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Subprime

Citibank: Will Anyone Hold Rubin and Prince Accountable?

Zach Carter | Posted 05.25.2011 | Business
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.

The Hangover From America's Bailout Party (VIDEO)

Don McNay | Posted 05.25.2011 | Business
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.

America's Hangover From the Bailout Party

Don McNay | Posted 05.25.2011 | Books
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.

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

Zach Carter | Posted 05.25.2011 | Business
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.

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

The Media Consortium | Posted 05.25.2011 | Home
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...

Foreclosure Mills: Wall Street's Latest Fraud Scheme

Zach Carter | Posted 05.25.2011 | Business
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?

Where Are the Prosecutions? SEC Lets Citi Execs Go Free After $40 Billion Subprime Lie

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

What is the penalty for bankers who tell $40 billion lies? Somewhere between nothing and a rounding-error on your bonus.

There Are Zero Good Reasons to Block Elizabeth Warren

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

The political case for appointing Warren is even stronger than the policy case. Choosing anybody other than Warren will not make Obama appear reasonable or moderate--it will make him look weak and corruptible.

J.P. Morgan Still Hates the Economy

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

J.P. Morgan's Chief Economist James Glassman recently indulged in a vaguely worded assault on financial reform, arguing that Congress is about to ruin the economy by cracking down on Wall Street. Don't believe a word of it.

Weekly Audit: Brown-Nosing Wall Street Reform

The Media Consortium | Posted 05.25.2011 | Home
The Media Consortium

by Zach Carter, Media Consortium blogger More than two years after the collapse of Bear Stearns, the House and Senate finally ironed out their differ...

Larry Summers Is Lying About Big Banks

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Today's megabanks aren't just too-big-to-fail, they're too-big-to-regulate. If Democrats want to salvage their political credibility, they now have no choice now but to push to break up the banks.

Make Congress Live Up To Obama's Reforms

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

President Barack Obama identified five major problems on Wall Street in his speech at Cooper Union today. Unfortunately, the solutions he has proposed...

How to Fix the Wall Street Reform Bill

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Washington has tied itself in knots trying to find a way to thwart "too big to fail" without cutting megabanks down to size. It can't be done. When something is too big, the solution is to make it smaller.

Goldman Sachs in Troubled Waters

Georges Ugeux | Posted 05.25.2011 | Business
Georges Ugeux

Wall Street has long forgotten how to spell "ethical" or "good," and replaced it with "compliant" and "legal." The time has come to explain to investment banks what their responsibility and accountability are.

Weekly Audit: How Deregulation Fueled Goldman Sachs' Scam

The Media Consortium | Posted 05.25.2011 | Home
The Media Consortium

by Zach Carter, Media Consortium blogger Last week, the Securities and Exchange Commission filed fraud charges against Goldman Sachs and underscored w...

Shahien Nasiripour

Financial Crisis Panel: Greenspan FINALLY Acknowledges Existence Of Fraud, Says Fed Can't Handle CFPA (VIDEO)

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Scroll down for video Read HuffPost's coverage of Wednesday and Thursday's hearings of the Financial Crisis Inquiry Commission While former Federal ...

The United States of Foreclosures: A Haitian Story

Danny Schechter | Posted 05.25.2011 | New York
Danny Schechter

FORECLOSURES ARE RISING AND NOT JUST HOMEOWNERS AFFECTED; A Haitian Story: Loses Family Home In Earthquake, NY Home in "Bankquake" The financial cri...

Shahien Nasiripour

Housing Woes To Continue, More Losses Coming

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

The nation's second-largest bank expects the number of delinquent home loans to skyrocket over the next year, echoing analysts' expectations of a gloo...

The F Word: Human Interest in Bank Practices

Laura Flanders | Posted 05.25.2011 | Business
Laura Flanders

Wells Fargo made a bundle selling risky, high-cost subprime loans to African Americans, including long-time African American homeowners.

Housing Crisis: The SCARIEST Chart Ever

Alea | Posted 05.25.2011 | Business

This chart shows the loss severity for subprime first-lien mortgage loans in the tri-state area (New York, New Jersey, and Connecticut). Loss severity...

Shahien Nasiripour

State Regulators: Foreclosure Prevention Efforts Are Failing Because They Don't Reduce Principal

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

*This story has been updated* Lackluster foreclosure-prevention efforts and the dearth of principal reductions risk plunging more homeowners into for...

At Long Beach Mortgage, A Top Subprime Lender, Policies Were An Invitation To Fraud

Huffington Post Investigative Fund | David Heath | Posted 05.25.2011 | Business

First of two articles about the roots of the subprime lending bubble. Diane Kosch had one of the most thankless jobs in the subprime lending craze....

October Home Sales Up 10.1 Percent From September

AP | ALAN ZIBEL | Posted 05.25.2011 | Business

WASHINGTON — Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushe...

It's a Wonderful Life and Sub-Prime 2007

Vivian Norris | Posted 05.25.2011 | Business
Vivian Norris

You don't have to be an expert at analyzing films or the economy to figure out that the holiday season favorite, It's a Wonderful Life, has never been so right on.

Goldman Sachs Seizing Homes Subprime Mortgages Bought

McClatchy | Greg Gordon | Posted 05.25.2011 | Business

Goldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, and packa...