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 "Housing":

"… g home magnate Floyd A. Schlossberg had to be happy with the Department of Housing and Urban Development on March 30, 2012. Nursing home residents and …"

"… n Alma Nelson Manor nursing home in Rockford, Illinois. The Department of Housing and Urban Development (HUD) insured the loan through a little-known federa …"

"… s been that way since it’s started.” Beginnings Part of the National Housing Act of 1959, the nursing home mortgage program was created because Congres …"

"… R-Ill., and Sen. Mike Crapo, R-Idaho, a member of the Senate’s Banking, Housing, and Urban Development Committee, which oversees HUD. Schlossberg did not …"

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.

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 "Park City":

"… as a 4,700-square-foot home in New Jersey and a vacation home in Park City, Utah, declined to comment for this story. He sold the New Jersey hou …"

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 "America":

"… rors and Czechoslovakian chandeliers.” He is the 190th-richest person in America on the latest Forbes list.) By 2012, Castle & Cooke Mortgage had grow …"

"… than a year “and anticipates an amicable resolution.” Pineda told The American Banker, “We don’t compensate loan officers based on the terms of a lo …"

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.

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 "Freddie Mac":

"… ns of pieces of legislation that would have reformed Fannie" and its rival Freddie Mac, the committee said.Some of the discounts were ordered personally by forme …"

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 "Home Affordable Modification Program":

"… rica promised to help move troubled borrowers into the taxpayer subsidized Home Affordable Modification Program (HAMP).But that’s not what happened, according to the whistleblower suit …"

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

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

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

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 "Home Affordable Modification Program":

"… ut economists and consumer groups say those efforts have fallen short. The Home Affordable Modification Program (HAMP), launched soon after President Barack Obama took office, has so far …"

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 "Secretary":

"… mployment before they lose their home," said Housing and Urban Development Secretary Shaun Donovan.The year-long forbearance period is required for mortgage lo …"

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 "Bank of America":

"… ly round-up of commentary, analysis and news related to the Dodd-Frank law.Bank of America investigated - The New York attorney general is targeting Bank of America …"

"… .Bank of America investigated - The New York attorney general is targeting Bank of America Inc. in a new investigation that questions the validity of "potentially 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 "acting director":

"… since 2008 for former executives of Fannie and Freddie.  The FHFA’s acting director, Edward DeMarco, told lawmakers then that the government was obligated to …"

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

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 "Home Affordable Modification Program":

"… nnie Mae executives bungled their key role in the Obama administration’s Home Affordable Modification Program (HAMP) foreclosure-prevention campaign, engaging in “mismanagement and g …"

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 "Home Affordable Modification Program":

"… freeze the interest rate, the economists found.The Treasury Department’s Home Affordable Modification Program (HAMP), which initially promised to help up to 4 million distressed homeow …"

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