congress to head off potential risks to the financial system has met only once, but already its work is garnering plenty of attention. If the Financial Stability Oversight Council's second meeting Tuesday produces as much public input as it did after its initial gathering last month, the panel might need to hire more staff. The council, led by Treasury Secretary Timothy F. Geithner and composed of top regulators from the Federal Reserve, Federal Deposit Insurance Corp. and other agencies

By Brady Dennis  | November 23, 2010; 8:33 AM ET  |  Permalink  |  Comments (0)
Categories:  Financial Stability Oversight Council, U.S. Treasury  
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Economic agenda: Tuesday, Nov. 23, 2010

At 8:30 a.m. -- The Commerce Department releases its second estimate of growth in the third quarter of this year. At 10 a.m. - The National Association of Realtors releases data on sales of previously owned homes in October. At...

By Mike Shepard  | November 23, 2010; 6:30 AM ET  |  Permalink  |  Comments (1)
Categories:  *Economic agenda  
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EADS' Sean O'Keefe says Air Force bid leak won't affect contest with Boeing to build tanker

The head of the European Aeronautic Defence and Space Co. in North America said he doesn't believe Friday's incident in which the U.S. Air Force said it mistakenly provided EADS and rival Boeing of Chicago with sensitive information about each other's confidential bids will harm the competition to build the service a new aerial refueling tanker. "They [the Air Force] responded to it promptly, and all the information was recalled," EADS chief executive Sean O'Keefe said Monday at a luncheon with journalists at the National Press Club.

By Dana Hedgpeth  | November 22, 2010; 4:56 PM ET  |  Permalink  |  Comments (1)
 
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How consumers are spending their holiday dollars

According to a recent survey conducted by the National Retail Federation, consumers plan to shell out an average $688.87 on holiday-related shopping, a marginal increase from the previous year's $681.83. Much of this year's budget, roughly $393.55, will be spent on gifts for friends and family, with the remaining portion divided up between co-workers, decorations, candy and flowers.

By Danielle Douglas | Capital Business  | November 22, 2010; 2:20 PM ET  |  Permalink  |  Comments (5)
Categories:  Retail  
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Black Friday 2010: Word Cloud

Wondering what words are dominating the conversation about Black Friday this year? The word cloud below was created by crawling The Washington Post's holiday shopping coverage so far this season. The size of the words corresponds with how frequently they...

By Washington Post Editors  | November 22, 2010; 1:33 PM ET  |  Permalink  |  Comments (0)
 
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Foreclosure takes toll on increasing number of children

Three years into the mortgage crisis, the public debate over how to stem the unprecedented tide of foreclosures and the damage they are doing to the housing market has largely overshadowed any discussion of the human toll. But researchers have begun to examine what happens to people after they lose their homes and are becoming especially concerned about the harm done to children.

By Dina Elboghdady  | November 22, 2010; 1:29 PM ET  |  Permalink  |  Comments (1)
Categories:  Housing  
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Wal-Mart vows to match rival Black Friday discounts

Wal-Mart, which will keep many stores open 24 hours on Friday, said shoppers who bring in a rival ad can get their prices reduced at the cash register. The move is an aggressive bid by the world's largest retailer to capture a greater share of buzzworthy traffic on Black Friday, the traditional kickoff to the holiday shopping season.

By Ylan Q. Mui  | November 22, 2010; 12:20 PM ET  |  Permalink  |  Comments (0)
Categories:  Retail  
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