CALIFORNIA | LOCAL
April 1, 2014 |
SACRAMENTO - Stung by criminal cases involving three state senators, Democratic legislative leaders vowed Tuesday to reassess their campaign finance practices, and canceled a lucrative golf fundraiser scheduled for this weekend. The promise of self-scrutiny among Senate Democrats was just one way last week's criminal complaint against Sen. Leland Yee (D-San Francisco) detailing public corruption and arms trafficking charges continues to reverberate through the Capitol. Also on Tuesday, federal agents were again present in a legislative office building, searching a room used by Yee as an overflow office, according to Senate workers.
March 26, 2014 |
Putting to rest one of its biggest remaining headaches, Bank of America Corp. has agreed to pay $9.5 billion to settle claims by Fannie Mae and Freddie Mac. The government-sponsored mortgage finance giants had demanded compensation from the Charlotte, N.C., bank for losses on securities backed by faulty loans issued during the housing boom. The bank said the settlement, announced Wednesday, resolves all claims against BofA by the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie.
CALIFORNIA | LOCAL
March 20, 2014 |
In the first major debate of the campaign, four of the candidates vying to replace Zev Yaroslavsky on the Los Angeles County Board of Supervisors faced off Thursday in a debate that focused mostly on fundraising. It was an opportunity for key contenders to begin shaping their messages and distinguishing themselves from rivals before an audience on the UCLA campus. And they didn't hold back. The candidates discussed how best to work with a new sheriff to fix the county's crowded jails and how they plan to appeal to voters in the San Fernando Valley, where half the votes lie. But the most heated exchange came as they discussed the effect of money in the campaign, and how dollars are being raised.
March 12, 2014 |
The iconic Statue of Liberty, positioned in New York Harbor to welcome those entering the United States, stands as a symbol of what's best about our country and the freedom it has offered so many. But it was only when I visited Lady Liberty for the first time recently that I discovered something else she represents: an early example of crowdfunding. A display in the museum on Liberty Island describes how, in 1885, Joseph Pulitzer ran an appeal to readers of his newspaper the New York World for funds to build the statue's pedestal.
March 11, 2014 |
WASHINGTON - Congressional efforts to shut down bailed-out Fannie Mae and Freddie Mac took a significant step forward with bipartisan agreement from key senators on a plan to overhaul the housing finance system. The proposal released Tuesday would slowly shrink the companies and replace them with a scaled-back government guarantee for mortgages. Details are expected to be disclosed in the coming days. Fannie Mae and Freddie Mac, which together own or guarantee about 60% of existing mortgages, were seized by the federal government in 2008 as they neared bankruptcy from bad loans they guaranteed during the subprime housing boom.
March 7, 2014 |
Millennials stand out among other generations for their optimism over personal finances and America's future, according to a new national survey released Friday by the Pew Research Center. But the upbeat thinking among the 18-to-33-year-old crowd is also marked by near or at record levels of detachment and distrust of traditional institutions, the report also said. “Millennials are forging a distinctive path into adulthood. " said Paul Taylor, Pew Research Center's executive vice president for special projects and author of the new book "The Next America.