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 of America Corp.":

"… lender of deception and fraud. Countrywide, which was purchased in 2008 by Bank of America Corp., denied any wrongdoing.A Deutsche Bank spokeswoman said the firm had no co …"

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 "president":

"… ck upward.“I even sent a letter to the White House – I appealed to the president for help,” he said. “We’re not looking for a handout. We’re lookin …"

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 "Mortgage":

"… e 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 …"

"… hio Attorney General Richard Cordray sued Ally Financial Inc. and its GMAC Mortgage division, claiming that workers at the company had signed and filed false …"

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 "Merrill Lynch":

"… lender whose risky loans to vulnerable consumers hastened the downfall of Merrill Lynch after the Wall Street investment bank bought it in 2006 for $1.3 bill …"

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 "Mortgage":

"… into potentially criminal business practices at Burbank, Calif.-based WMC Mortgage Corp. during the home-loan boom, according to four people with knowledge o …"

"… rs, 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 …"

"… ed in guilty pleas to egregious fraud. One, at Taylor, Bean & Whitaker Mortgage Corp. in Florida, included the creation of fictitious loans. The othe …"

"… ;in Florida, included the creation of fictitious loans. The other, at U.S. Mortgage Co. in New Jersey, involved selling the same loans twice — once to credi …"

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 "Citigroup":

"… ng a growing number of emails and phone messages from people who worked at Citigroup’s subprime lending unit, CitiFinancial. The lender, they told Lee, was u …"

"… e demanded to resolve an employment dispute.”With the pressure building, Citigroup went out of its way to warn other current and former employees to keep qui …"

"… iet about what went on at CitiFinancial, according to Reuters news service.Citigroup, Reuters said, hired a famed litigator “to help fight allegations of ill …"

"… h at least 15 current or former employees, reminding the ex-employees that Citigroup would enforce the “non-disparagement clauses” in their severance agree …"

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 "Los Angeles":

"… he FBI offices most active in investigating mortgage fraud were Las Vegas, Los Angeles, New York, Tampa, Detroit, Washington, Miami, San Francisco, Chicago, 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 "New Century Financial Corp.":

"… est Mortgage Co./ACC Capital Holdings Corp with at least $80.6 billion and New Century Financial Corp. at $75.9 billion.A new regulatory regime (June 18, 2009) – By June of 20 …"

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 "Mortgage":

"… n 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

Excerpts from this story referencing "Mortgage":

"… helped create the crisis in the first place, according to the FBI’s 2008 Mortgage Fraud Report. But the bureau and FinCEN might have trouble catching them b …"

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 "New Century":

"… of 7.2 million mortgage records. That included companies like Ameriquest, New Century Financial, and Option One, which, unlike traditional lenders, don’t take …"

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 "Center for Public Integrity":

"… at has threatened the financial system. These are among the findings of a Center for Public Integrity analysis of government data on nearly 7.2 million “high-interest” or s …"

The Subprime 25

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

Excerpts from this story referencing "BNC Mortgage Inc.":

"… l Electric Co. Amount of Subprime Loans: At least $49.6 billion BNC Mortgage Inc./Lehman Brothers Amount of Subprime Loans: At least $47.6 billion *** …"