Center 'Meltdown' series continues to expose abuses that could lead to the next economic crisis

By Bill Buzenberg

Four years after answering 'Who's behind the financial meltdown,' we follow up and see where those people are now.

Excerpts from this story referencing "Subprime lending":

"… five years later and their lavish lifestyles. The second installment, “Subprime lending execs back in business five years after crash,” tells the story of how m …"

Subprime lending execs back in business five years after crash

By Daniel Wagner

Executives from all of the top 25 subprime lending firms are working in the mortgage business five years later.

Excerpts from this story referencing "bank":

"… Sept. 15, Lehman Brothers Holdings Inc. filed for Chapter 11, the largest bankruptcy in the nation’s history. The move set off a series of dramatic act …"

"… ff a series of dramatic actions in Washington, D.C., and on Wall Street as bankers and regulators sought to avoid a shutdown of the global economy. To mar …"

"… rs hastened the downfall of Merrill Lynch after the Wall Street investment bank bought it in 2006 for $1.3 billion. He was still running First Frankl …"

"… t assure the quality of the loans we originate.” The next year, federal banking regulators said First Franklin was among the lenders with the highest f …"

Bear Stearns mortgage executives have plum jobs on Wall Street

By Lauren Kyger and Alison Fitzgerald

Executives from the mortgage finance division that helped sink Bear Stearns have similar jobs at major Wall Street banks.

Excerpts from this story referencing "Securities and Exchange Commission":

"… ies for the future?” asked Jordan Thomas, a former attorney for the Securities and Exchange Commission who now runs the whistleblower practice at Labaton Sucharow in New York. …"

Mortgage lender owned by Dole Foods magnate accused by CFPB of abusive practices

By Daniel Wagner

The new consumer watchdog is accusing a Utah lender of steering borrowers into high interest mortgages.

Excerpts from this story referencing "Finance":

"… inance and corporate accountability.  Sign up now to receive our Finance email newsletter. ------------------------- The company said in an e …"

Mel Watt enjoys close ties to financial industries

By Alison Fitzgerald

Bank leaders, PACs made prospective housing agency leader a top recipient of campaign cash.

Excerpts from this story referencing "Franklin Raines":

"… st $4,250 from 1998 through 2004, with Fannie’s controversial former CEO Franklin Raines chipping in $1,500 to help Watt keep his seat. Bank of America, Watt’s …"

Wells Fargo to pay $175M in lending settlement

By The Associated Press

Justice Dept: Wells Fargo to pay $175M to settle allegations of bias against blacks, Hispanics

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 "Barack Obama":

"… timately pays them."Johnson in 2008 resigned as a leader of then-candidate Barack Obama's vice presidential search committee after The Wall Street Journal reporte …"

New whistleblower cases allege continued bank fraud

By Amy Biegelsen and Emma Schwartz

Mortgage modifications and appraisal processes in question

Excerpts from this story referencing "Bank of America":

"… t with five major lenders.  A suit unsealed March 7 alleges that Bank of America fraudulently misled borrowers and regulators in order to keep customers ou …"

"… ted.As a condition of accepting $45 billion from the federal bank bailout, Bank of America promised to help move troubled borrowers into the taxpayer subsidized Home …"

"… gory Mackler, formerly an employee of Urban Lending Solutions, the company Bank of America contracted to manage HAMP complaints.Mackler claims the company developed …"

"… were eligible for federally subsidized loan modifications.The suit claims Bank of America:Told borrowers and regulators that a complaint was “under review” whil …"

Virginians protest General Electric over foreclosures

By Amy Biegelsen and Emma Schwartz

Group says company should reinvest where its loans went bad

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 …"

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

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

Obama housing plan gets faint praise

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

Excerpts from this story referencing "Barack Obama":

"… eclosure crisis met the campaign trail this week in Nevada, with President Barack Obama and Republican candidates for president suggesting sharply different appro …"

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 "Freddie Mac":

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

"… ublicans in the U.S. House of Representatives, has said: “Fannie Mae and Freddie Mac were the main cause of the nation’s current financial turmoil.” The fe …"

Inside Countrywide, a ‘counseling meeting’ then termination

By Michael Hudson

Whistleblower suffers cancer, then termination from employment

Excerpts from this story referencing "Arapahoe County":

"… ob.The lawsuit was resolved in 2008, according to the clerk’s office for Arapahoe County (Colo.) District Court. Bank of America didn’t respond to a request for …"

Countrywide loan underwriter found herself in ‘dangerous territory’

By Michael Hudson

Countrywide underwriter learns that eventually, giants really do fall

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

Excerpts from this story referencing "Los Angeles":

"… itness statement in a Countrywide shareholders lawsuit in federal court in Los Angeles. After the company had closed one branch and was preparing to shut fi …"

"… ny’s fraud hotline. The company responded, her lawsuit in state court in Los Angeles said, by firing her.The case was settled last year before Countrywide had …"

"… a colleague and boss. Among them is Larry Goebel, a former captain in the Los Angeles Police Department’s internal affairs unit who worked with Foster at Coun …"

"… y. He now works as head of security for the Performing Arts Center of Los Angeles County.Bank of America declined to answer questions about Goebel’s accou …"

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 "First Bank Inc.":

"… ing her way up to vice president for fraud prevention and investigation at First Bank Inc. Countrywide brought her on as a first vice president and put her in charg …"

Stock market plunge shows need for tough oversight of financial system, reformers say

By Michael Hudson

Is stock market plunge a sign that tough Wall St. reforms are still needed?

2012 election + weak housing market = new White House policies?

By Shirley Gao and Julie Vorman

The fast-approaching 2012 election has the Obama administration eyeing new policies to breathe life into housing market

Excerpts from this story referencing "Barack Obama":

"… Home Affordable Modification Program (HAMP), launched soon after President Barack Obama took office, has so far helped only about 600,000 borrowers. Another 4 mil …"

Consumer advocate Warren returns to ring for more sparring with GOP-led panel

By Julie Vorman

Elizabeth Warren returns to GOP-led hearing for more sparring over consumer agency

Excerpts from this story referencing "Freddie Mac":

"… uld eliminate a government-sponsored enterprise charter for Fannie Mae and Freddie Mac, and would also limit legal fees paid by Fannie and Freddie to defend form …"

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

Financial reform this week: Will Fed bow to banks' demand to keep swipe fees high?

By Julie Vorman

Fed to set swipe fee limit

Reform reading: New York AG takes aim at Bank of America

By Shirley Gao

Reform reading: New York AG takes aim at Bank of America

Excerpts from this story referencing "Barack Obama":

"… g its new rules to police the swaps market.FDIC nominee – President Barack Obama plans to nominate Martin Gruenberg, vice chairman at the Federal Deposit I …"

As Fannie, Freddie flounder, six top execs receive handsome rewards

By John Solomon and Julie Vorman

Obama administration approves $34 million in compensation without market analysis of executive pay

Excerpts from this story referencing "prosecutor":

"… tated,” said Inspector General Steve Linick, a former Justice Department prosecutor confirmed by Senate last year to watch over federal housing programs. “F …"

"… a to the FHFA inspector general job, Linick was a respected career federal prosecutor who oversaw the Justice Department’s National Procurement Fraud Task For …"

Financial reform this week: Will SEC's final whistleblower rule require first filing internal complaint?

By Julie Vorman

Your guide to Dodd-Frank law deadlines, hearing and events for the week of May 23

Education Department promises a fix to troubled disability review program

By Sasha Chavkin

After an investigation by ProPublica and Center for Public Integrity last week found that the Department of Education’s bureaucratic program

Excerpts from this story referencing "Texas":

"… a solution that will save taxpayer time and money."Rep. Rubén Hinojosa, D-Texas, the committee’s ranking Democrat, said he was concerned about the pligh …"

Judge says Fannie Mae whistleblower's lawsuit can go forward

By Michael Hudson

As Congress begins to tackle the future of Fannie Mae and Freddie Mac, the government-chartered mortgage giants that have been kept alive wi

Excerpts from this story referencing "Department of the Treasury":

"… tiff’s termination, and her job expectations at either Fannie Mae or the Department of the Treasury, rely upon disputed facts that only can be distilled and processed after a …"

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

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

Conservative think tank's plan would limit securitization of mortgages

By Amy Biegelsen

The American Enterprise Institute offered a plan today to eliminate the “bubble-inducing distortion” it blames for the recent financial cris

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