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Subprime Lending

Shahien Nasiripour

Citi 'Negative' On Subprime Mortgages As Early As 2006, Yet Firm Continued To Pump Out Subprime Mortgage Products (VIDEO) | Shahien Nasiripour | Posted 05.25.2011 | Business

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

Shahien Nasiripour

Greenspan To Financial Crisis Commission: Roots Of Crisis In Communism's Fall, The Fed Isn't To Blame | Shahien Nasiripour | Posted 05.25.2011 | Business

(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...

Federal Reserve's | Binyamin Appelbaum and David Cho | Posted 05.25.2011 | Business

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'...

Ginnie Mae Using Taxpayer Funds To Fuel Risky Lending | Brian Grow and Zachary A. Goldfarb | Posted 05.25.2011 | Business

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...

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...

Q&A with Housing Bubble Forecaster Dean Baker

Leo W. Gerard | Posted 05.25.2011 | Business
Leo W. Gerard

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."

McCain and Obama's Wall Street Greed Team

Earl Ofari Hutchinson | Posted 05.25.2011 | Politics
Earl Ofari Hutchinson

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.

Pritzker Saved Obama Much Embarrasssment By Bowing Out Of Commerce

Earl Ofari Hutchinson | Posted 05.25.2011 | Politics
Earl Ofari Hutchinson

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.

Default Swaps and Denuded Swamps

Jeff Schweitzer | Posted 05.25.2011 | Green
Jeff Schweitzer

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.

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?

What About Main Street?

Washington Independent | Mary Kane | Posted 05.25.2011 | Business

Now that JPMorganChase has raised its bid for Bear Stearns, angry shareholders seemed to have calmed down and Wall Street isn't as worried that the in...

Billionaire Ross Eyes Ambac

Reuters Via CNBC | Posted 05.25.2011 | Business

Billionaire Wilbur Ross is in serious talks to take over Ambac Financial Group, according to a media report, but broader efforts to rescue the sector ...

Cayne To Step Down As Bear Stearns CEO

CNBC | Charles Gasparino | Posted 05.25.2011 | Business

James Cayne has resigned as chief executive officer of Bear Stearns, amid widespread concern over his management of the Wall Street firm that has been...

"House Lust" Hits Home

Washington Post | Robert J. Samuelson | Posted 05.25.2011 | Business

Down the block from my home, workmen are finishing a new house. It replaces a bungalow that had measured about 1,500 square feet. The new home has a c...

Fed To Crack Down On Abusive Lending Practices

AP | Posted 05.25.2011 | Business

People taking out home mortgages may gain new protections soon against shady lending practices as the Federal Reserve seeks to back even the riskiest ...

Over Half Of Americans Believe We Are In A Recession

CNN | Posted 05.25.2011 | Business

More than half the American public -- 57 percent -- now believe the nation is in a recession, compared to 42 percent who do not, according to new CNN/...

Home Sales Rise, But So Do Recession Fears

Reuters Via CNBC | Posted 05.25.2011 | Business

Pending sales of existing U.S. homes rose modestly in October, bucking Wall Street forecasts, but the decline from a year ago was the third largest on...

White House Mortgage Meltdown: Bush Gives Out Wrong Hotline Number

Posted 05.25.2011 | Politics

Harried homeowners seeking mortgage relief from a new Bush administration hotline Thursday had to contend with a bit of temporary misdirection from th...