Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.
- An AP investigation found that “mortgage industry employees are still signing documents they haven’t read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.” [Associated Press]
- “One of the overlooked legacies of the housing boom” is that “in the rush to make new home loans and sell them off as fast as possible to investors on Wall Street, the original lenders — big banks as well as now defunct makers of subprime loans — destroyed original documents, or never turned them over as required to the ownership pools that scooped them up.”[Reuters]
- President Obama announced yesterday that he “would veto the ‘cut, cap and balance’ plan proposed by tea party-backed House Republicans if it lands on his desk.” [Associated Press]
- “Crucial parts of the $600 trillion global market for derivatives, which many observers believe played a central role in the financial crisis, remain free of new regulations,” nearly one year after the Dodd-Frank financial reform law was signed. [Wall Street Journal]
- House Republicans intend to block Senate Minority Leader Mitch McConnell’s plan to give President Obama authority to raise the debt ceiling. [Wall Street Journal]
- The Obama administration “has no plans to introduce another large-scale program for relieving the troubled housing market, despite the president’s recent admission that his past efforts have not solved the problem.” [Washington Post]
- Bank of America “may have to build its capital cushion by $50 billion” due to new losses on mortgages. [Washington Post]
- A new study from the AARP finds that “family caregivers performed about $450 billion worth of unpaid labor in the U.S. in 2009.” [Huffington Post]
- Treasury Secretary Geithner on banks complaining that regulations are stifling the economy: “Don’t listen to the banks about this kind of question. Their interests are not aligned perfectly with the broad interests of the American economy.” [CNBC]
- A former commodities trader “pleaded guilty on Monday to threatening to kill more than 40 financial regulators, including the heads of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.” [Reuters]
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