Daniel Indiviglio is a Reuters Breakingviews columnist, based in Washington, where he covers the intersection of politics and business. He joined from The Atlantic, where he covered a similar beat, providing analysis on topics such as financial regulation, housing finance policy, the Treasury, and the Fed. He also wrote for Forbes. He is a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. Prior to becoming a journalist, Dan spent several years working as an investment banker and a consultant for financial services firms. He holds a BA from Cornell University, where he triple majored in economics, philosophy and physics. Follow Dan on Twitter @indiviglio
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New rules on federal guarantees clarify lending criteria. They also cut required down payments to 3 percent. That invites another wave of underwater borrowers. Sure, home ownership is down from its peak. But focusing on that, rather than prudence, helped inflate the last bubble.
Most polls suggest Republicans will take control of Congress in November’s election. Their possible slim majority won’t mean much for lawmaking. But chairing banking committees and the confirmation process could reduce some of the pressure on the financial sector.
Shareholders dinged Wells Fargo’s $260 bln market value after the lender had to rely on outsized venture capital gains and a low tax rate to meet third-quarter estimates. Income may not be the consistent record breaker it once was, but Wells still beats rivals on most metrics.
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