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Subprime Loans

The Two Documents Everyone Should Read to Better Understand the Crisis

William K. Black | Posted 05.25.2011 | Business
William K. Black

The FBI identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.

We Need a Rehab Program for Spenders

Don McNay | Posted 05.25.2011 | Business
Don McNay

The nation's economic system has also gotten addicted to shopping.To turn the economy around, Americans need to find a spender's version of rehab.

SEC Rules Don't Go Far Enough

Neil Baron | Posted 05.25.2011 | Business
Neil Baron

Credit ratings have an extraordinarily broad effect on our financial system -- witness their role in the subprime crisis.

Treasury to Promote Homeownership? Not so fast

Mark Winston Griffith | Posted 05.25.2011 | Business
Mark Winston Griffith

A version of this entry was posted on the DMI blog. It's remarkable how the Bush Administration keeps missing the mark on the mortgage and foreclosur...

How to Keep Americans in Their Homes

Diane Francis | Posted 05.25.2011 | Business
Diane Francis

Washington should undertake a massive, temporary buyout of residential real estate in order to save its economy from years of turmoil and credit crisis.

Wall Street Credit Crash Threatens To Tank U.S. Auto Industry

Diane Tucker | Posted 05.25.2011 | Home
Diane Tucker

"Every job lost on Wall Street impacts two-to-three jobs on the outside. By comparison, every job lost at an auto plant impacts nearly 10 jobs on the outside... We don't want to know what happens if the domestic auto industry gets away from us."

Precipitous fifteen-year drop in US car sales; Need one? You probably can't get one

Steve Parker | Posted 05.25.2011 | Business
Steve Parker

They say "start out bad news with a joke," so: In Peter Gent's "North Dallas Forty," a football coach is talking with the team owner's son about his f...

Conflicted Out - Fannie and Freddie Should Serve Just One Master

Sheila Tendy | Posted 05.25.2011 | Business
Sheila Tendy

Why are Fannie Mae and Freddie Mac, both government-sponsored and backed by taxpayer dollars, still publicly traded?

My Lesson Learned: Simple Tips To Prevent You from Losing Your Shirt

Sheila Tendy | Posted 05.25.2011 | Business
Sheila Tendy

Most sub-prime borrowers know the risk they are taking, but isn't the American dream about home ownership? Credit is the too-easy cure for the sub-prime borrower's eroded self-esteem.

What Pelosi Doesn't Get About Persuasion

Kathleen Reardon | Posted 05.25.2011 | Politics
Kathleen Reardon

Berating women who are still supporting for vice president a candidate who won half the Democratic presidential nominee votes is not the way to persuade them to support Obama.

Housing Prices May Still Go Lower

Washington Independent | Charles R. Morris | Posted 05.25.2011 | Business

Financial markets have finally internalized the brutal fact that house prices still have a long way to fall. The full-year price drop in 2007 was 8.5 ...

Bear Stearns Executives Ralph Cioffi, Matthew Tannin Indicted... FBI Announces "Operation Malicious Mortgage"

AP | TOM HAYS | Posted 05.25.2011 | Business

Two former Bear Stearns managers have been arrested, federal authorities said Thursday, becoming the first executives to face criminal charges in the ...

Matthew Tannin: Bear Stearns Former Manager Indicted In Mortgage Sweep

Brigitte Bradford | Posted 05.25.2011 | Business

Below is some information on Matthew Tannin, one of the two former Bear Stearns executives indicted today in the FBI's "Operation Malicious Mortgage."...

Ralph Cioffi: Bear Stearns Former Manager Indicted In Mortgage Crackdown

Brigitte Bradford | Posted 05.25.2011 | Business

Below is information on Ralph Cioffi, the former Bear Stearns manager, who was arrested on Thursday and charged with securities fraud and various cha...

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...

Everything You Wanted To Know About The Credit Crunch (But Were Afraid To Ask)

New York TImes | David Leonhardt | Posted 05.25.2011 | Business

Raise your hand if you don't quite understand this whole financial crisis. It has been going on for seven months now, and many people probably feel a...

Bernanke Calls for More Mortgage Relief

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — Battling a dangerous wave of home foreclosures, Federal Reserve Chairman Ben Bernanke called Tuesday for additional relief and urge...

HSBC's American Subprime Loan Write-Offs Hit $51 Million A Day

Times Online | Patrick Hosking | Posted 05.25.2011 | Business

HSBC has stepped up the rate at which it writes off loans to poor Americans to an unprecedented $51 million (£25.7 million) a day as the British bank...

Wall Street Gears For New Pain

Wall Street Journal | LINGLING WEI, RANDALL SMITH | Posted 05.25.2011 | Business

After suffering a beating from their exposure to home loans, banks and securities firms are about to take their lumps from office towers, hotels and o...

Credit Crunch Worries Economists

AP | MARTIN CRUTSINGER | Posted 05.25.2011 | Business

WASHINGTON — The cascading fallout from the subprime loan crisis, barely a cloud on the horizon a year ago, is now viewed by experts as the econ...

Subprimes Push UBS to First Annual Loss

AP | ERNST E. ABEGG | Posted 05.25.2011 | Business

ZURICH, Switzerland — UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other b...

Countrywide to Aid More Borrowers

AP | ALEX VEIGA | Posted 05.25.2011 | Business

LOS ANGELES — Countrywide Financial Corp., under pressure to help stem growing home loan defaults, says it will expand programs to help borrower...

HSBC Expected To Sell 400 Banks

New York Times | Posted 05.25.2011 | Business

HSBC Holdings, the biggest bank in Europe, plans to put about half of its 800 French consumer branches up for sale as it focuses on expanding in Asia ...

Recession Fears Dominate Davos

Reuters | Adam Plowright | Posted 05.25.2011 | Business

The annual Davos gathering of the world's political and business elite opened Wednesday, dominated by the deep cut in US interest rates aimed at preve...

Florida Caught In Eye Of Burst Real Estate Bubble

New York Times | Peter S. Goodman | Posted 05.25.2011 | Business

Two years ago, when Eric Feichthaler was elected mayor of this palm-fringed, middle-class city, he figured on spending a lot of time at ribbon-cutting...