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 "Health and Human Services Secretary":

"… Urban Development Secretaries 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 "Department of Labor":

"… that can be found in court cases and government documents.  The U.S. Department of Labor ruled last year that Bank of America had improperly fired Foster for …"

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 "Fannie Mae":

"… same loans twice — once to credit unions and then to home finance giant Fannie Mae.Some former WMC employees say sales staffers at the lender used …"

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 "Bank of America":

"… s occurred between 2004 and 2007, the peak of the subprime borrowing craze. …"

"… anic victims are identified in the complaint and will receive compensation.Bank of America in a statement said that it does not discriminate. The abuses occurre …"

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 "Los Angeles":

"… had a very unhealthy culture.”Niemela sued Countrywide in state court in Los Angeles in 2007, asking for reinstatement and lost pay. A judge later ordered the …"

"… purchase a new home and move her family from the San Francisco Bay area to Los Angeles.When she sat down at the closing table, she says, she got a nasty surprise …"

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 "cancer":

"… pThe tales just grow more tawdry. Days before Mari Eisenman was to undergo cancer surgery, a senior vice president with her employer, Countrywide Financial …"

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 "New Hampshire":

"… ted that when the Republican presidential field debated economic policy in New Hampshire last week, the word “foreclosure” was mentioned – once. The Sun said …"

"… uesday’s debate, citing Nevada’s decision to move its primary ahead of New Hampshire’s.) Nevada homeowners are unlikely to see positive equity in their homes …"

Inside Countrywide, a ‘counseling meeting’ then termination

By Michael Hudson

Whistleblower suffers cancer, then termination from employment

Excerpts from this story referencing "Angelo Mozilo":

"… erning fraud at Countrywide.Before the merger, Countrywide chief executive Angelo Mozilo and other company officials blamed market conditions for the wave of dicey …"

Countrywide loan underwriter found herself in ‘dangerous territory’

By Michael Hudson

Countrywide underwriter learns that eventually, giants really do fall

Excerpts from this story referencing "Bank of America Corp.":

"… And they didn’t care that it was at the expense of other human beings.”Bank of America Corp., which bought Countrywide in 2008, declined to comment on Daniels’ accou …"

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 "Darrell Issa":

"… red story as well as the tale of the bankrupt solar company Solyndra. Rep. Darrell Issa, chairman of the House Committee on Oversight and Government Reform, is co …"

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 "loan applications":

"… they’d be paying on their loans and falsified information on their loan applications. One borrower provided pay stubs and tax returns showing he earned no …"

Mortgage industry whistleblower wins case against Bank of America

By Michael Hudson

Government awards mortgage whistleblower $930,000, job reinstatement

Excerpts from this story referencing "Eileen Foster":

"… ountrywide, to pay the former executive roughly $930,000 and reinstate her.Eileen Foster, who worked as a vice president at Countrywide and then at Bank of America …"

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 "Mortgage":

"… ncial 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 …"

"… uding the Truth in Lending Act and the Fair Debt Collections Practices Act.Mortgage industry racked by foreclosure scandal (Oct 7, 2010) – One of the leadin …"

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

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 "Lehman Brothers":

"… re aggressive Wall Street players. Even then, they were more cautious than Lehman Brothers and other investment banks. For example, just over 15 percent of Fannie- a …"

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 "McMansions":

"… usiness.Many borrowers are in desperate situations not because they bought McMansions but because they were trapped and gouged by unscrupulous mortgage brokers …"

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 "author":

"… equires him to pay 16 cents out of his own pocket for every dollar federal authorities claimed he had taken out of the company in ill-gotten personal gains. …"

"… easy?But some observers wonder whether Mozilo got off easy.David Callahan, author of the book, The Cheating Culture: Why More Americans Are Doing Wrong to G …"

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

Excerpts from this story referencing "dealer":

"… credit unions do not offer.” …"

"… ed they didn’t belong in the broad financial reform legislation. “Auto dealers are a part of Main Street, not Wall Street, and they are not responsible …"

"… mers through captive finance companies, credit unions, and banks. … Auto dealers do not obtain financing from Wall Street investment firms.”Consumer gro …"

"… financial liquidity provided by Wall Street banks and investors.Many auto dealers are intimately linked with Wall Street through the auto loan-backed secur …"

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 "Troubled Asset Relief Program":

"… ed substantial support from the Treasury, receiving $2.33 billion from the Troubled Asset Relief Program, or TARP, on New Year’s Eve, 2008. The lender is now “in active discus …"

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 "attorney":

"… $8.6 billion of home loan and foreclosure relief. The Center contacted an attorney for former Countrywide CEO Angelo Mozilo, but did not receive a response. …"

The Subprime 25

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

Excerpts from this story referencing "Citigroup Inc.":

"… Amount of Subprime Loans: At least $26.4 billion CitiFinancial / Citigroup Inc. Amount of Subprime Loans: At least $26.3 billion EquiFirst Corp …"