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.

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 "U.S. Justice Department":

"… ll Street accountable for its role in the financial crisis.The FBI and the U.S. Justice Department are looking into potentially criminal business practices at Burbank, Calif …"

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 "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 "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

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 "Roseville":

"… what she later claimed to be evidence of serious fraud at Countrywide’s Roseville, Calif., branch. Employees were falsifying loan applicants’ salaries in …"

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 "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

Excerpts from this story referencing "Michael Pikora":

"… they qualified for a lower rate, and rolling hidden fees into the loan,” Michael Pikora, a former loan salesman, said in a sworn statement in a lawsuit involving …"

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. GOP.gov, 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

Excerpts from this story referencing "Federal Trade Commission":

"… ng units it had acquired when it purchased Countrywide Financial Corp. The Federal Trade Commission claimed the servicers had gouged homeowners and misrepresented how much th …"

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 "Center for Public Integrity":

"… lenders which made subprime loans from 2005 through 2007, according to the Center for Public Integrity’s Who’s Behind the Financial Meltdown? One of the ironies of Countrywi …"

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

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

The Subprime 25

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