Mainstream Media

Photo

Mainstream media (MSM) are those media disseminated via the largest distribution channels, which therefore represent what the majority of media consumers are likely to encounter. The term also denotes those media generally reflective of the prevailing currents of thought, influence, or activity.

Large news conglomerates, including newspapers and broadcast media, which underwent successive mergers in the U.S. and elsewhere at an increasing rate beginning in the 1990s, are often referenced by the term. This concentration of media ownership has raised concerns of a homogenization of viewpoints presented to news consumers. Consequently, the term mainstream mediahas been widely used in conversation and the blogosphere, often in oppositional, pejorative, or dismissive senses, in discussion of the mass media and media bias.    http://en.wikipedia.org/wiki/Mainstream_media

Stories from Mainstream Media

Friday, December 13th, 2013

The Justice Department plans to use its tentative $13 billion settlement with JPMorgan Chase as a blueprint for reaching similar deals with other banks in probes related to bad mortgages and the 2008 financial crisis, a law enforcement official familiar with the negotiations said Monday.  If such an effort is successful, it could usher in an era of high-priced settlements throughout the banking industry.

http://www.washingtonpost.com/business/economy/justice-to-use-jpmorgan-d...

Wednesday, December 11th, 2013

Question: My husband and I were recently taken to court by our landlord, who was trying to evict us. The landlord alleged in the court papers that we hadn't paid our rent. When we went to court for our trial, we reached an agreement with the landlord's attorney to move out as part of a settlement of the case. We found another rental and moved out within a week, but now we are worried that this court case will still show up on our credit report. Will this case continue to haunt us?

http://www.latimes.com/business/realestate/la-fi-rentwatch-20131020,0,73...

Wednesday, December 11th, 2013

"What Happened to Goldman Sachs" is the second book in 12 months from a former employee that accuses the bank's management of not being sufficiently devout. Steven Mandis, who was an investment banker and proprietary trader from 1992 to 2004, is the latest to break the code of silence.  Last year Greg Smith wrote a public resignation letter in the New York Times in which he complained that the company had a "toxic" culture and referred to its clients as "muppets."

http://www.latimes.com/business/la-fi-books-20131020,0,4688472.story#axz...

Tuesday, December 10th, 2013

Nearly half of all home purchases in the month of September were paid for in cold hard cash, as tight lending conditions continue edge out traditional buyers and investors continue to scoop up inventory.  All-cash deals accounted for 49% of sales across the U.S., according to a new report from RealtyTrac. That’s up from 40% in August and 30% in September of 2012.

http://www.forbes.com/sites/morganbrennan/2013/10/24/nearly-50-of-all-ho...

Tuesday, December 10th, 2013

But the most significant thing about JPMorgan's deal with the Department of Justice may be what it doesn't do. It doesn't resolve the ongoing federal criminal investigations of the bank's conduct in the residential mortgage securities business during the run-up to the 2008 financial crisis. That investigation is being handled by federal prosecutors in Sacramento.  The money penalty may sound big, and a series of earlier big settlements produced the firm's first quarterly loss since Jamie Dimon took over as CEO at the end of 2006. (He became chairman a year later.) But to an enterprise the size of JPMorgan it's still chump change. The people who pay it are not the executives who managed the bank to this pass, but the shareholders. Until the responsible executives are held personally accountable--including Dimon--no financial penalty will have a deterrent effect.

http://www.latimes.com/business/hiltzik/la-fi-mh-jpmorgan-20131019,0,179...

Monday, December 9th, 2013

Home purchases by institutional buyers reached a record high in September and all-cash buyers accounted for almost half of sales as investors responded to rising demand from renters. Institutional purchases accounted for 14 percent of sales, according to a report today from RealtyTrac. That was the highest share since the real estate data firm began in 2011 to track transactions by that group, which it defines as buyers of 10 or more homes a year. All-cash sales rose to 49 percent from 40 percent in August and 30 percent a year earlier, a sign that rising mortgage rates since May have kept some people out of the market and that smaller investors are stepping up purchases.

http://www.bloomberg.com/news/2013-10-24/families-blocked-by-investors-f...

Monday, December 9th, 2013

The possible accord with the agency, which originally asked for $6 billion from the firm, could be included in a broader deal the bank is seeking with federal and state authorities, according to a different person briefed on the settlement talks. If JPMorgan can’t reach a global settlement on pending mortgage bond matters, it may instead seek to settle claims such as the FHFA’s individually, said the person. Both people asked not to be named because the talks are private.  JPMorgan is grappling with investigations in the U.S. and abroad, including probes into a trading loss last year of more than $6.2 billion and its hiring practices in Asia. The bank has tapped $8 billion of $28 billion in reserves set aside since 2010 to cover its legal costs.

http://www.bloomberg.com/news/2013-10-18/jpmorgan-said-to-have-4-billion...

Monday, December 9th, 2013

Southern California home buyers have apparently had their fill of bidding wars, home shortages and double-digit price hikes.  For the third straight month, the median home price across the Southland stayed essentially flat, at $382,000. The September data confirmed expert predictions that waning demand would throw a wet blanket over the white-hot market. The stall is owed to multiple factors: buyer fatigue over skyrocketing prices, higher mortgage rates, an expanding supply of homes and a pullback by investors who had swarmed the market.

http://www.latimes.com/business/la-fi-1017-housing-slowdown-20131017,0,6...

Friday, December 6th, 2013

Bondholders of mortgage loans that Richmond, California, has threatened to seize through eminent domain are asking a federal appeals court to revive their lawsuit against the city.  Bank trustees for investors including BlackRock Inc. (BLK), Pacific Investment Management Co. and DoubleLine Capital LP are appealing U.S. District Judge Charles Breyer’s Sept. 16 ruling tossing the case, Rocky Tsai, an attorney for the banks, said in a filing today in federal court in San Francisco. They’re asking a federal appeals court in San Francisco to review the ruling, according to the filing.

http://www.bloomberg.com/news/2013-10-16/bondholders-appeal-dismissal-of...

Friday, December 6th, 2013

The banks, also including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM), were required to provide $18.9 billion of the aid to consumers in the form of refinancing, loan forgiveness or short sales, in which lenders agree to allow homes to be sold for less than the mortgages against them.

http://www.bloomberg.com/news/2013-10-16/banks-near-end-of-homeowner-rel...

Friday, December 6th, 2013

Robert Marcum knew he had a problem when he found out he was dead.  The tragic news arrived recently as he was trying to close a deal to buy property in Palm Springs. Marcum, 70, was informed that, according to his credit file, he'd passed away a couple of years ago.  "No one had told me," he said.  Looking more closely at his credit file, Glendale resident Marcum discovered that not only was he dead but that, when he was alive, he was apparently involved with a woman named Jean Thomson. Her name was all over his file.

http://www.latimes.com/business/la-fi-lazarus-20131015,0,1556561.column#...

Friday, December 6th, 2013

If you’re in the middle class and want to buy a home here’s a piece of advice: Move to Ohio (if you’re not already there).  Some 86% of homes in the Akron, Ohio area are within reach of middle-class buyers in the area, the highest share in the nation, according to a report from Trulia, the real estate listings site. The next two cities on the list, with 85% of homes affordable to middle class, are Dayton and Toledo, respectively.  For those of you in the coastal elite who are reading this post for the perverse pleasure of finding out just how unaffordable your city is, you might be surprised to hear that New York...

http://blogs.wsj.com/developments/2013/10/10/where-can-the-middle-class-...

Thursday, December 5th, 2013

Harris, 49, who gave a speech for President Barack Obama at the 2012 Democratic National Convention, is seen as a strong candidate in 2018 to succeed fellow Democrat Jerry Brown after they each serve one more term in their current posts. Such a candidacy would give Californians a chance to elect their first black, female and Indian-American governor.  An early Obama supporter, Harris was in Chicago to celebrate his 2008 election after helping lead his campaign in California. Obama repeatedly asked her if she would consider relocating to Washington, according to a close adviser who asked not to be identified because she wasn’t authorized to speak publicly.

http://www.bloomberg.com/news/2013-11-27/kamala-harris-bruises-banks-bur...

Wednesday, December 4th, 2013

 

Ally Financial Inc. (ALLY), the auto and home lender rescued by the U.S. government, said it reached a settlement tied to disputed mortgages with two federal agencies. The agreement with the Federal Housing Finance Agency and the Federal Deposit Insurance Corp. will result in a $170 million third-quarter charge, Detroit-based Ally said today in a statement. The accord ends all pending litigation and the agencies won’t object to the reorganization plan for the company’s money-losing Residential Capital mortgage lender, according to the statement.

http://www.bloomberg.com/news/2013-10-29/ally-sees-170-million-charge-on-settlements-with-fhfa-fdic-1-.html

Wednesday, December 4th, 2013

For most of their 38-year marriage, Ivor Rose and Rita Starr lived relatively modestly in Miami Beach, buying and renting commercial and residential properties there. Mr. Rose, 79, was a child of parents who lived through the Depression, and he embraced their thrifty values and their strong distaste for debt, said Ms. Starr, 63. The couple never borrowed money to buy the six warehouses and eight homes that, by 2006, had a value of around $15 million and made up the bulk of their assets.

http://www.nytimes.com/2013/12/01/business/a-trusting-couple-now-thrown-...

Wednesday, December 4th, 2013

“She’s an excellent choice, and I believe she’ll be confirmed by a wide margin,” Charles Schumer of New York, the Senate’s No. 3 Democrat, said in a statement. Senate Banking Committee Chairman Tim Johnson, a South Dakota Democrat, pledged to work “to move her nomination forward in a timely manner,” saying her depth of experience is unmatched.

http://www.bloomberg.com/news/2013-10-08/yellen-to-be-named-fed-chairman...

Tuesday, December 3rd, 2013

Blackstone Group LP (BX), builder of the biggest single-family rental home business in the U.S., is using its experience to replicate the model in Spain, where property prices have dropped 40 percent.  The world’s largest private-equity firm, which has spent $7.5 billion buying 40,000 homes in the U.S., agreed in July to purchase 18 apartment blocks from the city of Madrid for 125.5 million euros ($173 million). The firm is bidding against investors including Goldman Sachs Group Inc. for another 1,458 housing units being sold by Madrid’s regional government, according to three people with knowledge of the auction, who asked not to be identified because the information is private.

http://www.bloomberg.com/news/2013-10-29/blackstone-vies-with-goldman-in-spain-rental-housing-bet.html

Tuesday, December 3rd, 2013

Anyone thinking of skating on mortgages owned by either Fannie Mae or Freddie Mac may want to think again. As a result of new government reports, the two companies say they are going to do a better job of going after so-called strategic defaulters.  Fannie and Freddie can pursue judgments against borrowers who walk away from their loans even though they have the ability to make their payments. That's called a strategic default, and many borrowers are taking that step — typically throwing in the towel because their homes are no longer worth as much as they owe.

http://www.latimes.com/business/realestate/la-fi-lew-20131013,0,7334270....

Monday, December 2nd, 2013

Even in corporate crime, women hit the glass ceiling.  Just nine percent of those who commit major corporate fraud are women, according to a recent study published in the American Sociological Review. And when they team up with men to commit the fraud, they reap less of a profit than their male co-conspirators.  Far less, based on the study’s review of several years of corporate fraud cases.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/10/14/women-dont-co...

Monday, December 2nd, 2013

The toll of JPMorgan Chase's relentless lawbreaking under Chairman and CEO Jamie Dimon may finally be getting real for shareholders.According to the bank's third-quarter financial results, released Friday morning, its litigation expenses of more than $9 billion (pretax) more than wiped out its third-quarter profits -- and then some. The bank booked a loss of $380 million. In the year-earlier quarter it made a profit of $5.7 billion.  More hits from legal and regulatory problems are coming. Federal regulators are seeking a settlement over JPM's misdeeds in the mortgage market that could be as high as $11 billion.

http://www.latimes.com/business/hiltzik/la-fi-mh-dimon-20131011,0,327681...