Sen. Warren Seeks More Answers on Lack of Big-Bank Crackdown

Elizabeth Warren, the freshman Senator from Massachusetts, made “too big for trial” a virtual slogan for her crusade to get regulators to explain why no big bank has been prosecuted for wrongdoing in the run-up to the crippling financial crisis. She is at it again.

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Rust Consulting Feels Heat from Payout Recipients, Lawmakers

Staff members from the office of Rep. Elijah Cummings, D-Maryland, one of several Democrats who are closely following the mishaps of the Independent Foreclosure Review (IFR), are scheduled to meet with executives of Rust Consulting this week. Cummings and regulators are trying to figure out what exactly is going on with the firm, which has two decades of experience in managing financial settlements and claims.

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Independent Foreclosure Review Checks: $2 Billion; NMS Checks: $0

Bank regulators keeping tally of checks cashed in the Independent Foreclosure Review (IFR) mailings put the running total at more than $2 billion as of Thursday, but that amount should have been higher if not for more fumbling by the paying agent, Rust Consulting. Now comes the sequel: delayed payments from the other agreement, the National Mortgage Settlement.

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