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Loan Modification

: Mortgage Lender Implode-o-Meter

Final Count: Pittman Wins, Fed Loses, As Supreme Court Refuses To Grant Confidential Data Disclosure Appeal Sought By Banks

By Implode-Explode Heavy Industries

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``The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News?s parent company, Bloomberg LP. The Clearing House Association LLC, a group of the nation?s largest commercial banks, had asked the Supreme Court to intervene. The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed?s unprecedented $3.5 trillion effort to stem the 2008 financial panic.''

Full post as published by Mortgage Lender Implode-o-Meter on March 21, 2011 (boomark / email).

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