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 "spokeswoman":

"… come head of enforcement at the Securities and Exchange Commission. An SEC spokeswoman said Khuzami doesn’t participate in matters relating to his former emplo …"

"… y couldn’t comment on his previous work at Deutsche Bank.A Deutsche Bank spokeswoman declined to comment on the company’s work with subprime lenders during t …"

"… ed in 2008 by Bank of America Corp., denied any wrongdoing.A Deutsche Bank spokeswoman said the firm had no comment on its relationships with Ameriquest and Coun …"

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 "Michigan":

"… cken Loans, which makes loans from centralized internet lending centers in Michigan, Ohio, and Arizona, is now the nation’s largest online mortgage lender, …"

"… east seven other recent lawsuits – five more in West Virginia and two in Michigan – have accused the company of using bogus appraisals to approve loans.Th …"

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 "Michael Hudson":

"… es who followed Wall Street as it led the nation’s economy off a cliff. Michael Hudson is a staff writer with the Center for Public Integrity and author of The M …"

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 "Chairman":

"… to stop the bad practices when they were happening. Former Federal Reserve Chairman Alan Greenspan would later explain to CBS’ 60 Minutes: “While I was aw …"

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 "E. Scott Reckard":

"… e Los Angeles Times. Michael Hudson is a staff writer with iWatch News and E. Scott Reckard is staff writer with the Times. Hudson’s previous reporting on General E …"

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 "Washington Mutual":

"… hed for trying to fight fraud worked at giant firms such as Wells Fargo or Washington Mutual (WaMu). Others worked at smaller lenders that joined the rush to sell home …"

"… owers as being among the chief culprits.In congressional testimony, former Washington Mutual chief executive Kerry Killinger blamed borrowers for misleading WaMu about …"

"… ocess.A two-year U.S. Senate investigation found that senior management at Washington Mutual ignored clear evidence that bank employees were engaging in fraud.In a rep …"

"… he nation’s largest commercial bank, others were raising questions about Washington Mutual, the nation’s largest savings and loan.One of them was Theresa Hagman, a …"

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 "Boston":

"… n, an attorney with the National Consumer Law Center, a nonprofit based in Boston, said the FBI usually operates under the assumption “that lenders lose m …"

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 "Angelo Mozilo":

"… ed,” Muolo said. “It’s ego and ambition that sunk him.” …"

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 "New Century":

"… ranked No. 2 in the Center’s recent list of Top 25 Subprime Lenders, or New Century Financial, ranked No. 3. That’s a significant gap, because those non-dep …"

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 "Comptroller of the Currency":

"… , the Federal Reserve, the Office of Thrift Supervision, the Office of the Comptroller of the Currency, and the National Credit Union Administration.The Office of Thrift Supervi …"

"… e in American history. The agency is slated to fold into the Office of the Comptroller of the Currency under the administration’s plan.The Federal Reserve was responsible for …"

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 "New Century Financial Corp.":

"… h originated at least $80.6 billion worth of loans. Third was now-bankrupt New Century Financial Corp. of Irvine, California, with more than $75.9 billion in loans. Non-Bank Le …"

The Subprime 25

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

Excerpts from this story referencing "American Home Mortgage":

"… r Financial Inc. Amount of Subprime Loans: At least $16 billion American Home Mortgage Investment Corp. Amount of Subprime Loans: At least $15.3 billion …"