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 "Securities and Exchange Commission":

"… Robert Khuzami, who left in 2009 to become head of enforcement at the Securities and Exchange Commission. An SEC spokeswoman said Khuzami doesn’t participate in matters relating …"

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 "Countrywide Financial":

"… he nation’s most tarnished home lenders, such as Ameriquest Mortgage and Countrywide Financial. But they do shine a light on the practices and perceptions of a brand-nam …"

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 "WMC Mortgage Corp.":

"… r bank loans. Also on the list is Amy Brandt, who at age 31 became CEO of WMC Mortgage Corp., then owned by General Electric. Brandt‘s properties include a $2 m …"

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 "U.S. Justice Department":

"… ll Street accountable for its role in the financial crisis.The FBI and the U.S. Justice Department are looking into potentially criminal business practices at Burbank, Calif …"

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 "Ameriquest Mortgage":

"… ity,” said Ed Parker, former fraud investigations manager at now-defunct Ameriquest Mortgage Co., a leading subprime lender. “But we were not welcome because we affe …"

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 "executive director":

"… kers, but didn’t press cases higher up the corporate chain. John Taylor, executive director of the National Community Reinvestment Coalition, a nonprofit based in Was …"

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 "Los Angeles Times":

"… or not. And they stayed,” a longtime mortgage industry watcher told the Los Angeles Times. “It’s hard when you’re following someone off a cliff to know when t …"

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 "FinCEN":

"… wo new reports by the FBI and the Financial Crimes Enforcement Network, or FinCEN, an arm of the Treasury Department.Those who are allegedly committing the …"

"… e, according to the FBI’s 2008 Mortgage Fraud Report. But the bureau and FinCEN might have trouble catching them because non-bank mortgage lenders, respon …"

"… are alarming. In its twice-yearly SAR Activity Review – By the Numbers, FinCEN tallies all the so-called Suspicious Activity Report forms, or SARs, filed …"

"… rtgages that give borrowers the option to choose very low initial payments.FinCEN spokesman William Grassano cautioned that the rise in suspected fraud repo …"

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

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 "Citigroup Inc.":

"… Investment banks Lehman Brothers, Merrill Lynch, JPMorgan & Co., and Citigroup Inc. both owned and financed subprime lenders. Others, like RBS Greenwich Capit …"

"… ceived bank bailout funds, including American International Group Inc. and Citigroup Inc. The Center also conducted a computer analysis of more than 350 million m …"

"… rgo & Co., which ranked No. 8, JPMorgan Chase & Co. at No. 12, and Citigroup Inc. at No. 15. The big banks’ mortgage business was less reliant on subprime …"

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 …"