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Subprime Lending

Zach Carter

House Republicans Want To Hand Warren Buffett Bigger Profits On Loans To Poor People | Zach Carter | Posted 04.09.2015 | Politics

WASHINGTON -- House Republicans are set to deliver a major favor to Warren Buffett next week, days after a devastating expose detailed consumer abuses...

Reforming Payday Lending Practices Is One Important Way to Address Wealth Inequality

Andrea Levere | Posted 05.03.2015 | Business
Andrea Levere

The economic recovery has not benefited Americans equally. We all know that. But few facts underscore that point more clearly than the startling number of consumers whose financial futures have been put on hold by subprime credit scores.

The Shock to Come: A Writer Takes on Economics and Finance

Bernard-Henri Lévy | Posted 02.22.2015 | World
Bernard-Henri Lévy

François Meyronnis's manifesto on the true global crisis, entitled Proclamation sur la vraie crise mondiale, is certainly the best text available for those who seek to understand the mechanisms and inner workings of "globally integrated capitalism."

Recovery of the Rich, By the Rich, For the Rich -- Recession for Everyone Else

Anthony W. Orlando | Posted 12.17.2014 | Politics
Anthony W. Orlando

Officially, the recession ended five years ago. But there's something the financial newscasters don't tell you: Unless you're rich, those numbers don't apply to you.

Zach Carter

Matt Taibbi: 'Deceptive' Subprime Lending Is Reason For The Financial Collapse | Zach Carter | Posted 01.23.2014 | Politics

Bankers weren't the villains of the 2008 financial crisis: they were victims of Washington's foolish affordable housing fixation. Or at least that'...

Execs Responsible For Mortgage Crisis Are Back In Business

Center for Public Integrity | Daniel Wagner | Posted 09.11.2013 | Business

Andy Pollock rode the last subprime mortgage wave to the top then got out as the industry collapsed and took the U.S. economy with it. Today, he’s b...

Obama Did It For the Money

Robert Scheer | Posted 07.06.2013 | Politics
Robert Scheer

The love fest between Barack Obama and his top fundraiser Penny Pritzker that has led to her being nominated as Commerce secretary would not be so unseemly if they both just confessed that they did it for the money

It's The Housing Crisis All Over Again

AP | DANIEL WAGNER | Posted 09.19.2012 | Money

WASHINGTON — Risky lending caused private student loan debt to balloon in the past decade, leaving many Americans struggling to pay off loans th...

Another Conservative Myth Busted -- Did Fannie and Freddie Really Cause the Financial Sector Meltdown?

Marvin Meadors | Posted 08.11.2012 | Politics
Marvin Meadors

Another Big Lie circulating among conservatives is the belief that the Wall Street meltdown was caused by Fannie Mae and Freddie Mac, the Community Re...

Janell Ross

Foreclosure Crisis Erases Hard-Won Wealth, Dreams Even In Center Of Black Affluence | Janell Ross | Posted 09.25.2012 | Business

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...

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

Posted 12.22.2011 | Business

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

Officials Join Forces To Turn Up Heat In Mortgage Probe

Posted 12.19.2011 | Business

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...

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

AP | LARRY MARGASAK | Posted 02.18.2012 | Business

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

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

Posted 12.18.2011 | Business

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

Catherine New

In WaMu Settlement, An Easy Way Out For Former Executives | Catherine New | Posted 12.13.2011 | Business

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

Avoiding the Auction Block

Dan Rather | Posted 01.16.2012 | Business
Dan Rather

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.

How Controversial Perry Plan Backfired

AP | JACK GILLUM | Posted 12.03.2011 | Politics

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...

The Logic of Ponzi Finance

Micah Hauptman | Posted 10.19.2011 | Business
Micah Hauptman

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.

$125 Million Subprime Lending Settlement Will Benefit Massachusetts Homeowners | Posted 10.09.2011 | Black Voices

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

When Cities Sue: Local Governments Take a Bank to Court

Ray Brescia | Posted 07.23.2011 | Business
Ray Brescia

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.

How Sex, Drugs, and Fraud Drove the Financial Crisis

Michael W. Hudson | Posted 05.25.2011 | Business
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.

The Emperor's New Clothes, Vers. 2.0

Jim Lichtman | Posted 05.25.2011 | Business
Jim Lichtman

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 ...

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

John Taylor | Posted 05.25.2011 | Politics
John Taylor

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.

College Debt: Who's To Blame For Students' Subprime Loans? | Rob Leiber | Posted 05.25.2011 | Business

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 ...

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

AP | MARCY GORDON | Posted 05.25.2011 | Business

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