The bank's mortgage-lending arm agreed to pay up to $320 million to resolve allegations that it bungled applications for the federal Home Affordable Modification Program.
We discuss the week that was with Sudeep Reddy from the Wall Street Journal and Linette Lopez from Business Insider. The magical number this morning was 288,000, which Lopez claims made today “a pretty good day.”
But be wary, Reddy warns. Getting through the issues the economy currently faces is “a whole other story,” he says.
In his interview with Kai, President Obama said that the economy could see $1.4 trillion in additional growth if the government passed immigration reform.
Believe it or not, there are two $1.4 trillion figures the White House has mentioned when it comes to immigration reform and they mean two completely different things: One comes from the Congressional Budget Office. And one comes from the Center for American Progress.
At the heart of both is the idea that citizenship brings higher wages. That's something multiple researchers have studied, including Madeleine Sumption with the Migration Policy Institute.
"We found that citizens earn between 50 percent and two thirds more than non-citizens," she says. "Most of that is explained by the fact that citizens are more educated and they speak better English and they've been in the country for longer."
But, she says, once you control for those factors, citizens still get a 5 percent wage boost or more.
More wages means more spending and more tax revenue. The Center for American Progress added up the ripple effect of that and got … $1.4 trillion in GDP growth over ten years.
"The $1.4 trillion in our report was more of a hypothetical thing," says Patrick Oakford, who co-wrote that report. "What if they got legal status and citizenship status right away."
That report also looked at different timelines for naturalization with different economic outcomes. Big picture: the timing of citizenship matters for economic growth.
But of course in the immigration debate, there is no overnight path to citizenship. The Congressional Budget Office scored the Senate's actual bill, with its decade-plus path, and came up with … about $1.4 trillion in growth over twenty years.
Manual Pastor directs the Center for the Study of Immigrant Integration at the University of Southern California.
"The numbers, the $1.4 trillion, look very much the same," he says. "But the difference is one is scoring the actual legislation and the other is a thought exercise."
The CBO looked at comprehensive immigration reform which is about more than just the path to citizenship.
"Bad" Web bots are going after everyone they can, but why? Because by hijacking Grandma's computer, they make it look as if she visits a site often, thus making the site more valuable to advertisers.
The U.S. is returning unaccompanied minors to their home countries. But life in Guatemala, where many of them are from, is so hard, they say they'll keep trying until they succeed.
Some Democratic Senate hopefuls have to be more measured than others in their responses to the recent Supreme Court decision.
The Dow rallied on better-than-expected news from the jobs market. The S&P also closed higher, continuing its positive run.
Local governments are also starting to follow suit. Undefeated thus far, the Colombian national team has provoked euphoria.