Mortgage Fraud, 'Reckless Endangerment' and Public Trust
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The housing crisis is anything but over, with banks still foreclosing on millions of properties while prosecutors investigate lenders for fraud. Would criminal convictions restore public confidence or is it too little too late? Also, President Obama addresses Britain's Parliament. On Reporter's Notebook, Paul Ryan's budget plan was supposed to perpetuate Republican dominance in Congress, but was it the Medicare provision that turned the tables for a Democrat in upstate New York?
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President Obama Addresses British Parliament ()
On his latest visit to Europe, Barack Obama today became the first American President to address a joint session of the British Parliament in Westminster Hall. He said it's possible for countries to be united by their ideals despite their differences. Mary Dejevsky, chief editorial writer for the Independent newspaper, offers some analysis.
- Mary Dejevsky: Independent newspaper
Three Years Later, the Housing Crisis Continues ()
Banks and mortgage lenders now own a million foreclosed properties, with another million on the verge of repossession this year, creating a drag on the real estate market that will only get bigger. In the worst hit states, attorneys general are gearing up to investigate and prosecute lenders for fraud in both sales and foreclosures. In Washington, the bi-partisan Senate Permanent Subcommittee on Investigations issued a 650-page report outlining risky, deceptive practices by Goldman Sachs and other major Wall Street investment houses that made big money, essentially by betting against their own clients. Should they be prosecuted too? Would high-profile convictions renew public confidence in the home-loan industry or slow the market even more?
- Michael Troncoso: California Attorney General's Mortgage Fraud Strike Force
- Mark Calabria: Cato Institute
- Joshua Rosner: 'Reckless Endangerment'
- Matt Taibbi: Rolling Stone, @mtaibbi
Medicare Key to Democratic Upset in NY Congressional Race ()
It's been just a few weeks since super-confident House Republicans proposed a budget plan that included an overhaul of Medicare. Since then, they've been confronted at angry town hall meetings and declining public opinion polls. Yesterday, they got a message from voters. New York's 26th Congressional District was carefully drawn to include a majority of suburban Republicans between Buffalo and Rochester. Last night, as Democrat Kathy Hochul scored an upset victory in a special election to replace Republican Chris Lee, her supporters chanted, "Medicare, Medicare, Medicare." Dave Weigel reports on politics for Slate.com.
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