Subprime Lending

Foreclosure Crisis Erases Hard-Won Wealth, Dreams Even In Center Of Black Affluence

HuffingtonPost.com | Janell Ross | Posted 01.31.2012

Read More: Prince George's County Foreclosures, Foreclosures, Community Reinvestment Act, Mortgage Meltdown, Foreclosure Crisis, Subprime Lending, Prince George's County, Bank of America, Financial Crisis, Foreclosure, Maryland, Business News

BOWIE, Md. -- In the spring of 2007, a few months after Osita Otigba and his wife, Peace, moved to Balk Hill, a new subdivision then being busily deve...

Read Whole Story

As Evidence Against Lenders Piles Up, Federal Prosecutors Have Stayed On Sidelines

Posted 12.22.2011

Read More: Federal Prosecutors Foreclosure, Video, Foreclosure Crisis, Subprime Lending, Subprime Mortgage Crisis, Business News, Watchdog, Government Watchdog, Housing News, Business News

Four years after the banking system nearly collapsed from reckless mortgage lending, federal prosecutors have stayed on the sidelines, even as jud...

Read Whole Story

Officials Join Forces To Turn Up Heat In Mortgage Probe

Posted 12.19.2011

Read More: Eric Schneiderman Fhfa Mortgage Probe, Video, Freddie Mac, Eric Schneiderman, Subprime Lending, Business News, Mortgage Crisis, Steve Linick, Federal Housing Finance Agency, Fannie Mae, Subprime Lending Crisis, Fhfa, Business News

A new collaboration may help to turn up the heat on Wall Street firms accused of mortgage fraud. New York Attorney General Eric Schneiderman and S...

Read Whole Story

Investigators: Four Members Of Congress Got VIP Loans From Notorious Subprime Lender

AP | LARRY MARGASAK | Posted 02.18.2012

Read More: Video, Countrywide Financial Corp, Subprime Lending, Countrywide Financial, Subprime Mortgage Crisis, Business News, Countrywide Financial Lending, Bank of America Countrywide, Congressional Investigation, Countrywide Congress Discounted Loans, Business News

WASHINGTON — Four House lawmakers received VIP discounted loans from the former Countrywide Financial Corp., the lender whose subprime mortgages...

Read Whole Story

Loan Modification Process 'Adding Uncertainty To The Market,' Delaying Recovery

Posted 12.18.2011

Read More: Foreclosure Crisis, Video, Subprime Mortgages, Loan Modifications, Home-Loan-Mods, Subprime Lending, Subprime Mortgage Crisis, Business News, Home Loan Modification, Housing Crisis, Business News

WASHINGTON (Reuters) - Shirley Burnell, a community activist from Oakland, California, has been trying to get her subprime loan restructured since...

Read Whole Story

In WaMu Settlement, An Easy Way Out For Former Executives

HuffingtonPost.com | Catherine New | Posted 12.13.2011

Read More: Fdic, Executive Pay, Subprime Mortgages, Washington Mutual, Subprime Lending, Economic Crisis, Washington Mutual Collapse, Adjustable-Rate Mortgages, Mortgage Crisis, Financial Crisis, Executive Compensation, Recession, Business News

In what essentially amounts to pocket change when compared to the billions that Washington Mutual made in risky loans, three former top executives of ...

Read Whole Story

Avoiding the Auction Block

Dan Rather | Posted 01.16.2012

Read More: California Housing Market, Dan Rather, Dan, Subprime Lending, California Foreclosures, Dan Rather Reports, Video, Business News

In last night's look at the housing crisis that continues to cripple this country, we traveled to California and met Lise Johnson, a mother of four who's been in the same home for 12 years and is desperate to stay put.

Read Post

How Controversial Perry Plan Backfired

AP | JACK GILLUM | Posted 12.03.2011

Read More: Countrywide Bank of America, Texas Subprime, Video, Washington Mutual, Subprime Lending, Countrywide, Perry Subprime, Rick Perry 2012, Texas Governor Rick Perry, Elections 2012, Rick Perry, Politics News

WASHINGTON — As Texas governor, Rick Perry spent tens of millions in taxpayer money to lure some of the nation's leading mortgage companies to e...

Read Whole Story

The Logic of Ponzi Finance

Micah Hauptman | Posted 10.19.2011

Read More: Wall Street, Great Recession, Business News, Mortgage Crisis, Recession, Financial Crisis, Housing Crisis, Economy, Subprime Lending, Ponzi Schemes, Business News

When you think of Ponzi schemes, fraudsters like Bernie Madoff come to mind. However, Ponzi schemes are not always the result of a few crooks; they can also be a common practice used by society to create a short term economic growth spurt.

Read Post

$125 Million Subprime Lending Settlement Will Benefit Massachusetts Homeowners

Boston.com | Posted 10.09.2011

Read More: Subprime-Loans, H&R Block, Subprime Mortgages, BV Money, Massachusetts, Subprime Lending, Martha Coakley, Black Voices News

Thousands of black and Latino homeowners in Massachusetts will likely save money under a $125 million subprime lending settlement with a subsidiary of...

Read Whole Story

When Cities Sue: Local Governments Take a Bank to Court

Ray Brescia | Posted 07.23.2011

Read More: Foreclosures, Subprime Mortgages, Reverse Redlining Wells Fargo, Wells Fargo vs. Baltimore, Wells Fargo Subprime Mortgages, Subprime Lending, Baltimore vs. Wells Fargo, Wells Fargo, Wells Fargo Reverse Redlining, Memphis vs. Wells Fargo, Wells Fargo vs. Memphis, Housing Crisis, Subprime Mortgages Wells Fargo, Business News

In recent weeks, communities trying to fight back against alleged discriminatory subprime lending during the mortgage frenzy have won victories in the courts, perhaps paving the way for more cities to follow suit.

Read Post

How Sex, Drugs, and Fraud Drove the Financial Crisis

Michael W. Hudson | Posted 05.25.2011

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.

Read Post

The Emperor's New Clothes, Vers. 2.0

Jim Lichtman | Posted 05.25.2011

Read More: SEC. Countrywide, Congress, Subprime Lending, Angelo Mozilo, Equilar, Ethics, Business News

Once upon a time, in a country wide and beautiful, there was a very audacious and flamboyant financier who liked to wear very nice clothes. (Here he ...

Read Post

A No-Brainer: Spurring Job Creation at No Cost to Taxpayers

John Taylor | Posted 05.25.2011

Read More: Community Reinvestment, Small Business, Ncrc, Subprime Lending, Financial Services Committee, Wall Street Reform, Financial Reform, Foreclosure Prevention, Reform Cra, Foreclosure, Homeowners, John Taylor, Accountability, Politics News

If Washington is serious about addressing job creation, the White House and Congress should support the expansion of the Community Reinvestment Act, legislation that has invested over a trillion dollars into our economy during the past decade.

Read Post

College Debt: Who's To Blame For Students' Subprime Loans?

nytimes.com | Rob Leiber | Posted 05.25.2011

Read More: College Debt, Student Lending, Student Loans, Subprime Lending, College, Citigroup, Business News

So in an eerie echo of the mortgage crisis, tens of thousands of people like Ms. Munna are facing a reckoning. They and their families made borrowing ...

Read Whole Story

Kerry Killinger, Ex-WaMu CEO, It's 'Unfair' Bank Didn't Get Bailed-Out

AP | MARCY GORDON | Posted 05.25.2011

Read More: WaMu Mortgages, Option ARM, Washington Mutual, Subprime Lending, Kerry Killinger, WaMu Hearing, WaMu Failure, Fbi, Sec, Wamu, Carl Levin, Bank Regulators, Business News

WASHINGTON — A trio of former Washington Mutual officials and a trove of documents on Tuesday portrayed a pattern of breakneck loan-making and a...

Read Whole Story

Citi 'Negative' On Subprime Mortgages As Early As 2006, Yet Firm Continued To Pump Out Subprime Mortgage Products (VIDEO)

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011

A top Citigroup official testified Wednesday that the firm was reducing its risk to subprime mortgage products as early as 2006, fully expecting housi...

Read Whole Story

Greenspan To Financial Crisis Commission: Roots Of Crisis In Communism's Fall, The Fed Isn't To Blame

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011

Read More: Financial Crisis Commission, Greenspan FCIC, The Financial Fix, Freddie Mac, Greenspan Testimony, Subprime Lending, Financial Crisis, Fannie Mae, Gse, Alan Greenspan, Video, Business News

(We'll be running a live blog of the testimony at the Financial Crisis Inquiry Commission's latest round of hearings in Washington, D.C. Former Federa...

Read Whole Story

Federal Reserve's

washingtonpost.com | Binyamin Appelbaum and David Cho | Posted 05.25.2011

Read More: Fed, Mortgages, Federal Reserve, Banks, Ben Bernanke, Subprime Lending, Central Bank, Alan Greenspan, Financial Crisis, Business News

Just as the Fed had failed to protect borrowers from the consequences of subprime lending, so too had it failed to protect banks. The central bank'...

Read Whole Story

Ginnie Mae Using Taxpayer Funds To Fuel Risky Lending

washingtonpost.com | Brian Grow and Zachary A. Goldfarb | Posted 05.25.2011

Read More: Mortgages, Lend America, Freddie Mac, Hud, Subprime Lending, Ginnie Mae, Risky Lending, Fannie Mae, Center for Public Integrity, Federal Housing Authority, Government National Mortgage Association, Housing and Urban Development, Business News

Lend America is hardly the only lender with a troubled record that Ginnie Mae has endorsed. The agency has provided taxpayer backing to at least 36 ot...

Read Whole Story

Subprime Swindlers Work A New Angle: Rescue Scams

Bloomberg News | Posted 05.25.2011

Read More: Rescue Scams, Subprime Crisis, Subprime Mortgages, Subprime Lending, Subprime Mortgage Crisis, Subprime Loan Crisis, Subprime Loans, Subprime Swindlers, Business News

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...

Read Whole Story

Q&A with Housing Bubble Forecaster Dean Baker

Leo W. Gerard | Posted 05.25.2011

Baker: "For most economists, the idea that a market would take leave from its senses -- that it would be driven by speculation -- is almost inconceivable."

Read Post

McCain and Obama's Wall Street Greed Team

Earl Ofari Hutchinson | Posted 05.25.2011

Read More: Bailout, Barack Obama, Subprime Lending, Presidential Race, Penny Pritzker, Financial Houses, Gop, Democrats, Wall Street, John McCain, Wall Street Crisis, Bailout Outrage, Politics News

Team Obama has matched and in some cases exceeded Team McCain in the mad dash to bundle cash from Wall Street with one even more troubling note.

Read Post

Pritzker Saved Obama Much Embarrasssment By Bowing Out Of Commerce

Earl Ofari Hutchinson | Posted 05.25.2011

Read More: Financial Crisis, Corporate Ceo, Commerce Secretary, Obama Campaign Finance Chair, Barack Obama, Subprime Lending, Presidential Appointments, Superior Bank, Penny Pritzker, Politics News

Pritzker did Obama, herself, and probably the thousands of other bilked homeowners who still blame her family bank for their misery, a favor by bowing out of Commerce. That is if indeed she did bow out.

Read Post

Default Swaps and Denuded Swamps

Jeff Schweitzer | Posted 05.25.2011

Read More: Environmental Crisis, Wake Up Call, Subprime Lending, November 5, Climate Change, Environment, Crisis, Obama, 1 Trillion, Taxpayers, Wall Street, Self Destruction, Financial Meltdown, Global Warming, Ponzi Scheme, Green News

After eight years of neglect, climate change requires immediate attention. Let us respond with urgency, with humility, and with an eye on Wall Street as a reminder of our errant ways.

Read Post