CONGRESS

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The Mortgage Servicing Process

Did Fannie Mae Overpay Bank Of America For Servicing Rights?

The taxpayer-owned Fannie Mae paid more than legally required to Bank of America Corp (NYSE: BAC) and 12 other lenders when it spent $1.5 billion in termination fees for servicing rights on 1.1 million loans between 2008 and 2011. The mortgage giant argues that while it paid a premium over the minimum required price, it paid for the transfers at an ?appropriate rate.?
A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai

RBI Holds Repo Rate Despite 'Big Bang' Reforms

The Reserve Bank of India (RBI) left interest rates unchanged but cut the cash reserve ratio for banks on Monday, disappointing market hopes that it would follow up the government's unexpected spate of bold reform measures by reducing borrowing costs.
International Business Times Logo

Chinese Continue Venting Rage Over Japanese Control Islands

Chinese riot police forcibly broke up an anti-Japan protest in southern China Sunday as demonstrators again took to the streets in scores of cities in a long-running conflict over a group of tiny disputed islands.
Argentine Protest

Argentines Protest President Fernandez's Economic Policies Amid Rising Inflation

Many Argentines are protesting against the policies of President Cristina Fernandez de Kirchner over her tight controls on the economy amid rising inflation. Fernandez has said that her policies are aimed at supporting the most vulnerable in society and will benefit the majority of people as a whole, though she has been criticized for pursuing a populist agenda at the expese of the upper and middle classes.
Luxury home in Malibu, California

How Washington Subsidizes Home-Buying For The 1%: Report

Government-owned Fannie Mae and Freddie Mac, which were set up to help blue-collar and middle-class workers buy their own homes at lower interest rates, are also helping the nation's one percent to purchase luxurious homes.
Epainette Mbeki

South African Activist Elder Epainette Mbeki Scolds ANC

Epainette Mbeki, mother of former South African President Thabo Mbeki and revered anti-Apartheid activist, recently criticized the country's ruling African National Congress which had pressured her son to resign in 2007. The ANC continues to have wide support in South Africa, but Mbeki stressed that its leaders needed to communicate better with the people or public unrest would increase amid the country's persistent economic disparities.
Online Piracy

How People Are Caught Illegally Downloading Music, Movie Torrents

Sites like the Pirate Bay and uTorrent haven't enticed hundreds of millions of people to download endless amounts of free media content without making a few enemies. Those BitTorrent giants - and others like them - have built their businesses by outwitting the seemingly hapless MPAA and RIAA. The increased acceptance of illegally downloading media has affected the bottom line of the movie and music industry over the past decade, and that isn't good news for torrent fans.

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