THE INDY MAC BANK FIASCO
WASHINGTON, June 30 /PRNewswire-USNewswire/ — As IndyMac Bancorp battles questions about its financial stability, a new report from the Center for Responsible Lending provides evidence that IndyMac put itself in a hole by engaging in unsound and abusive lending during the nation’s mortgage boom.
The report, “IndyMac: What Went Wrong?,” finds substantial evidence that IndyMac routinely made loans with little regard for their customers’ ability to repay the loans. . .
Mike Hudson from Center for Responsible Lending will be on the show at 3:00
How Chuck Schumer Set Off a Bank Panic
by Jerry Bowyer
The founding fathers gave us a legislative branch divided into two ‘houses’. The lower house is the House of Representatives, modeled to some degree on the British House of Commons. That’s where the firebrands were supposed to go. Some would be responsible populists, and some would be reckless demagogues, but spread out over a large number of reckless demagogues of opposing views, their damage would be mitigated.
The upper house, the Senate, on the other hand was supposed to be deliberative. If the House of Representatives was the hot cup of coffee, the Senate was the saucer in which the coffee cooled. Our founders intended that the Senate would be the chamber which would house the statesman of our legislative body. But, then again, our founding fathers never met Chuck Schumer.
Bob Dole once said the most dangerous spot in Washington was between Chuck Schumer and a TV camera. That may be true. But it might be even more dangerous to be a shareholder in, depositor in, or employee of a bank which Schumer decides to attack. Indymac Bank was having trouble, of course, before, but nothing as serious as a bank run. Bank runs, after all, are very rare in modern history. Common enough during the great depression, they largely disappeared in response to FDR’s creation of a system of safety nets such as FDIC. . .
Why do Asian students generally get higher marks than Latinos?
The eight students walked into a room at Lincoln High School prepared to discuss an issue many people, including some of their teachers, considered taboo.
They were blunt. Carlos Garcia, 17, an A student with a knack for math, said, “My friends, most of them say, ‘You’re more Asian than Hispanic.’ ”
“I think Carlos is Asian at heart,” said Julie Loc, 17, causing Carlos to laugh good-naturedly. Asian students who get middling grades often get another response, she said.
“They say, ‘Are you really Asian?’ ” Julie said. . .
proposed new admissions policy for the University of California system could give thousands of students a better chance of getting into the elite state schools, but critics say the changes threaten to weaken the quality of education.
The proposal, to be discussed by the Board of Regents today, would reduce the grades, classes and admissions tests required of high school students before their applications are fully reviewed.
“All we are doing is guaranteeing more students a shot,” said Mark Rashid, chairman of the Board of Admissions and Relations of Schools committee that proposed the change. . .
