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Subprime Crisis

Who Can we Bank on as Crisis Gets Worse?

Danny Schechter | Posted 05.25.2011 | Business
Danny Schechter

Washington seems tethered at the hip to Wall Street and continues to do its bidding. Obama wants to give us confidence, but the most trenchant critics believe a total collapse is in the offing.

NY Times Writer and His Mortgage Woes

Yvette Kantrow | Posted 05.25.2011 | Media
Yvette Kantrow

It does make you wonder: What would this story read like if his wife wrote it? And I'm not convinced that Andrews' airing of his dirty laundry is such an act of bravery.

Last Call for Mortgage Reform

Harry Moroz | Posted 05.25.2011 | Business
Harry Moroz

Lenders often used mortgage refinancing to strip middle-class homeowners of the equity they relied on to obtain loans to help make ends meet.

The Subprime 25: The Top 25 Lenders Responsible For Almost $1 Trillion Of Subprime Loans

Center for Public Integrity | Posted 05.25.2011 | Business

Today, the Center for Public Integrity releases the results of its investigation into the housing crisis, which showed that investment banks, some of ...

Subprime Swindlers Work A New Angle: Rescue Scams

Bloomberg News | Posted 05.25.2011 | Business

In early 2008, Cheryl Ann Montero, a California mortgage broker, held a series of free seminars in the clubhouse of the Lone Tree Golf Course in Contr...

Financial Crisis Halts Central Asia's Economic Boom | David L. Stern | Posted 05.25.2011 | World

BISHKEK, Kyrgyzstan -- Maksat Bolotbekov crouched down, rubbed his blackened hands and caught the last waves of warmth from the fire's grey ashes. A...

FHA-Backed Loans: The New Subprime

BusinessWeek | Chad Terhune and Robert Berner | Posted 05.25.2011 | Business

As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers--many of them the very sorts of firms that helped create the...


Larry Beinhart | Posted 05.25.2011 | Politics
Larry Beinhart


New President, New CRA

Mark Winston Griffith | Posted 05.25.2011 | Business
Mark Winston Griffith

This nation doesn't need a weaker CRA, but a re-conceived and far stronger tool in the effort to ensure ready access to quality, non-discriminatory, financial services in all communities.

Paper: Private Sector Loans Triggered Financial Crisis, Not Fannie Or Freddie

McClatchy | David Goldstein and Kevin G. Hall | Posted 05.25.2011 | Business

As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housi...

The Next New Deal

Agit-Pop | Posted 05.25.2011 | Media

2008-10-01-agitpop.jpgInstead of the handing those who created the Sub Prime Pyramid Scheme a TRILLION of our dollars, we demand a NEW New Deal that invests in the country that our children will inherit.

Mortgage Woes? Blame it on Hispanic Immigrants

David M. Abromowitz | Posted 05.25.2011 | Business
David M. Abromowitz

Michele Malkin has stepped forward to set the record straight: "illegal immigration, crime-enabling banks, and open-borders Bush policies fueled the mortgage crisis."

Robin Hood Bush?

Martin Varsavsky | Posted 05.25.2011 | Business
Martin Varsavsky

Yes, we all know that this is the administration that robbed from the poor and gave to the rich and there are countless examples of that. The most ob...

In a Gloomy Economy, Signs of Light

Robert Reed | Posted 05.25.2011 | Business
Robert Reed

At a time when the stock market is plunging and a once-venerable Wall Street investment house is going bankrupt, it may seem like all is lost. Not true. In fact, amid the carnage, some examples have emerged that stir --shall we say--a cautious optimism about getting free of this mess.

Housing Lenders Worry Of An Even Bigger Second Wave Of Loan Defaults

New York Times | Vikas Bajaj | Posted 05.25.2011 | Business

The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building. Homeowners w...

Mortgage Scandal: Dodd Denies Wrongdoing Again

AP | Posted 05.25.2011 | Politics

DANBURY, Conn. — Sen. Christopher Dodd said Monday that the controversy over two loans he received will not compromise his ability to lead Congr...

Late Loan Payments Causing New Bank Crisis

Washington Post | David Cho | Posted 05.25.2011 | Business

Increasing struggles by consumers and businesses to make payments on a variety of loans, not just mortgages, are setting off a new wave of trouble in ...

FBI Increases What Already Is the Highest Incarceration Rate in the World

Martin Varsavsky | Posted 05.25.2011 | Business
Martin Varsavsky

If people are going to jail for the subprime scandal, how about starting with the people at the Federal Reserve who were asleep at the wheel while the overlending took place?

Most say US on wrong track: AP-Ipsos poll

AP | TOM RAUM | Posted 05.25.2011 | Politics

WASHINGTON — Wherever the nation should be headed, this isn't it. The number of Americans who believe the country is moving in the wrong direct...

Bernanke urges more action to stem home foreclosure crisis

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — A rising tide of late mortgage payments and home foreclosures poses considerable dangers to the national economy, Federal Reserve C...

Fed task force eyes lenders and Wall Street in subprime mess

AP | TOM HAYS | Posted 05.25.2011 | Business

NEW YORK — Federal authorities, responding to the subprime-mortgage crisis, have formed a task force to determine if lenders or Wall Street firm...

British Banking System To Receive Unprecedented $100 Billion Bailout

London Times | Francis Elliott | Posted 05.25.2011 | Business

Alistair Darling is preparing to announce an unprecedented £50bn bailout of Britain's banking system in an effort to save the housing market from col...

Report: Credit Suisse May Announce Further Writedowns Of Up To $5 Billion

Boston Globe | Posted 05.25.2011 | Business

Credit Suisse could announce further writedowns of up to 5 billion Swiss francs ($4.99 billion) when it posts its first-quarter results later this mon...

Some US Homes Worth Less Than Their Copper Pipes

Reuters | Jason Szep | Posted 05.25.2011 | Business

Shards of broken glass outside the basement window of 31 Vine Street hint at the destruction inside the three-story home. Thieves smashed the window ...

McCain Guru Linked To Subprime Crisis

Politico | Posted 05.25.2011 | Politics

The general co-chairman of John McCain's presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era ba...