Subprime

Zach Carter

CFPB Crowdsources Nominations For Key Advisory Posts

HuffingtonPost.com | Zach Carter | Posted 02.23.2012

Read More: Consumer Advisory Board, Richard Cordray, Video, Dodd-Frank, Consumer Financial Protection Bureau, Financial Reform, Economy, Fed, Cfpb, Crowdsourcing, Regulation, Jobs, Federal Reserve, Obama, Subprime, Consumer Protection, Housing Bubble, Politics News

WASHINGTON -- In a significant break with traditional federal policy, the new Consumer Financial Protection Bureau is appealing directly to the public...

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Zach Carter

Richard Cordray Recess Appointment May Paradoxically Help Banks

HuffingtonPost.com | Zach Carter | Posted 01.05.2012

Read More: Elizabeth Warren, Video, Congress, Wall Street, Dodd-Frank, Cfpb, Mcconnell, Regulation, Banks, Obama, Subprime, Cordray, Republicans, Politics News

WASHINGTON -- President Barack Obama's recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau has underscored t...

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Zach Carter

Progressives' Fundraising Strength Tested By Key Race

HuffingtonPost.com | Zach Carter | Posted 01.04.2012

Read More: Elizabeth Warren, Primary, Dodd-Frank, Democracy for America, Election, 2012, North Carolina Redistricting, David Price North Carolina, Politics, Video, Moveon, Wall Street, Pccc, Banks, Subprime, Brad Miller North Carolina, North Carolina, Brad Miller, David Price, Politics News

The first major test of the activist progressive fundraising machine for the 2012 elections is developing in North Carolina, where a Republican-engine...

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Zach Carter

Newt Gingrich Long Advocated Home Ownership Push Prior To A Reported Freddie Mac $1 Million Payday

HuffingtonPost.com | Zach Carter | Posted 11.17.2011

Read More: Republican Presidential Candidate, Housing, Clinton, Lobbying, Fannie Mae, Gses, Affordable Housing, Gingrich, Politics, Video, Freddie Mac, Arne Christenson, Newt Gingrich 2012, Gingrich Freddie Mac, Subprime, Newt Gingrich, Newt Gingrich Freddie Mac, Politics News

WASHINGTON -- Republican presidential contender Newt Gingrich has been one of the most influential conservative voices advocating the use of home owne...

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BofA Pushes Back Against Foreclosure Overhaul

The Huffington Post | Maxwell Strachan | Posted 05.25.2011

Read More: Terry Laughlin, Mortgages, Good Bank, Brian Moynihan, Bad Bank, Wells Fargo, Bank of America, Mortgage Proposal, New York Times, Subprime, Legacy Loans, Citigroup, Business News

Bank of America CEO Brian Moynihan is pushing back against a government proposal that would force his company to assume responsibility for billions of...

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Zach Carter

Foreclosure Protesters Descend On Washington

HuffingtonPost.com | Zach Carter | Posted 05.25.2011

Read More: Foreclosures, Foreclosure Crisis, Mortgage Settlement, Mortgage Crisis, Bank of America, Regulation, Foreclosure Fraud, Foreclosure Settlement, Countrywide, Marcy Kaptur, Foreclosure Deal, Mortgage Fraud, National People's Action, Banks, Foreclosure, Subprime, Npa, Mortgage Deal, Video, Politics News

WASHINGTON -- Hundreds of protesters from around the country descended on a meeting of all 50 state attorneys general in the nation's capital on Monda...

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Zach Carter

Homeowners Demand Criminal Prosecutions In Foreclosure-Fraud Deal

HuffingtonPost.com | Zach Carter | Posted 05.25.2011

Read More: Foreclosure Crisis, Mortgage Servicers, Wall Street Reform, Mortgage Crisis, Federal Reserve, Foreclosure Fraud, AG Investigation, Fraud, Financial Fraud, Foreclsoures, Tom Miller, Wall Street, Consumer Financial Protection Bureau, Fed, Settlement, Cfpb, Financial Crisis, Banks, Foreclosure, Subprime, Politics News

WASHINGTON -- Fifty state attorneys general and nearly a dozen federal agencies are currently hashing out plans for a multibillion-dollar settlement w...

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Multibillion-Dollar Settlement Of Mortgage Cases In The Works

Posted 05.25.2011

Read More: Foreclosures, Mortgage Crisis, Subprime Mortgages, Subprime Mortgage Crisis, Subprime Loans, Subprime, Loan Modifications, Barack Obama, Mortgage-Backed Securities, Bank of America, Wells Fargo, JP Morgan, Fannie Mae, Freddie Mac, Obama Administration, Business News

NEW YORK (By Jonathan Stempel) - The Obama administration is trying to push a settlement that could force the largest U.S. banks to pay for reduction...

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Video Interview With Bethany McLean, Co-Author of All the Devils Are Here

Mark Bazer | Posted 05.25.2011

Read More: Mortgage, Goldman Sachs, Merrill Lynch, Countrywide, Wall Street, All the Devils Are Here, Bethany McLean, Subprime, Fannie Mae, Alan Greenspan, Regulation, Stan O'Neal, Credit Default Swap, Chicago News
Mark Bazer

Bethany McLean, co-author of All the Devils Are Here: The Hidden History of the Financial Crisis, stopped by to discuss the book and who are the biggest a**holes on Wall Street.

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Zach Carter

Elizabeth Warren Names Major CFPB Regulator

HuffingtonPost.com | Zach Carter | Posted 05.25.2011

Read More: Foreclosures, Elizabeth Warren, Foreclosure Crisis, Financial Reform, Budget, Wall Street Reform, Regulation, Cr, Credit Cards, Housing Crisis, Mortgages, Raj Date, Mortgage, Wall Street, Consumer Financial Protection Bureau, Continuing Resolution, Cfpb, Deregulation, Banks, Gop, Foreclosure, Subprime, Republicans, Politics News

WASHINGTON -- On Thursday, House Republicans cemented plans to slash the budget for the new Consumer Financial Protection Bureau, setting up a major f...

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Bankers Win: No Capitol Hill Action on Mortgage Foreclosure Protection for Two Years

Peter G. Miller | Posted 05.25.2011

Read More: OurBroker.Com, Loan, Tea Party, Congress, Ownership, Mortgage, Lenders, Note, Produce the Note Act, Foreclosure, Subprime, Home Ownership Equity Protection Act, Title, Kaptur, Hoepa, Marcy, Peter G. Miller, Business News
Peter G. Miller

Stashed away in a draw somewhere on Capitol Hill is a simple piece of legislation that would have done much to stop the mortgage mess, robo-signing, unfair foreclosures, and the growing claims against lenders.

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My Talk With Michael Hudson, Part 3

Michael W. Hudson | Posted 05.25.2011

Read More: Super Imperialism, Leverage, Gambling, Truth in Lending, Hyman Minsky, Mortgages, Ameriquest, Subprime, Debt, Mistaken Identity, Michael Hudson, University of Missouri-Kansas City, Chicago School, Financial Fraud, The Monster, Economist, Subprime Mortgage Crisis, The Wealth of Nations, Ponzi Scheme, Reporter, Center for Public Integrity, Adam Smith, Financial Crisis, Business News
Michael W. Hudson

However preordained the financial crisis was, it's remarkable how long its architects kept the game going. They managed to sustain the unsustainable for five years -- roughly from 2002 into late 2006.

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My Talk With Michael Hudson, Part 2

Michael W. Hudson | Posted 05.25.2011

Read More: Financial Fraud, Mortgages, Subprime Crisis, First Alliance Mortgage, Predatory Lending, Center for Public Integrity, Lehman Brothers, Subprime Mortgage Crisis, Business News, Financial Crisis, Federal Reserve, Mistaken Identity, Michael Hudson, Subprime, Subprime Mortgage, Business News
Michael W. Hudson

The Reagan years inundated American homeowners with advertising campaigns encouraging them to borrow against their homes to take dream vacations. This was the first time, in history, when people imagined the way to get rich was to run in to debt.

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Financial Fitness and Physical Fitness

Don McNay | Posted 05.25.2011

Read More: Social Security, National Basketball Association, Global Economy, Defined Benefit Plans, Main Street, Retirement Account, donmcnay.com, China, Mutual Fund, Nba, Subprime, Immediate Annuity, American College, Entourage, Personal Finance, Tipping, Lottery Winners, Ira, McNay Settlement Group, Financial Security, Structured Settlement, Msfs, Bankruptcy, Chfc, Pensions, Risk Management, Move Your Money, Kentucky, Don McNay, Medicaid, Structured Settlement Annuity, Physical Fitness, Bill Gates, Antoine Walker, Obesity, Clu, Financial Habits, Savings Rate, Credit Cards, Wall Street, Vanderbilt University, Abraham Shakespeare, Million Dollar Round Table, Winners Losers and What to Do When You WIn the Lottery, Son of a Son of a Gambler, Eastern Kentucky University, Weight Watchers, Warren Buffett, Banks, Medicare, Cssc, Gdp, Annuity, Billionaire, Credit Unions, Business News
Don McNay

Most of us want to be physically fit, but very few of us are. The same holds true with financial security. As my father (and many others) used to say, "A lot of people want to go to heaven but no one wants to die to get there."

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My Talk With Michael Hudson, Part 1

Michael W. Hudson | Posted 05.25.2011

Read More: Center for Public Integrity, Mortgages, Ameriquest, Debt, Michael Hudson, Financial Fraud, The Monster, Economist, Subprime Mortgage Crisis, William K. Black, Reporter, Bill Black, Subprime, Alan Greenspan, Bernie Madoff, Financial Crisis, Super Imperialism, Mistaken Identity, Business News
Michael W. Hudson

We first became aware of the "Will-the-real-Michael-Hudson-please-stand-up?" problem years ago when we started getting compliments from friends and colleagues for each others work.

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How Sex, Drugs, and Fraud Drove the Financial Crisis

Michael W. Hudson | Posted 05.25.2011

Read More: Foreclosure Crisis, Predatory Lenders, Subprime Crisis, Fraud, Center for Public Integrity, Subprime Lending, Roland Arnall, Housing Bubble, Ameriquest, Mortgage Crisis, Ameriquest Mortgage, Subprime Mortgages, The Monster, Predatory Lending, Wall Street, Foreclosure, Subprime, Subprime Loans, Great Depression, Financial Crisis, Business News
Michael W. Hudson

Given the current robosigning, document-backdating foreclosure crisis, it's worth thinking about what happens when fraud and recklessness go unchecked. Here it is in the words of Wall Street's finest.

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Foreclosure-Gate Fallout: How Bad Can It Get For Wall Street?

Zach Carter | Posted 05.25.2011

Read More: Fraud, Foreclosures, Financial Fraud, Bank of America, Foreclosure Crisis, Chase, Wall Street, Countrywide, Bofa, Subprime, Wall Street Fraud, Jpmorgan, Greenwich Capital, Mortgage Crisis, Foreclosure Fraud, Business News
Zach Carter

JPMorgan Chase loves using its research department to push its agenda that puts them in the optimist camp. But take a look at their methodology. The scope of losses gets drastically larger if you change a few arbitrary assumptions.

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The Subprime Swindle and the Foreclosure Fraud Cover-Up

Zach Carter | Posted 05.25.2011

Read More: Foreclosures, Financial Fraud, Foreclosure Crisis, Economy, Jobs, Subprime, Housing Bubble, Recession, Mortgage Fraud, Housing Crisis, Foreclosure Fraud, Mortgage Crisis, Business News
Zach Carter

Fraud in the foreclosure process conceals a second, more massive fraud: the astonishing levels of mortgage fraud perpetrated by subprime lenders during the housing bubble.

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Boiler Rooms and Foreclosure Mills: A Brief History of America's Mortgage Industry

Michael W. Hudson | Posted 05.25.2011

Read More: Richard Cordray, Sub-Prime, Foreclosures, Foreclosure Mill, Center for Public Integrity, Ally Financial, Mortgage Crisis, Boiler Room, Gmac, Predatory Lending, The Monster, Foreclosure, Subprime, Alan Greenspan, Sub-Prime Mortgage Crisis, Mortgage Fraud, Attorney General, Obama, Business News
Michael W. Hudson

Washington failed to act the first time around -- when lenders were engaged in a frenzy of predatory lending. The foreclosure scandal is a second chance for lawmakers to prove they can ferret out the truth.

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Citibank: Will Anyone Hold Rubin and Prince Accountable?

Zach Carter | Posted 05.25.2011

Read More: Citi, Citigroup, Chuck Prince, Sec, Wall Street Crash, Securities Fraud, Wall Street, Wall Street Crisis, Citibank, Rubin, Subprime, Wall Street Fraud, White-Collar Crime, Business News
Zach Carter

When bankers think they can get away with rampant fraud and get paid very well to do it, they'll do it. Robert Rubin's best defense is that he really isn't all that bright -- he's either an idiot or a criminal.

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The Hangover From America's Bailout Party (VIDEO)

Don McNay | Posted 05.25.2011

Read More: Treasury Department, Congress, 12 Steps, Too Big to Fail, Bailouts, Move Your Money, Hangover, Main Street, Aig, Animal House, Pension Plans, Counterparties, Credit Cards, Aa, Structured Settlements, Goldman Sachs, Unemployment, Wall Street, Maria Bartiromo, The Weekend That Changed Wall Street, Son of a Son of a Gambler, Banks, Henry Paulson, George W Bush, Subprime, Wall Street Bonuses, Personal Finance, Lexington KY, Move Your Money Campaign, American College, Lottery Winners, Richmond Kentucky, Don McNay, What to Do When You Win the Lottery, Vanderbilt University, Eastern Kentucky University, Business News
Don McNay

For a decade, Wall Street was playing funny money games, and many Americans also felt like they were invited to the celebration. We were living in fantasy land, but the fantasy is over and we woke up to a nightmare.

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America's Hangover From the Bailout Party

Don McNay | Posted 05.25.2011

Read More: Treasury Department, Bailouts, Hangover, Main Street, Animal House, Counterparties, Pension Plans, Aa, Aig, Goldman Sachs, Unemployment, Maria Bartiromo, The Weekend That Changed Wall Street, Subprime, Wall Street Bonuses, Wall Street, Personal Finance, 12 Steps, Move Your Money, Congress, Structured Settlements, Credit Cards, Son of a Son of a Gambler, Banks, Henry Paulson, George W Bush, Too Big to Fail, Books News
Don McNay

I've been reading Maria Bartiromo's new book, The Weekend That Changed Wall Street. A better title might have been "The Weekend that Changed the World." It was America's chance to bottom out. We didn't.

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Will Anyone Be Punished for Citibank's $40 Billion Subprime Lie?

Zach Carter | Posted 05.25.2011

Read More: Foreclosures, Citi, Citigroup, Sec, Doj, Wall Street Crisis, Justice Deparment, Rakoff, Crittenden, Mortgage Crisis, Financial Fraud, Fraud, Goldman Sachs, Foreclosure Crisis, Bailout, Citibank, Financial Crisis, Subprime, Wall Street Bailout, Huvelle, Ellen Segal Huvelle, Business News
Zach Carter

Laws are only as good as the regulators who enforce them. If the SEC believes in the charges it brought against Citi executives, it should be working with prosecutors to pursue a criminal case.

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Weekly Audit: Are Handouts For Billionaires More Important Than Feeding Children?

The Media Consortium | Posted 05.25.2011

Read More: Democracy Now!, The American Prospect, Wells Fargo, Unemployment Benefits, Jobs, Annie Lowrey, The Nation, Overdrafts, Juan Gonzalez, Aid to States, Deficit Hysteria, Alternet, Bush Tax Cuts, Washington Independent, Deficit, Cra, Unemployment, Zach Carter, Overdraft Fees, Tim Fernholz, Amy Goodman, Subprime, Economy, Home News
The Media Consortium

by Zach Carter, Media Consortium blogger The crazy conservative assault on government spending has become one of the most irrational economic policy d...

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Foreclosure Mills: Wall Street's Latest Fraud Scheme

Zach Carter | Posted 05.25.2011

Read More: Citi, Foreclosures, Citigroup, Wells Fargo, Economy, Mother Jones, Mortgage Crisis, Financial Fraud, Fraud, Bank of America, Foreclosure Crisis, Foreclosure Mills, Wall Street, Bofa, Andy Kroll, Banks, Subprime, Wall Street Fraud, Business News
Zach Carter

Banks broke the law and hired other people to break the law for them, scoring big profits without being punished. Is it any wonder that they're still at it?

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