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 "Citigroup":

"… work of “rogue” employees.Ameriquest stopped making loans in 2007, and Citigroup acquired its loan-servicing unit and its sister company, Argent Mortgage.A …"

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 "Dan Gilbert":

"… – And Spawned a Global Crisis. …"

"… “unconscionable.”Trial in Detroit Begins TuesdayQuicken Loans founder Dan Gilbert. Credit: Mark Duncan/Associated PressA group of ex-employees, meanwhile, h …"

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 "Alan Greenspan":

"… he bad practices when they were happening. Former Federal Reserve Chairman Alan Greenspan would later explain to CBS’ 60 Minutes: “While I was aware a lot of th …"

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 "Senate":

"… use massive losses to investors in mortgage securities.” Risky loans, a Senate investigation concluded, “were the fuel that ignited the financial crisi …"

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 "EquiFirst":

"… 0-million pool of mortgages originated by WMC and another subprime lender, EquiFirst Corp., included numerous examples of fraud. The lawsuit said a review …"

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 "Lehman Brothers":

"… pursued criminal cases more aggressively in the aftermath of disasters at Lehman Brothers and other banks.“I don’t think any Wall Street executives have gone to …"

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 "Ameriquest Mortgage":

"… and attorneys general around the nation. The state authorities accused its Ameriquest Mortgage subsidiary of using bait-and-switch salesmanship, inflated appraisals and …"

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 "Roland Arnall":

"… o follow the example of Ameriquest Mortgage Co. and its billionaire owner, Roland Arnall, an entrepreneur who was in many ways the founding father of subprime.The …"

"… toxic.”Yet as Ameriquest and subprime expanded, Mozilo became fixated on Roland Arnall’s success, according to Paul Muolo, an editor at National Mortgage News …"

"… ng to Muolo, the National Mortgage News editor. “If he hadn’t followed Roland Arnall down the subprime path this would never have happened,” Muolo said. “I …"

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

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

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

Excerpts from this story referencing "Citigroup Inc.":

"… 1912. The company is the subprime lending unit of the global banking giant Citigroup Inc., which was created with the $140 billion merger of Citicorp and insurance …"

"… ses on shaky mortgage assets. Parent/subsidiary companies: Parent company Citigroup Inc. bought Argent Mortgage Co. LLC and AMC Mortgage Services on August 31, 200 …"

"… s largest and most criticized subprime lenders. CEO: CEO: Vikram Pandit (Citigroup Inc., still in that position as of May 2009) Most recent salary: 2008 – s …"

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 "Germany":

"… t not for their underwriters — those giant investment banks in the U.S., Germany, Switzerland, and England. Wall Street Cash Pours In During the boom yea …"

The Subprime 25

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

Excerpts from this story referencing "WMC Mortgage Corp.":

"… ldings plc Amount of Subprime Loans: At least $50.3 billion *** WMC Mortgage Corp./General Electric Co. Amount of Subprime Loans: At least $49.6 billio …"