Jon Corzine led the trend of large institutions placing more focus on their own accounts than their clients, while heading Goldman Sachs in the 1990s. It's time to find a new model.
The heads of the independent regulatory agencies who sit on the Financial Stability Oversight Council would do well to remember that their own independence could also be invaded if a majority of their colleagues on the council had different views on an issue.
"It could be your grandmother, or mine," said the Cleveland deputy sheriff, when discussing an incident involving a disoriented octogenarian who looked lost when handed an eviction notice.
The OCC took a big step towards transparency when posted 12 engagement letters between servicers and consultants. But some of the letters are just blob after blob of blackout.
A small but growing number of innovators are recognizing the market opportunity that the average underserved customer represents. New products address the "money in, money out" pain points.
The Federal Reserve has become a huge holder of mortgage-related securities, creating tight relationships with other parts of the government and resulting in a remarkable triangle.
