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 "Fannie Mae":

"… staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.The report, obtained by The Associated Press, …"

"… only aimed at gaining influence for the company but to help mortgage giant Fannie Mae. Countrywide's business depended largely on Fannie, which at the time was …"

"… cluded former top executive branch officials and three chief executives of Fannie Mae."Documents and testimony obtained by the committee show the VIP loan progr …"

"… not to give him a discount, and he did not receive one.—Former heads of Fannie Mae James Johnson, Daniel Mudd and Franklin Raines. Countrywide took a loss on …"

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 "Bank of America":

"… gainst workers who raise questions about fraud or other problems. …"

"… former top mortgage fraud investigator at Countrywide Financial Corp. and Bank of America, was one of the five people honored with Ridenhour Prizes this week. …"

"… nt documents.  The U.S. Department of Labor ruled last year that Bank of America had improperly fired Foster for leading internal investigations that “re …"

"… pay her some $930,000.Foster, who worked first at Countrywide and then at Bank of America after it acquired Countrywide in 2008, claimed that Countrywide executives …"

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 "Michael Hudson":

"… of a reporting partnership between iWatch News and the Los Angeles Times. Michael Hudson is a staff writer with iWatch News and E. Scott Reckard is staff writer wi …"

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 "Mortgage":

"… ending practices at Countrywide in a series of stories called “The Great Mortgage Coverup.” Perez said more than 200,000 African-American and Hispani …"

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 "Niemela":

"… nancial was doomed. …"

"… said, has its own culture. Each is a tribe with its own rituals and myths.Niemela, a management guru who’d worked for Boeing and other big employers, told …"

"… om now.”She lasted 16 months, but not much longer.Countrywide fired her, Niemela claimed, after she raised questions about fraud against customers and empl …"

"… bscure the company’s problems with employee dissatisfaction and turnover.Niemela’s account of her struggles at Countrywide provides another perspective o …"

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 "American Crossroads":

"… ews investigation reveals the depth of ties between the conservative group American Crossroads and the insurgent GOP candidate, Andy Barr. Its been funding negative ads …"

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 "Fannie Mae":

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

"… website for Republicans in the U.S. House of Representatives, has said: “Fannie Mae and Freddie Mac were the main cause of the nation’s current financial tu …"

Inside Countrywide, a ‘counseling meeting’ then termination

By Michael Hudson

Whistleblower suffers cancer, then termination from employment

Excerpts from this story referencing "Colorado":

"… eting, according to Eisenman: her complaints that workers at her branch in Colorado were falsifying documents and manipulating the home appraisal process.The …"

"… ons operating in multiple regions, including Alabama, Arizona, California, Colorado and Texas.Some of the former workers were non-supervisory employees who sa …"

"… in the case.‘Action plan’Eisenman, the former Countrywide employee in Colorado, said she uncovered indications of fraud soon after the company hired her …"

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

Excerpts from this story referencing "Mortgage":

"… e 12/2/11: Eileen Foster, the fraud sleuth profiled in iWatch News' "Great Mortgage Cover-Up" series, appeared on CBS News' "60 Minutes" on Sunday night (12-4 …"

"… foreman earning $126,000 a year, according to a legal claim later filed by Mortgage Guaranty Insurance Co., a Mortgage insurer. It turned out that the borrowe …"

"… Mortgage broker controlled by a five-time convicted felon. One Source Mortgage Inc.’s owner, Charles Mangold, had served time for weapons charges and o …"

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 "home loan lenders":

"… tes recently ranked Quicken No. 1 in “customer satisfaction” among all home loan lenders in America. The survey gave Quicken the highest scores for the quality and …"

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 "Fannie Mae":

"… s economic mess, and two names come to mind: Fannie and Freddie. They see Fannie Mae and Freddie Mac as the villains of the financial crisis., the off …"

"… l website for Republicans in the House of Representatives, says flatly: “Fannie Mae and Freddie Mac were the main cause of the nation's current financial turm …"

"… ry. When it comes to the lending spree that sparked the financial crisis, Fannie Mae and Freddie Mac were followers, not leaders. They were, at first, not-so-i …"

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

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 "CEO":

"… nd purchases of shaky assets. Center researchers attempted to reach every CEO and corporate owner on its list of the top 25 lenders with mixed success. …"

"… in reality has some part in the blame.” A lawyer for former New Century CEO Robert K. Cole said he would have no comment. Attorney Bert H. Deixler, w …"

"… ment. Attorney Bert H. Deixler, who represents another former New Century CEO, Brad Morrice, was reached by e-mail. He was asked to comment on New Centu …"

"… reclosure relief. The Center contacted an attorney for former Countrywide CEO Angelo Mozilo, but did not receive a response. Deeper and Deeper in Debt …"

The Subprime 25

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

Excerpts from this story referencing "Lehman Brothers":

"… ount of Subprime Loans: At least $49.6 billion BNC Mortgage Inc./Lehman Brothers Amount of Subprime Loans: At least $47.6 billion *** Chase Home …"