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 "Secretary":

"… ries Alphonso Jackson and Henry Cisneros; former Health and Human Services Secretary Donna Shalala. The VIP unit processed Cisneros's loan after he joined Fann …"

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 "Countrywide Financial Corp.":

"… truth-telling.Eileen Foster, the former top mortgage fraud investigator at Countrywide Financial Corp. and Bank of America, was one of the five people honored with Ridenhour Pri …"

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 "Countrywide Financial Corp.":

"… ess-familiar name than giant retailers such as Ameriquest Mortgage Co. and Countrywide Financial Corp. Still, in 3½ years under GE’s ownership, WMC issued roughly $110 billio …"

Bank of America to pay record settlement over Countrywide abuses

By John Dunbar

Bank of America to pay record settlement over Countrywide abuses

Excerpts from this story referencing "Countrywide Financial Corp.":

"… f America will pay $335 million to settle allegations of discrimination at Countrywide Financial Corp., the troubled lender it bought in 2008. Countrywide was the nation’ …"

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 of America":

"… dge later ordered the case into private arbitration.Last week, Niemela and Bank of America, which bought Countrywide in 2008, reached a confidential settlement of he …"

"… took place before the settlement was reached.As the case was being argued, Bank of America denied that Countrywide officials mistreated Niemela.The bank’s lawyers …"

"… el employees were harassed for reporting fraudulent lending practices.Bank of America has appealed the jury’s decision. A spokeswoman said the verdi …"

"… to defend herself, Niemela alleged.Soon after, in May 2007, she was fired.Bank of America’s lawyers maintained that Niemela had given “several different version …"

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

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 "Ron Paul":

"… talked about housing on the campaign trail, such as Newt Gingrich and Rep. Ron Paul of Texas have said Fannie and Freddie were responsible for policies that d …"

Inside Countrywide, a ‘counseling meeting’ then termination

By Michael Hudson

Whistleblower suffers cancer, then termination from employment

Excerpts from this story referencing "Countrywide Financial Corp.":

"… was to undergo cancer surgery, a senior vice president with her employer, Countrywide Financial Corp., called her in for a “counseling meeting.” The impetus for the me …"

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

Excerpts from this story referencing "fake bank statements":

"… ator tells how mortgage brokers used scissors, tape and Wite-Out to create fake bank statements, inflated property appraisals and other phony paperwork. Inside the heaps …"

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

Excerpts from this story referencing "Consumer Financial Protection Agency":

"… gulated by federal officials. President Obama signed a bill announcing the Consumer Financial Protection Agency, which would, for the first time, regulate non-bank mortgage companies.Whi …"

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 "Center for Public Integrity":

"… nts from job-producing companies.”A spokeswoman for the company told the Center for Public Integrity that every mortgage lender in America “has been beset” by claims of mi …"

"… appraisals to approve loans.The company didn’t answer questions from the Center for Public Integrity about its appraisal process.Claims That Borrowers’ Income ExaggeratedDoc …"

"… or 35 years. We want to save it.”Michael Hudson is a staff writer at the Center for Public Integrity and author of THE MONSTER: How a Gang of Predatory Lenders and Wall Street …"

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 "Washington":

"… ie and Freddie and other instruments of government policy, the paper says, Washington “subsidized and, in some cases, mandated the extension of credit to high …"

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 "Countrywide Financial Corp.":

"… .” …"

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

Excerpts from this story referencing "FDIC":

"… ts options, including its pending application to receive funds through the FDIC’s Temporary Liquidity Guarantee Program, as well as other possibilities …"

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

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 "Mortgage":

"… record, according to the Federal Reserve. Each year, under the Home Mortgage Disclosure Act, the federal government collects reams of data from lenders …"

"… erica last year, saving it from probable bankruptcy. Second was Ameriquest Mortgage Co. of Orange, California, now defunct, which originated at least $80.6 bi …"

"… dit Corp. (No. 17), for example, was a subsidiary of Bear Stearns, and BNC Mortgage Inc. was part of Lehman Brothers (No. 11). The lending totals in the surv …"

"… vernment. IndyMac Bank (No. 14) and Washington Mutual (owner of Long Beach Mortgage Co., No. 5) were each taken over by federal banking regulators after big l …"

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 …"