Data shows Deutsche Bank was key patron of questionable mortgage lenders

By Michael Hudson

Data shows Deutsche Bank was key patron of questionable mortgage lenders

Excerpts from this story referencing "bank":

"… t indicate Deutsche bank and other big financial firms knew they were bankrolling toxic mortgages and then offloading them into equally toxic investm …"

"… ittee on Investigations  highlights the role that Germany’s largest bank played in fueling the mortgage investment frenzy that sparked the U.S. hou …"

"… just a salesman of mortgage-related investments.During the boom years, the bank was an important patron of the U.S. subprime industry, providing billions …"

"… h subprime lenders during the mortgage boom. As for the Senate report, the bank said that “there were divergent views within the bank about the U.S. hou …"

Claims of high-pressure sales, fraud at odds with Quicken Loans’ straight-shooting image

By Michael Hudson

Quicken Loans, the giant mortgage lender founded by Cleveland Cavaliers owner Dan Gilbert, goes on trial Tuesday in Detroit to face allegati

Excerpts from this story referencing "Quicken Loans":

"… rs and Wall Street Bankers Fleeced America – And Spawned a Global Crisis. …"

"… s other ventures – the NBA’s Cleveland Cavaliers and their home base, Quicken Loans Arena – as marketing tie-ins.Quicken says it has survived and thrived be …"

"… the lender’s conduct “unconscionable.”Trial in Detroit Begins TuesdayQuicken Loans founder Dan Gilbert. Credit: Mark Duncan/Associated PressA group of ex-emp …"

"… and most “are quite frivolous in nature. In fact, it’s our belief that Quicken Loans has received a disproportionately low number of claims in relation to our …"

FactWatch: Fannie and Freddie were followers, not leaders, in mortgage frenzy

By Michael Hudson

Republicans insist that Fannie Mae and Freddie Mac "were the main cause of the nation's current financial turmoil” but a look at the data sh

Excerpts from this story referencing "Ameriquest Mortgage":

"… ystem.” Critics of the primer counter that Countrywide Financial Corp., Ameriquest Mortgage, and other aggressive lenders made dicey mortgages not because of governme …"

Boiler rooms, foreclosure mills: The story of America’s mortgage industry

By Michael Hudson

The news about the nation’s foreclosure scandal has been coming fast and furious, driven by tales of backdated documents, false affidavits a

Excerpts from this story referencing "Ameriquest Mortgage":

"… created fake W-2 tax forms that exaggerated loan applicants’ earnings.At Ameriquest Mortgage, one of the companies I focus on in my new book about the subprime mortgag …"

Subprime lending execs back in business five years after crash

By Daniel Wagner

Executives from all of the top 25 subprime lending firms are working in the mortgage business five years later.

Excerpts from this story referencing "Congress":

"… lion. He was still running First Franklin for Merrill in 2007 when he told Congress that the company had “a proven history as a responsible lender” employ …"

"… , abusive collection practices and document fraud. A commission charged by Congress to look at the roots of the crisis said lenders “made loans that they kn …"

Feds investigating possible fraud at GE’s former subprime unit

By Michael Hudson and E. Scott Reckard

Federal investigators looking into possible fraud at GE's now-closed subprime lender

Excerpts from this story referencing "Ameriquest Mortgage":

"… tgage brokers, making it a less-familiar name than giant retailers such as Ameriquest Mortgage Co. and Countrywide Financial Corp. Still, in 3½ years under GE’s owner …"

Whistleblowers ignored, punished by lenders, dozens of former employees say

By Michael Hudson

Former mortgage company employees say fraud was widespread in industry

Excerpts from this story referencing "Bank of America":

"… ge documents and other fraud. In September the Labor Department ruled that Bank of America Corp., which bought Countrywide in 2008, had fired Eileen Foster, the mort …"

FBI brags about chasing down mortgage fraudsters but big banks are left untouched

By Michael Hudson

FBI report identifies mortgage fraudsters of all stripes – except banks

Excerpts from this story referencing "Obama administration":

"… seudo-investigatory approach” of the FBI, the Justice Department and the Obama administration in the aftermath of the mortgage meltdown. “The only thing worse than do …"

"… blic into thinking they're doing something,” Eskow told iWatch News. The Obama administration, Eskow claims, has taken the view that the nation’s largest banks are to …"

"… exactly what each employee and branch office is doing.Sending a messageThe Obama administration’s efforts to portray itself as tough on financial crime have been the su …"

"… omething less than it appears. Some of the cases were initiated before the Obama administration took office. Others got under way before President Obama created . . …"

A roundup of investigations in the three years since the last market crash

By Shirley Gao

iWatch News reports on the financial crisis from 2008 to now

Excerpts from this story referencing "Ameriquest Mortgage":

"… rywide Financial Corp, responsible for at least $97.2 billion, followed by Ameriquest Mortgage Co./ACC Capital Holdings Corp with at least $80.6 billion and New Century …"

A peek into the art of mortgage duplicity

By Michael Hudson

In many of Ameriquest Mortgage’s far-flung sales branches, employees outfitted break rooms or spare cubicles with the tools they needed to c

Excerpts from this story referencing "Ameriquest Mortgage":

"… published on the Political Bookworm blog at the Washington Post. …"

16 cents on the dollar: Doing the math on Mozilo settlement

By Michael Hudson

In the end, Angelo Mozilo settled for pennies on the dollar. ...

Excerpts from this story referencing "Ameriquest Mortgage":

"… ountrywide eventually succumbed to the temptation to follow the example of Ameriquest Mortgage Co. and its billionaire owner, Roland Arnall, an entrepreneur who was in m …"

Mortgage fraud reports rise, but some fraud may still be undetected

By Kat Aaron and Nick Schwellenbach

Reports of suspected mortgage fraud — fueled by the current economic crisis — are up in 2008, according to two new reports by the FBI and th

Mortgage companies and the new regulatory regime

By Kat Aaron

Everyone knew it was coming. With all the turmoil in the American financial system, a push for re-regulation was inevitable. The Obama admin

Excerpts from this story referencing "bank":

"… n of the 85-page white paper is a critical detail: For the first time, non-bank mortgage companies would be subject to regulation from the federal governm …"

"… gton Mutual, whose collapse in September 2008 stands as the single biggest bank failure in American history. The agency is slated to fold into the Office …"

"… states would remain “the first line of defense” for supervision of non-bank lenders. But enforcement of the major fair lending laws, including the Tru …"

"… being foreclosed on by a mortgage lender in the state, by subsidiaries of bank holding companies around the nation.”“Everyone tried to get in on the …"

No. 15 of The Subprime 25: CitiFinancial / Citigroup Inc.

Total high-interest loans 2005-2007: At least $26.3 billion

The roots of the financial crisis: Who is to blame?

By John Dunbar and David Donald

Banks that financed subprime industry collecting billions in bailouts

Excerpts from this story referencing "Arizona":

"… big way when it bought Household International in 2003. It also purchased Arizona-based DecisionOne Mortgage, and operated under the Beneficial and HLC bran …"

The Subprime 25

A full text list of the top 25 lending companies responsible for subprime loans

Excerpts from this story referencing "Ameriquest Mortgage":

"… inancial Corp. Amount of Subprime Loans: At least $97.2 billion Ameriquest Mortgage Co./ACC Capital Holdings Corp. Amount of Subprime Loans: At least $8 …"