Poorly rated nursing homes got HUD-guaranteed mortgages anyway

By Jeff Kelly Lowenstein

Hundreds of poorly rated facilities received mortgage guarantees.

Excerpts from this story referencing "Inspector General":

"… am — from the Government Accountability Office and HUD’s Office of the Inspector General — don’t seem to have made much difference. HUD spokesman Brian Sulliv …"

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 "finance":

"… hat at least 21 of the top 25 subprime lenders were directly or indirectly financed by the banks that went on to receive federal bailout money. Our work was …"

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 "Bear Stearns":

"… to return is Thomas Marano, who led the mortgage finance division at Bear Stearns and was on the board of its subsidiary, EMC Mortgage. He then took ov …"

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 "Goldman Sachs":

"… ing hold similar jobs at the most powerful banks on Wall Street: JPMorgan, Goldman Sachs, Bank of America and Deutsche Bank. The fact they were able to emerge uns …"

"… of asset-backed securities,   was hired as managing director at Goldman Sachs in 2008 and then promoted to global head of mortgage trading in March 2012 …"

"… oted to global head of mortgage trading in March 2012. Andrew Williams, a Goldman Sachs spokesman, declined requests for comment. Verschleiser’s lawyer declined …"

"… t executives. The SEC has settled cases with a handful of banks, including Goldman Sachs, for sums that come to only a fraction of the companies’ quarterly profi …"

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 "real estate market":

"… a Castle & Cooke website, and left for California “when the Arizona real estate market collapsed in the sixties.” He soon owned real estate, mining, oil and ca …"

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 "Freddie Mac":

"… rack Obama has appointed to oversee mortgage finance giants Fannie Mae and Freddie Mac has received more campaign money from financial interests than any other i …"

"… meowners at risk of default to stay in their houses.  Fannie Mae and Freddie Mac buy and securitize about 90 percent of all new mortgages in the U.S. and g …"

"…           Fannie Mae’s and Freddie Mac’s PACs contributed $11,500 to Watt’s campaign from 2004 until their 20 …"

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

Excerpts from this story referencing "Baltimore":

"… akland and San Francisco, New York City, Cleveland, Riverside, Calif., and Baltimore. "The department's action makes clear that we will hold fina …"

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 "Secretary":

"… ries Alphonso Jackson and Henry Cisneros; former Health and Human Services Secretary Donna Shalala. The VIP unit processed Cisneros's loan after he joined Fann …"

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

Excerpts from this story referencing "Bank of America":

"… y begun negotiations for reinvestments with other major lenders, including Bank of America. The event came on the same day President Obama announced a new initi …"

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 "Mortgage":

"… into potentially criminal business practices at Burbank, Calif.-based WMC Mortgage Corp. during the home-loan boom, according to four people with knowledge o …"

"… rs, 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 …"

"… ed in guilty pleas to egregious fraud. One, at Taylor, Bean & Whitaker Mortgage Corp. in Florida, included the creation of fictitious loans. The othe …"

"… ;in Florida, included the creation of fictitious loans. The other, at U.S. Mortgage Co. in New Jersey, involved selling the same loans twice — once to credi …"

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

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

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

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 …"

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 "Bank of America":

"… climbing, and the industry leader, Countywide, would soon be forced to ask Bank of America for an infusion of capital to help it keep afloat.The fraud investigation …"

"… tes for account statements from various banks and brokerage firms, such as Bank of America and Washington Mutual.In some of the offices, investigators found more tha …"

"… and that its ethical standards were “rigorously enforced.”Zachary and Bank of America reached an out of court settlement in the case in 2009. As part of the set …"

"… thout them, it wouldn’t work.”‘A rare opportunity’In January 2008, Bank of America announced that it had reached a deal to purchase Countrywide, which had lo …"

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 "Angelo Mozilo":

"… er after she sent an email to the company’s founder and chief executive, Angelo Mozilo, about questionable lending practices. The ex-manager, Enid Thompson, warn …"

"… ” The American Dream In February 2003, Countrywide’s founder and CEO, Angelo Mozilo, gave a lecture hosted by Harvard’s Joint Center for Housing Studies tit …"

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

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

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 "federal law":

"… e servicers have adequate systems and procedures to ensure compliance with federal law." The bureau will work with HUD, banking regulators and the Treasury Depar …"

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

By Julie Vorman

Fed to set swipe fee limit

Excerpts from this story referencing "financial reform law":

"… sional hearings, rulemaking deadlines and events related to the Dodd-Frank financial reform law this week:Monday, June 27Credit union exec pay - Effective date for the Na …"

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 "attorney general":

"… related to the Dodd-Frank law.Bank of America investigated - The New York attorney general is targeting Bank of America Inc. in a new investigation that questions th …"

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 "Inspector General":

"… sparency in FHFA’s programs and operations cannot be overstated,” said Inspector General Steve Linick, a former Justice Department prosecutor confirmed by Senate l …"

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

Excerpts from this story referencing "Federal Housing Administration":

"… se Financial Services subcommittee holds hearing on the future role of the Federal Housing Administration and Ginnie Mae in single- and multi-family mortgage markets. Begins 1000 E …"

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

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

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

Excerpts from this story referencing "finance":

"… said Itzhak Ben-David, co-author of the study and assistant professor of finance at Ohio State University’s Fisher College of Business.Ben-David, along w …"

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 "Ohio County":

"… the end of 30 years to finish paying off a loan of just under $145,000.The Ohio County, W.Va., judge also found that Quicken used a “misleading and distorted …"

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