Long Island is experiencing a spike in "zombie" homes—properties that are often abandoned after their owners receive a notice of foreclosure. They can fall into disrepair, reducing the values of surrounding property and serving as magnets for crime and vandalism.
New York Attorney General Eric Schneiderman is re-introducing legislation to combat the rise of abandoned properties. The bill is aimed at closing the gap of responsibility when a homeowner defaults.
A new survey finds that Wall Street bonuses this year will be flat despite strong gains in the stock market.
This comes as hundreds of new rules take effect pushing the industry away from making risky bets.
In the past those risky bets led to big profits and big bonuses. But the Dodd-Frank Wall Street Reform Act introduced rules requiring banks to keep more cash on hand and curb the kinds of complicated trading that led to the financial collapse in 2008.
Bank regulators in New York are accusing the nation's largest subprime mortgage lender of errors that might have harmed hundreds of thousands of borrowers.
New York's Department of Financial Services accuses Ocwen Financial of backdating letters warning of foreclosure or unsuccessful loan modifications. This means that by the time a borrower receives a letter from Ocwen, it's already too late to do anything about it.
The Securities and Exchange Commission says 2014 has brought a record number of fines against traders and others who sought to mislead investors.
This year the commission brought an additional $760 million dollars in fines against wrongdoers, a 22 percent increase compared to year prior. Regulators attribute the increase to smarter use of data and analytical tools to analyze bad behavior.
Also this year, the SEC tried a new approach where more resources are devoted to small infractions in hopes of deterring larger crimes.
New York’s top banking regulator says he plans to relax pending rules set to govern Bitcoin and other virtual currencies. The more startup-friendly requirements come after criticism that the state has moved too quickly to regulate the new technology.
Futurists see virtual currencies as revolutionizing the financial industry the same way the Internet has revolutionized nearly everything.
New York was the first jurisdiction to introduce rules on Bitcoin. Regulators hope to mark the path for other jurisdictions to follow.