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Gavin
Newsom: Eminent Domain 'Threats' Should Be Investigated By
Justice Department - (www.huffingtonpost.com)
California Lieutenant Governor Gavin Newsom
says he wants the U.S Department of Justice to investigate "threats"
against local communities considering using eminent domain to seize and
restructure poorly performing mortgages to benefit cash-strapped homeowners. Newsom
sent a letter on Monday to U.S. Attorney General Eric Holder asking federal
prosecutors to investigate any attempts by Wall Street investors and government
agencies to "boycott" California communities that are considering
such moves. "I am most disturbed by threats leveled by the mortgage
industry and some in the federal government who have coercively urged local
governments to reject consideration" of eminent domain," he wrote in
a letter, a copy of which was provided to Reuters.
Top
court ruling leaves Oregon's residential real estate market in limbo - (www.oregonbusinessreport.com) In a ruling the Oregon
Supreme Court will soon review, the Oregon Court of Appeals on July 18 issued a
major decision.The case, Niday v. Mortgage Electronic Registration Systems
Inc., et al, held that MERS, when acting as a nominee for a named lender, is
not a beneficiary under Oregon law. The practical effect of the holding is that
any trust deed naming MERS the beneficiary may not be foreclosed in the name of
MERS by the more expedient nonjudicial method. A little context is in order.
Former
SEC Official Aided Targets, Documents Show- (www.cnbc.com)
A former regional enforcement official at the
Securities and Exchange Commission who was sanctioned in May over alleged
conflicts of interest in the multi-billion dollar Allen Stanford Ponzi
case has a history of such allegations, according to documents obtained by
CNBC. Former Associate Regional Director of Enforcement
Spencer Barasch became a symbol of the so-called “revolving door” at the SEC —
where staffers leave for the private sector and cash in on their contacts —
following a 2010 investigation by the SEC Inspector General into the agency’s
handling of the Stanford case. The investigation found Barasch repeatedly
derailed inquiries into the Stanford Financial Group while serving as Director
of Enforcement in the SEC’s Fort Worth Regional Office
Too
Big To Jail: Wall Street Executives Unlikely To Face Criminal Charges, Source
Says - (www.huffingtonpost.com)
A last-ditch effort by federal and state law
enforcement authorities to hold Wall Street accountable for nearly bringing
down the U.S. economy is unlikely to lead to any criminal charges against big
bank executives, according to a source close to the investigation. Barring a
"hail mary pass," said the source, who spoke on the condition of
anonymity because the investigation is still ongoing, the members of a task
force President Barack Obama formed in January to investigate fraud in the
residential mortgage bond industry will instead most likely bring civil
lawsuits against some of the banks involved, though it isn't clear when these
cases might come.
Car
of the Future? Why GM Loses $49,000 on Every Volt - (www.cnbc.com) General Motors Co sold a record number
of Chevrolet Volt sedans in August - but that probably isn't a good thing for
the automaker's bottom line. Nearly two years after the introduction of the
path-breaking plug-in hybrid, GM is still losing as much as $49,000 on
each Volt it builds, according to estimates provided to Reuters by industry
analysts and manufacturing experts. Cheap Volt lease offers meant to drive more
customers to Chevy showrooms this summer may have pushed that loss even higher.
There are some Americans paying just $5,050 to drive around for two years in a
vehicle that cost as much as $89,000 to produce.
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