Former subprime executive making risky loans again

By Daniel Wagner

Andy Pollock, who led First Franklin's bad loan factory, is pushing interest-only loans at new firm.

Excerpts from this story referencing "Bank of America":

"… le consumers nearly sank Merrill Lynch, which was forced to sell itself to Bank of America. WDB Funding is the third mortgage company Pollock has helped lead since r …"

Report: Countrywide won influence with discounts

By The Associated Press

Subprime lender Countrywide bought influence of Washington elite with mortgage discounts

Excerpts from this story referencing "Bank of America":

"… volume of Countrywide's subprime mortgages. Countrywide was taken over by Bank of America in January 2008, relieving the financial services industry and regulators …"

"… er chairman of the Oversight Committee. Towns issued the first subpoena to Bank of America for Countrywide documents, and current Chairman Darrell Issa, R-Calif., su …"

"… re documents. The committee said that in responding to the Towns subpoena, Bank of America left out documents related to Towns' loan.—Rep. Elton Gallegly, R-Calif. …"

Countrywide whistleblower chosen for Ridenhour award

By Michael Hudson

Countrywide whistleblower chosen for Ridenhour award for truth-telling in the public interest.

Excerpts from this story referencing "mortgage lender":

"… ata and other illegal activity inside what was once the nation’s largest mortgage lender.Bank of America is appealing the Labor Department’s decision. The bank c …"

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

Bank of America to pay record settlement over Countrywide abuses

By John Dunbar

Bank of America to pay record settlement over Countrywide abuses

Management gurus claim they were blindsided by toxic culture at Countrywide

By Michael Hudson

Survey showed Countrywide suffered from bad ethics, bad management, ex-employee says

Excerpts from this story referencing "bank":

"… , bank of America denied that Countrywide officials mistreated Niemela.The bank’s lawyers hit hard against Niemela in legal documents, saying that “he …"

"… when she first raised the issue about the changes in the presentation.The bank’s lawyers said Niemela’s only concern was that the revised presentatio …"

"… was too rosy. Nothing more.” That wasn’t enough, they argued, to show bank officials had violated any laws.Niemela wasn’t surprised, she says, in l …"

The weekly watchdog: Oct. 17 - Oct. 21

By Bill Buzenberg

In case you missed them, catch up on this week's top investigations from iWatch News

Excerpts from this story referencing "T-Mobile":

"… d the country have stepped up to support AT&T’s proposed merger with T-Mobile. A closer look by the Center shows why: AT&T gives them money — and …"

GOP candidates in foreclosure capital say government not the solution to crisis

By Michael Hudson

Republican candidates in Nevada say foreclosure mess will go away if government stays out of it

Excerpts from this story referencing "Freddie Mac":

"… the housing crisis on government-chartered mortgage giants Fannie Mae and Freddie Mac, which have been taken over by the government and bailed out by taxpayers. …"

"… ublicans in the U.S. House of Representatives, has said: “Fannie Mae and Freddie Mac were the main cause of the nation’s current financial turmoil.” The fe …"

Inside Countrywide, a ‘counseling meeting’ then termination

By Michael Hudson

Whistleblower suffers cancer, then termination from employment

Countrywide loan underwriter found herself in ‘dangerous territory’

By Michael Hudson

Countrywide underwriter learns that eventually, giants really do fall

The weekly watchdog: Sept. 19 - Sept. 23

By Bill Buzenberg

In case you missed them, catch up on this week's top investigations from iWatch News

Countrywide protected fraudsters by silencing whistleblowers, say former employees

By Michael Hudson

Exclusive interview with a high-ranking Bank of America whistleblower reveals corruption that led to the financial collapse

Mortgage industry whistleblower wins case against Bank of America

By Michael Hudson

Government awards mortgage whistleblower $930,000, job reinstatement

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

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 "loan applications":

"… lying and intimidation, pressuring them to falsify borrowers’ incomes on loan applications and to push overpriced deals on desperate or unwary homeowners.Managers ur …"

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

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

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. ...

FDIC sits on potential 50 lawsuits as it tries to reach settlements

In the more than two years since Lehman Brothers went bust, the Federal Deposit Insurance Corp. has shuttered more than 250 banks, but has s

Main Street or Wall Street?

By Michael Hudson

In arguing against tougher regulation of car dealers, Kansas Republican Sen. Sam Brownback insisted they didn’t belong in the broad financia

Bank of America pays $108 million to settle latest case against troubled Countrywide unit

Struggling homeowners who were overbilled by two Countrywide Financial subsidiaries for services such as lawn care and home inspections at t

Subprime loans were big business for struggling lender CIT

By Kat Aaron

Troubled lender CIT Group found itself on the brink of bankruptcy Monday, as concerns regarding its liquidity and debt mounted. The company

Leaders of the nation’s No. 1 subprime lender charged by the SEC

By Kat Aaron

Angelo Mozilo, founder and former CEO of Countrywide Financial — the No. 1 subprime lender in America, according to a Center for Public Inte

Excerpts from this story referencing "David Sambol":

"… hange Commission. Former Countrywide chief operating officer and president David Sambol and former chief financial officer Eric Sieracki are also facing fraud cha …"

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 "Bear Stearns":

"… edge funds. Encore Credit Corp. (No. 17), for example, was a subsidiary of Bear Stearns, and BNC Mortgage Inc. was part of Lehman Brothers (No. 11). The lending …"

"… 5 billion. Also among the top underwriters: Morgan Stanley, Merrill Lynch, Bear Stearns, and Goldman Sachs. When New Century filed for bankruptcy, it listed Gold …"

"… it had lines of credit totaling $14.1 billion from those five banks, plus Bear Stearns, Credit Suisse First Boston, Deutsche Bank, and IXIS Real Estate Capital, …"

"… ent bank. The lender sold billions of dollars in loans to Lehman Brothers, Bear Stearns, Goldman Sachs, Citigroup and Merrill Lynch. Some of its other financial s …"

The Subprime 25

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