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Countrywide Financial

The Lessons of Repealing Glass Steagall

Dennis M. Kelleher | Posted 11.11.2015 | Business
Dennis M. Kelleher

Protecting the American people from another devastating financial crash and the economic wreckage it causes begins with reflecting honestly about the past and trying to learn the right lessons.

Predatory Prosecution: The Government Couldn't Hold Wall Street Accountable, So They Harassed Innocent Chinese-Americans Instead

Michael Shtender-Auerbach | Posted 06.12.2015 | Business
Michael Shtender-Auerbach

The trial of Abacus Federal Savings Bank is finally over, and the verdict is "not guilty" on all counts. This outcome should be a tremendous relief to advocates of Wall Street accountability, and the fact that the case got as far as it did should be an extraordinary embarrassment to District Attorney Cyrus Vance and his office.

Bank of America: A Lesson in Poor Corporate Governance

Richard Finger | Posted 05.11.2015 | Business
Richard Finger

Sadly, we seldom hear of board members standing up and pushing back against management excess.

Qui Tam, Anyone?

Joel Sucher | Posted 05.30.2015 | Politics
Joel Sucher

If New York AG Schneiderman's proposal becomes law it may create another lucrative revenue stream for potential do-gooders; one that may rival the New York State lottery in payouts.

A Whistleblower's Horror Story

Rolling Stone | Matt Taibbi | Posted 02.19.2015 | Politics

One of America's ugliest secrets is that our own whistleblowers often don't do so well after the headlines fade and cameras recede....

Holder Wishing for Wall Street Whistleblowers? But DOJ Consistently Ignores Them

Bea Edwards | Posted 11.23.2014 | Politics
Bea Edwards

DOJ doesn't have to hand over huge bonuses in order to encourage whistleblowers on Wall Street to come forward, now that, as Holder admits, the Department is no longer actively policing the financial world. It ought to protect them from retaliation, though.

Financial Crisis Villain Unclear Why Everybody's So Mad At Him

The Huffington Post | Mark Gongloff | Posted 09.02.2014 | Business

Angelo Mozilo, the former CEO of Countrywide Financial, wants everybody to stop being so mad at Angelo Mozilo. Mozilo recently took a break from go...

Bank Of America Deal A Victory For New York Families

Eric T. Schneiderman | Posted 10.21.2014 | Politics
Eric T. Schneiderman

This settlement sends a strong message that banks that prey on customers and investors will be held accountable. I will continue to investigate financial institutions that bend the rules for their own benefit, and pursue equal justice for all New York families.

Bailout Economics: Predators Still Fattening on Prey

Janet Tavakoli | Posted 08.17.2014 | Business
Janet Tavakoli

Since the financial meltdown, the people who created the crisis have taken advantage of it and achieved "big things" -- especially big profits and bonuses.

Bank Of America Faces Huge Fine

Reuters | Posted 10.22.2013 | Business

(Reuters) - U.S. housing regulators are looking to fine Bank of America more than $6 billion for its role in misleading mortgage agencies during the h...

Sherry Hernandez: Stuck in the Revolving Door

Joel Sucher | Posted 10.14.2013 | Business
Joel Sucher

Sherry's story follows an all too familiar trajectory and one that any homeowner who's had the misfortune of dealing with nobody's-favorite-mortgage-company, Countrywide Financial, can relate to.

Mark Gongloff

Government Names Individual In Subprime Mortgage Lawsuit | Mark Gongloff | Posted 01.31.2013 | Business

The U.S. government has sued a specific individual in a major case alleging fraudulent subprime mortgage sales in the lead up to the financial crisis....

House Committee Finds No Ethic Breaches In Controversial Loans

AP | LARRY MARGASAK | Posted 02.26.2013 | Politics

WASHINGTON — The House Ethics Committee said Thursday it found no violations among House members whose mortgage loans went through the VIP secti...

Mozilo: 'I Have No Regrets'

The Huffington Post | Mark Gongloff | Posted 12.13.2012 | Business

Angelo Mozilo is the smartest man in the world. The Salmon-American hero of the housing boom that sadly ended for no apparent reason a few years ag...

Pissing Away Taxpayer Money in Texas

Jason Stanford | Posted 01.16.2013 | Politics
Jason Stanford

In Texas, we pay welfare moms with three kids $260 a month. In other words, our welfare moms don't have enough money to buy drugs or enough time to take them. But don't worry, Rick Perry has a solution for a problem that doesn't exist.

Exec Allegedly Enables Fraud, Gets Hired To Help Foreclosure Victims

ProPublica | Paul Kiel | Posted 11.09.2012 | Business

by Paul Kiel ProPublica, Nov. 9, 2012, 1:18 p.m. An executive who the Justice Department says facilitated a scheme to defraud Fannie Mae and Fre...

Will R-I-C-O Spell 'Relief' for BofA Mortgage Borrowers?

Joel Sucher | Posted 12.16.2012 | Business
Joel Sucher

Down the line, many hope that what Occupy has failed to accomplish, hard-nosed prosecutors might be able to provide: a measure of justice for the millions of aggrieved homeowners either forced out in foreclosure.

This Dead Octopus Would Make A Better Investment Adviser Than Our Living Finance Reporter

Ben Hallman | Posted 11.12.2012 | Money
Ben Hallman

I cover housing and finance for The Huffington Post. Yet on Nov. 21, 2007, I bought into the company identified more than any other with the subprime bubble and subsequent crash. I bought a $1,037 chunk of Countrywide Financial.

Rep. Kept 'VIP' Product Secret

AP | LARRY MARGASAK | Posted 10.15.2012 | Politics

WASHINGTON — A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Co...

Fannie, BofA Point Fingers At Eachother

Reuters | Posted 10.02.2012 | Business

* Talks constructive, but settlement not imminent * Bank, Fannie fighting over requests to buy back soured mortgages * ...

Below the Fold: Rumor Has It We're Screwed

Richard Zombeck | Posted 09.25.2012 | Business
Richard Zombeck

We're screwed. That's as good a place to start this post as any. Congress and the Administration have been co-opted -- bought and paid for. Financial regulation is a joke and fraud is a business model and seen as standard operating procedure.

BofA Pays Big To Settle Mortgage Fraud Claims

Reuters | Posted 09.16.2012 | Business

By Karen Freifeld NEW YORK, July 17 (Reuters) - Bank of America Corp has agreed to pay $375 million to settle a case ...

'Get Up Every Day And Beat Your Head Against The Wall'

Reuters | Posted 09.11.2012 | Business

By Rick Rothacker July 12 (Reuters) - For nearly three years, as Kyle Lagow struggled to find work and his finances crumbled, he kept ...

Greg Rosalsky

Key House Republican Under Fire For Countrywide Loan | Greg Rosalsky | Posted 07.10.2012 | Politics

WASHINGTON -- The Democratic challenger to Rep. Howard "Buck" McKeon (R-Calif.) said Monday that the high-ranking House member should "pay back" the s...

Remind Me, Why Is Angelo Mozilo a Free Man?

Sarah Anderson | Posted 09.08.2012 | Business
Sarah Anderson

Steal a Snickers bar from the 7-11 and you could face jail time. Angelo Mozilo took a half billion dollars in compensation for loans that blew up our economy. And so far, he's gotten off virtually scott free.