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Six ways Congress may reform NSA snooping

"The narrow 205-217 vote showed that there is significant support in Congress to reform NSA surveillance programs. Here are six other legislative proposals on the table. 1) Raise the standard for what records are considered 'relevant'; 2) Require NSA analysts to obtain court approval before searching metadata; 3) Declassify Foreign Intelligence Surveillance Court opinions; 4) Change the way Foreign Intelligence Surveillance Court judges are appointed; 5) Appoint a public advocate to argue before the Foreign Intelligence Surveillance Court; 6) End phone metadata collection on constitutional grounds." Continue reading →

Continue ReadingSix ways Congress may reform NSA snooping

House leaders defend voting against bill to rein in NSA spying

"Republican and Democratic leaders in the House of Representatives defended their support for a spy program that sweeps up vast amounts of electronic communications after it survived a surprisingly close vote a day earlier. Although Speaker John Boehner said he was glad the House had the debate, he was unapologetic about his vote, echoing the contention of the Obama administration and intelligence chiefs that the NSA program was essential for national security. Nancy Pelosi, the top Democrat in the House, who voted against the amendment, said Democrats voted on both sides of the resolution, but 'stand together' in their concerns about the program." Continue reading →

Continue ReadingHouse leaders defend voting against bill to rein in NSA spying

White House: Fed Chief Race Down To Two

"The White House whittled down its candidates to succeed Federal Reserve Chairman Ben Bernanke to two names: Current Fed Vice-Chair Janet Yellen and long-time Washington, D.C., economic guru Larry Summers. Both candidates bring strong resumes, decades of experience with U.S. monetary policy, and about an equal amount of baggage. Yellen’s favorables include serving the past three years as Bernanke’s second in command, a factor that would presumably soothe potential market fears of a significant change in Fed policy. Yellen is known as a strong supporter of the easy money policies initiated by the Fed in the wake of the financial crisis." Continue reading →

Continue ReadingWhite House: Fed Chief Race Down To Two

White House: Fed Chief Race Down To Two

"The White House whittled down its candidates to succeed Federal Reserve Chairman Ben Bernanke to two names: Current Fed Vice-Chair Janet Yellen and long-time Washington, D.C., economic guru Larry Summers. Both candidates bring strong resumes, decades of experience with U.S. monetary policy, and about an equal amount of baggage. Yellen’s favorables include serving the past three years as Bernanke’s second in command, a factor that would presumably soothe potential market fears of a significant change in Fed policy. Yellen is known as a strong supporter of the easy money policies initiated by the Fed in the wake of the financial crisis." Continue reading →

Continue ReadingWhite House: Fed Chief Race Down To Two

TARP Audit: Housing Recipients Re-Defaulting in Alarming Numbers

"Nearly one-third of the homeowners who got help through the government's main foreclosure prevention program are defaulting again on their mortgages, according to a government watchdog's report. The Home Affordable Modification Program (HAMP) has worked on 1.2 million mortgage modifications since it started four years ago. Of those, more than 306,000 borrowers have defaulted again on their loans, and another 88,000 are at risk as well. The Special Inspector for the Troubled Asset Relief Program (SIGTARP), which conducted the review, said homeowners are also more likely to default again on the modified loans the longer they stay in the program." Continue reading →

Continue ReadingTARP Audit: Housing Recipients Re-Defaulting in Alarming Numbers

TARP Audit: Housing Recipients Re-Defaulting in Alarming Numbers

"Nearly one-third of the homeowners who got help through the government's main foreclosure prevention program are defaulting again on their mortgages, according to a government watchdog's report. The Home Affordable Modification Program (HAMP) has worked on 1.2 million mortgage modifications since it started four years ago. Of those, more than 306,000 borrowers have defaulted again on their loans, and another 88,000 are at risk as well. The Special Inspector for the Troubled Asset Relief Program (SIGTARP), which conducted the review, said homeowners are also more likely to default again on the modified loans the longer they stay in the program." Continue reading →

Continue ReadingTARP Audit: Housing Recipients Re-Defaulting in Alarming Numbers

Americans Gambling on Rates With Most ARMs Since 2008

"In the second year of the U.S. housing recovery, the loans that helped trigger the housing bust are making a comeback. Applications in late June rose to the highest level since 2008 after the Federal Reserve sent fixed rates surging by signaling it may curtail bond buying credited with pushing borrowing costs to the cheapest on record. The average 30-year fixed-rate mortgage jumped 1.2 percentage points in mid-July from May to the highest level in two years, adding about $200 a month to payments on a $300,000 mortgage. ARMs, loans with interest rates that adjust after initial fixed periods, usually of five, seven or 10 years, contributed to soaring defaults in 2008." Continue reading →

Continue ReadingAmericans Gambling on Rates With Most ARMs Since 2008

Americans Gambling on Rates With Most ARMs Since 2008

"In the second year of the U.S. housing recovery, the loans that helped trigger the housing bust are making a comeback. Applications in late June rose to the highest level since 2008 after the Federal Reserve sent fixed rates surging by signaling it may curtail bond buying credited with pushing borrowing costs to the cheapest on record. The average 30-year fixed-rate mortgage jumped 1.2 percentage points in mid-July from May to the highest level in two years, adding about $200 a month to payments on a $300,000 mortgage. ARMs, loans with interest rates that adjust after initial fixed periods, usually of five, seven or 10 years, contributed to soaring defaults in 2008." Continue reading →

Continue ReadingAmericans Gambling on Rates With Most ARMs Since 2008

Military estimates 500 sexual assaults per week

"Recent congressional hearings featured generals promising change and outlining programs created to fix the issues, but those in this military community say that's not enough to solve the problem. For the past 20 years, the military has confronted periodic sexual harassment and assault scandals, and reports show the problems have gotten worse. Ten years ago, 12% of the Air Force Academy's female graduating class said they had been sexually assaulted, and 70% said they had been sexually harassed. Last year, the Pentagon estimated that about 500 men and women were assaulted each week." Continue reading →

Continue ReadingMilitary estimates 500 sexual assaults per week

12-year-old French girl caught writing bad checks for candy

"A 12-year-old girl in the southern French city of Bordeaux has been caught by police after using stolen cheques to buy 2,600 euros ($3,440) worth of candies and pastries. Local police said Thursday that the girl had stolen a chequebook in March from a neighbour and used it over several months to buy the sweets from local bakeries. Her criminal sweet tooth was uncovered when a local bakery tried to deposit 23 of the cheques and they bounced. She was quickly apprehended, questioned by police and released after her parents agreed to pay the bakery back." Continue reading →

Continue Reading12-year-old French girl caught writing bad checks for candy