Reparations From Banks – NYTimes.com

After five years, the banks are starting to be held to account. Last week, JP Morgan: The government’s attempts to hold banks accountable for their mortgage practices may finally be paying off. On Friday, JPMorgan Chase agreed to pay $5.1 billion to the regulator of Fannie Mae and Freddie Mac …

In Embattled Detroit, No Talk of Sharing Pain – NYTimes.com

Detroit, currently under the governance of an emergency manager, seems destined for bankruptcy or mass default (it has already begun to default on some of its credit payments. Either scenario will be groundbreaking in municipal finance and in the power relationships between bankers, retirees, cities, and states. The impending battle …

Muni Bond legislation

As the Libor scandal unfolds, scrutiny turns to other bond markets, including the municipal bond industry’s price-setting institutions. The Municipal Market Data index (MMD) sets rates that “influence a much smaller market than Libor, but it is one that is crucial to how cities and states across America borrow money …