Daily Archives: June 20, 2016

Wall Street tells Hillary Clinton: We’ll cut you off if you pick Elizabeth Warren

Wall Street has an unambiguous message for Hillary Clinton: Don’t pick Elizabeth Warren as your vice president if you want to keep getting our money.

That warning came through very clearly in over a dozen interviews I did over the last week with some of the largest Democratic donors on Wall Street who have helped fund Clinton’s campaigns over the years as well as funneled cash to Bill Clinton’s political career in the 1990s.

“If Clinton picked Warren, her whole base on Wall Street would leave her,” one top Democratic donor who has helped raise millions forClinton told me. “They would literally just say, ‘We have no qualms with you moving left, we understand all the things you’ve had to do because of Bernie Sanders, but if you are going there with Warren, we just can’t trust you, you’ve killed it.'”

The arguments of course are mostly self-serving. The financial services industry loathes Warren, who more than anyone in the last 80 years has channeled the rage against Wall Street that began with the Great Depression and continues to course through the nation following the 2008 financial crisis. Warren wants to break up the nation’s largest banks. She created the Consumer Financial Protection Bureau. The mere mention of her name draws groans from bankers.

But there is at least a bit of substance to their arguments. Bankers believe Clinton, should she win, will have an opportunity to make deals with Republicans in Congress to pass major infrastructure spending coupled with international tax reform during her first months in office. And they think Warren in the VP’s office would make cutting any such deals harder.

Read on.

Mortgage companies hiring for job that shouldn’t exist

Back-peddling from mistakes made pre-housing crisis

A recruiting firm out of Florida is hiring for this job that “shouldn’t exist” — default breach specialist — someone who would be in charge of locating missing documents required to complete broken chains of title on mortgages entering foreclosure, according to an article by David Dayen for The Intercept.

Lenders should complete all assignments of mortgage within days of the sale, according to the article. If it was not done, it would irreparably rupture the chain.

Read on.