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October 20, 2010

Schools now selling advertising on lockers

Schools open lockers to advertising | StarTribune.com
School lockers are becoming the latest venue for bombarding kids with advertising. Just what that will look like is on display at the north suburban Centennial school administration building: four lockers wrapped in a bubblegum pink ad for the Mall of America's "Underwater Adventures" aquarium. On Nov. 1, the school board is slated to decide whether it will allow the ads on up to 10 percent of the available surfaces in all of the district's seven schools. That includes lockers, walls and floors. The take for the district? $184,000 a year.

October 19, 2010

Federal Home Loan Bank of Chicago sues BofA over Mortgage-Backed-Security quality

This could be huge. Federal Home Loan Bank of Chicago sues BofA over MBS quality -- HousingWire
The Federal Home Loan Bank of Chicago is suing Bank of America (BAC: 11.80 -4.38%) for allegedly providing misinformation regarding residential mortgage-backed securities sold to the firm between 2005 and 2007. According to a letter to investors from President and CEO of the FHLBC, Matthew Feldman, the securities listed in the complaint totaled more than $4.3 billion and were all rated triple-A when purchased. "We contend that the quality of the loans that comprise the pools of securities cited in today's complaints was inconsistent with the description in the pre-purchase documents prepared by the underwriters and issuers of the securities," Feldman wrote.

October 18, 2010

Senate Republicans block bill that promote fewer jobs being sent overseas

Senate GOP blocks bill that would promote less outsourcing
The latest jobs bill from Senate Democrats - a plan to punish firms that ship jobs overseas - failed to clear a key procedural hurdle Tuesday after even some Democrats complained that the measure would hamper the ability of U.S. companies to compete in foreign markets. Four Democrats and Sen. Joseph I. Lieberman (I-Conn.) voted with a united Republican caucus to block the bill, which was crafted to address the 9.6 percent unemployment rate in the run-up to November's midterm elections. On a vote of 53 to 45, the measure failed to garner the 60 votes needed to overcome a GOP filibuster. Senate Majority Leader Harry M. Reid (D-Nev.) defended the bill as a "simple, common-sense" effort to "keep American jobs here in America" and to "stop forcing taxpayers in Nevada and across the nation to pay for giveaways that reward companies for sending American jobs overseas."

October 17, 2010

Obama: "We shouldn't reward companies for sending jobs overseas."

October 16, 2010

CNBC: Congress expected to retroactively legalize foreclosure fraud

CNBC predicts Congress will retroactively legalize foreclosure fraud | Raw Story
Congress will pass a bill to "forgive" banks the potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts. In a blog column Friday, John Carney argues that lawmakers in DC won't allow the country's largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled foreclosure proceedings, especially when bailing them out this time "won't cost taxpayers a dime." Here’s what is going to happen: Congress will pass a law called something like “The Financial Modernization and Stability Act of 2010” that will retroactively grant mortgage pools the rights in the underlying mortgages that people are worried about. All the screwed up paperwork, lost notes, unassigned security interests will be forgiven by a legislative act.... The [foreclosure] crisis is not driven by economics. It is driven by legal rights. And there’s simply zero probability that the politicians in Washington are going to let Bank of America or Citigroup or JP Morgan Chase fail because of a legal issue. Carney predicts that the lame-duck session of Congress following this November's elections will pass the law. "Every member of Congress ... who has been voted out of office will cast a vote for the bill. And the President will sign it."