Finance findings you may have missed

By The Center for Public Integrity

How big financial institutions profit off homeowners, investors and consumers.

Excerpts from this story referencing "Bank of America":

"… ce system. In the wake of the Center's investigation, the no-bid contracts Bank of America and JPMorgan enjoy in federal prisons have been questioned by senators and …"

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 "Medicare":

"… “Had staff been aware of the issues identified by CMS [the Centers for Medicare and Medicaid Services], they may have been able to address the issues prio …"

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 of America":

"… ing to a civil complaint filed last year by the Justice Department against Bank of America, which purchased Countrywide in 2008. Kurland and other Countrywide alumn …"

"… an, she says, from roughly $400 per month to more than $800. By that time, Bank of America had bought Countrywide. Fore asked Bank of America to change the loan term …"

"… han $800. By that time, Bank of America had bought Countrywide. Fore asked Bank of America to change the loan terms until her husband’s workers’ compensation set …"

"… reclosure sale reversed so that she and George can remain in the house. A Bank of America spokeswoman said the bank does not comment on open litigation. The company …"

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 "U.S. Treasury":

"… P were required to submit their executives’ compensation packages to the U.S. Treasury for approval  and to disclose them in SEC filings. Special paymaster …"

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 "Consumer Financial Protection Bureau":

"… nk Act turns three this week, the law’s most controversial creation, the Consumer Financial Protection Bureau, is for the first time cracking down on mortgage lenders for encouraging l …"

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 "U.S. Treasury":

"… they went bust, the two enterprises have borrowed $187.5 billion from the U.S. Treasury            &nb …"

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 "Bank of America":

"… volume of Countrywide's subprime mortgages. Countrywide was taken over by Bank of America in January 2008, relieving the financial services industry and regulators …"

"… er chairman of the Oversight Committee. Towns issued the first subpoena to Bank of America for Countrywide documents, and current Chairman Darrell Issa, R-Calif., su …"

"… re documents. The committee said that in responding to the Towns subpoena, Bank of America left out documents related to Towns' loan.—Rep. Elton Gallegly, R-Calif. …"

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 "Wells Fargo":

"… gencies included Bank of America and Citibank, as well as JP Morgan Chase, Wells Fargo, and Ally Financial Inc. Although the formal papers have yet to be filed i …"

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 "Southern California":

"… eles have said they investigated three prominent high-risk home lenders in Southern California that melted down — Countrywide, New Century and IndyMac Bancorp — with …"

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

Inside Countrywide, a ‘counseling meeting’ then termination

By Michael Hudson

Whistleblower suffers cancer, then termination from employment

Excerpts from this story referencing "judge":

"… form law, then tried to move her case to U.S. District Court in Alabama. A judge dismissed the lawsuit, ruling Wingard had no right to go to court and bypa …"

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 "Freddie Mac":

"… ng Finance Agency, which oversees mortgage investing giants Fannie Mae and Freddie Mac, has filed massive lawsuits charging that Countrywide, Bank of America and …"

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 "attorney general":

"… ’t keep up with payments. Countrywide treated borrowers, California’s attorney general later claimed, “as nothing more than the means for producing more loans, …"

"… mentation of borrowers’ finances, according to a lawsuit by the Illinois attorney general. One former employee, the suit said, estimated that borrowers’ inco …"

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

Excerpts from this story referencing "Ben Bernanke":

"… dnesday, July 13Fed’s report card on economy –Federal Reserve Chairman Ben Bernanke delivers his semi-annual testimony on monetary policy and the state of the …"

"… A. Thursday, July 14Fed’s report card II - Federal Reserve Chairman Ben Bernanke delivers his semi-annual testimony on monetary policy and the state of the …"

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

Excerpts from this story referencing "Federal Trade Commission":

"… rency, Office of Thrift Supervision, National Credit union Administration, Federal Trade Commission, and Housing and Urban Development Department.FDIC swan song – Sheila Ba …"

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

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 "Financial Stability Oversight Council":

"… ay, May 27Financial market utilities - Deadline for public comments on the Financial Stability Oversight Council's proposed criteria to designate a financial market utility as systemicall …"

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

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