The meeting, was, as usual, excellent, with a very well-attended 2:00 session led by Natasha about Alternative Banking resources. The regular session included discussions of municipalities’ use of eminent domain to facilitate write-downs of underwater mortgages, as well as a fascinating talk by a guest, Marlon Williams, regarding efforts by NYC to increase financial literacy among NYCHA and other low-income City residents.
For those who missed it, the Saturday e-mail “Announcements” are below (or at least the ones that are still relevant).
- Let’s work on our December 4th plans. The flyer for “New Day New York” is attached and contains a framework and calendar.
- There have been multiple attacks on the effort to use eminent domain to help homeowners in Richmond, CA. Where do we stand?
- Banks are busy gaming the new rules regulating swaps. For example, who would you answer this question: If a swap trader does business in New York, is he or she was actually in the United States?
- Loans are getting riskier than ever. Because banks don’t remember or don’t care?
- There’s talk that the bankruptcy of Jefferson County, Alabama, will become a template for other such bankruptcy.
- Service members and Payday loans.
- JP Morgan and $13 Billion. When is $13 billion not $13 billion?
- The Swiss are having lots of interesting ideas. Latest thing: “ring fencing” their banks.
- The CFPB is investigating possibly racist policies by car dealers who set up financing. I find this WSJ response pretty amazing too. If you can’t read it, it ends with this: “Careful” is an interesting way for Mr. Cordray to describe what he’s doing. It sounds like he wants to proceed with sentencing before anyone knows whether there will e