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.

Report: Some lose homes over as little as $400

By The Associated Press

Some homeowners lose houses for a little as $400 in overdue taxes, consumer group says

New whistleblower cases allege continued bank fraud

By Amy Biegelsen and Emma Schwartz

Mortgage modifications and appraisal processes in question

Raging against the foreclosure machine

Automated foreclosure process creates errors, stifles modifications and enrages helpless homeowners

Excerpts from this story referencing "Mortgage":

"… led to sign up for a modification plan with their loan servicer, GMAC Home Mortgage, Cassandra Gray said.The modification lowered their payment from $1,128 to …"

"… to pools of 5,000 or more. They are then sliced up and sold as securities. Mortgage servicers bid on the rights to manage these loan pools before they are sol …"

"… aged lenders to stop caring whether the loans they were making were sound. Mortgage giants like Countrywide approved as many loans as possible knowing that Wa …"

"… ton III, a U.S. bankruptcy judge in Aberdeen, Miss., ordered American Home Mortgage Servicing Inc. to pay borrower Glen Cothern’s legal expenses due to its …"

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 "Ameriquest Mortgage":

"… tgage brokers, making it a less-familiar name than giant retailers such as Ameriquest Mortgage Co. and Countrywide Financial Corp. Still, in 3½ years under GE’s owner …"

Fraud and folly: The untold story of General Electric’s subprime debacle

By Michael Hudson

High-paid employees of fraud-plagued, GE-owned WMC Mortgage included ex-porn star, strippers

Excerpts from this story referencing "Mortgage":

"… loans by paying roughly half a billion dollars to buy California-based WMC Mortgage Corp.What GE got in the bargain, former WMC employees say, was a place whe …"

"… ng.Founded in 1955, it had been known for much of its life as Weyerhaeuser Mortgage, a subsidiary of the pulp and paper giant Weyerhaeuser Co. By the lat …"

"… ck defective WMC loans.By October 2007 — as Riedel had predicted — WMC Mortgage was effectively out of business, dead after having pumped out roughly $110 …"

"… loans under GE’s watch, according to industry data tracker Inside Mortgage Finance.‘Living it up’And Amy Brandt?She was “living it up,” at le …"

Woman says GE-owned subprime lender deceived, defrauded her

By Michael Hudson

Mortgage on modest home becomes legal nightmare for West Virginia woman

Excerpts from this story referencing "Mortgage":

"… d out the costs and details of her loan.The $67,500 loan was funded by WMC Mortgage Corp., a subsidiary of General Electric since 2004.GE shuttered WMC in 200 …"

Ex-WaMu worker claims he was shunned for refusing to push toxic loans on borrowers

By Michael Hudson

Ex-WaMu employee says he fought pressure to sell toxic loans

Excerpts from this story referencing "Mortgage":

"… rs as a high-earning salesman at a smaller lender in Los Angeles, Citizens Mortgage, before he took a job in mid-2007 as a Mortgage sales rep at a Washington …"

"… it did on fixed-rate home loans, according to internal company documents. Mortgage investors on Wall Street loved them because their growing loan balanc …"

"… other question.As early as 2006, BusinessWeek had called them “Nightmare Mortgages,” declaring they “might be the riskiest and most complicated home loa …"

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 …"

Whistleblowers ignored, punished by lenders, dozens of former employees say

By Michael Hudson

Former mortgage company employees say fraud was widespread in industry

Excerpts from this story referencing "Ameriquest Mortgage":

"… ity,” said Ed Parker, former fraud investigations manager at now-defunct Ameriquest Mortgage Co., a leading subprime lender. “But we were not welcome because we affe …"

Worst may be yet to come in foreclosure crisis, study says

Millions more homes at 'imminent risk of default' study says

Excerpts from this story referencing "Mortgage":

"… ften as white borrowers.The study – “Lost Ground, 2011: Disparities in Mortgage Lending and Foreclosures” – concludes with a plea for stronger governm …"

Obama housing plan gets faint praise

The president outlined a new plan to help homeowners, GOP presidential candidates rely on free market

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

'Occupy Wall Street' aims ire at foreclosures

By Michael Hudson

Singing protesters try to block foreclosure in Brooklyn courtroom

HUD cuts to devastate mortgage counseling agencies across nation

By Ben Hallman

HUD mortgage counseling program loses funds, hundreds of housing counseling agencies hammered

Mortgage industry tanks, fraud continues at Countrywide

By Michael Hudson

As the mortgage industry melted down, fraud investigator kept up the pressure, soon lost her job

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 …"

Obama's new plan for underwater mortgages may be too little too late

By Michael Hudson

Obama orders Fannie and Freddie to work with borrowers; earlier programs helped only a few

Borrower Nightmares: Disabled homeowner alleges broker, bank sold her mortgage she couldn’t afford

By Ben Hallman

Queens woman fights foreclosure on her childhood home

Excerpts from this story referencing "Mortgage":

"… But that wasn’t the loan that the broker had asked the lender, Emigrant Mortgage Co. of New York to approve, Mosunic’s lawsuit alleges. An hour later, M …"

"… repairs to a downstairs apartment. Emigrant Bank, the parent of Emigrant Mortgage, said in written answers to questions from iWatch News that loan documents …"

"… interest rate.  Rholda Ricketts, Deputy Superintendent of Banks for Mortgage Banking , told iWatch News that the regulator strongly supported a 2008 la …"

Reporter Michael Hudson Talks Mortgage Fraud on KCBX

Michael discusses annual FBI mortgage fraud report

FBI brags about chasing down mortgage fraudsters but big banks are left untouched

By Michael Hudson

FBI report identifies mortgage fraudsters of all stripes – except banks

Excerpts from this story referencing "Ameriquest Mortgage":

"… and attorneys general around the nation. The state authorities accused its Ameriquest Mortgage subsidiary of using bait-and-switch salesmanship, inflated appraisals and …"

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 "Ameriquest Mortgage":

"… rywide Financial 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 …"

As housing crisis festers, mortgage servicers spend $8 million on political contributions

By Michael Hudson and Aaron Mehta

Mortgage servicers pony up $8 million in political donations as housing crisis festers

"Dear CFPB" wish lists urge action on mortgages, payday loans, prepaid cards

By Shirley Gao

Advocacy groups have long wish lists for Consumer Financial Protection Bureau

Borrower Nightmares

By Julie Vorman

Leaderless CFPB faces big job taming predatory lenders

Mortgage servicing standards at the top of consumer agency's agenda

By Julie Vorman and Shirley Gao

New consumer agency sets mortgage servicing standards as a top priority

Excerpts from this story referencing "Mortgage":

"… s before she could execute trades for her fund, which suffered as a result. …"

Report: Car loans include billions in undisclosed charges

By Keith Epstein

Beyond regulation, auto lenders charge billions in hidden rate markups

Big banks can fund mortgage aid programs If government won't, says Democrat

By Julie Vorman

As budget-conscious House Republicans try to kill a $1 billion program to help unemployed Americans avoid foreclosure, Democrat Barney Frank

Will Washington pull the plug on HAMP?

By Michael Hudson

The future of the Obama administration’s troubled $30 billion initiative to bail out beleaguered homeowners is on the line. ...

Data confirms that securitized mortgages less likely to be modified

By Amy Biegelsen

Government data analyzed by Federal Reserve economists shows what many home owners have already learned the hard way: Consumers have a muc

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