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.

Excerpts from this story referencing "Bank of America":

"… le consumers nearly sank Merrill Lynch, which was forced to sell itself to Bank of America. WDB Funding is the third mortgage company Pollock has helped lead since r …"

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 …"

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 "Washington":

"… artment identified large number of discrimination victims. Those areas are Washington, D.C., Chicago, Philadelphia, Oakland and San Francisco, New York City, Cl …"

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 "Freddie Mac":

"… as investment properties. GE denies the allegations, and insists that Freddie Mac, which invested in the securities, made out well on the deals.On the recor …"

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 "Washington Mutual":

"… hed against Saffer because it bought Saffer’s ex-employer, Seattle-based Washington Mutual Bank, in September 2008, after regulators seized WaMu in what was the larg …"

"… ns Mortgage, before he took a job in mid-2007 as a mortgage sales rep at a Washington Mutual office in Ladera Ranch, Calif.WaMu, the nation’s largest savings and loa …"

"… “NegAm” in industry parlance.Option ARMs accounted for roughly half of Washington Mutual’s home-loan production during the mortgage boom years, according to fede …"

"… rowers, he says.That didn’t leave him many other products he could sell. Washington Mutual purposely priced traditional 30-year fixed-rate mortgages higher than what …"

Bank of America to pay record settlement over Countrywide abuses

By John Dunbar

Bank of America to pay record settlement over Countrywide abuses

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

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

Credit unions remake themselves in image of payday lenders

By Ben Hallman

Credit unions remake themselves in image of payday lenders

Excerpts from this story referencing "Mountain America":

"… e federal program, allowing them to charge significantly more in fees. At Mountain America Federal Credit Union in Utah, a five-day $100 “MyInstaCash” loan costs …"

"… payday lenders. An iWatch News investigation found 15 credit unions like Mountain America that continue to offer high-cost loans that closely resemble the payday lo …"

"… ’ Credit Union in North Carolina to the high triple-digits loans sold by Mountain America. It has become a fast-growing trend in an industry struggling to remake it …"

"… loans declined to discuss their profitability, but NCUA filings show that Mountain America Financial Services -- which administers the Mountain America credit union …"

Report: Car loans include billions in undisclosed charges

By Keith Epstein

Beyond regulation, auto lenders charge billions in hidden rate markups

Data shows Deutsche Bank was key patron of questionable mortgage lenders

By Michael Hudson

Data shows Deutsche Bank was key patron of questionable mortgage lenders

Buyer beware

By David Heath

New consumer agency powerless against dishonest auto lending practices

Excerpts from this story referencing "Kathi Rawls":

"… left to taking their cases to court. But that’s rarely an option either.Kathi Rawls, the Oklahoma City attorney who handled cases for both Moses and Barnes, s …"

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

"The Monster": A guide to the subprime crisis

By Julie Vorman

Congratulations to my Center for Public Integrity colleague, Michael Hudson, whose new book debuted today as the No. 1 bestseller on Amazon.

16 cents on the dollar: Doing the math on Mozilo settlement

By Michael Hudson

In the end, Angelo Mozilo settled for pennies on the dollar. ...

Boiler rooms, foreclosure mills: The story of America’s mortgage industry

By Michael Hudson

The news about the nation’s foreclosure scandal has been coming fast and furious, driven by tales of backdated documents, false affidavits a

Excerpts from this story referencing "supervisor":

"… e,” Kuhn said. “So I was told to take advantage of him.” Kuhn said a supervisor ordered him to cut and paste documents to make the loan go through, tellin …"

Morgan Stanley latest to settle with Massachusetts

Before Massachusetts Attorney General Martha Coakley gained notoriety as a failed Democratic candidate for the U.S. Senate, she was best kno

WaMu bank executives aware of rampant fraud

By David Heath

WaMu bank executives aware of rampant fraud but failed to act

Excerpts from this story referencing "Michigan":

"… s a direct result of the subprime meltdown. And today Sen. Carl Levin, the Michigan Democrat who will chair the hearing, sidestepped questions about whether W …"

WaMu bank executives aware of rampant fraud

By David Heath

WaMu executives knew of fraud yet they failed to act, Senate investigation finds

At top subprime mortgage lender, policies Were invitation to fraud

By David Heath

Long Beach Mortgage employees say firm routinely ignored warnings

Excerpts from this story referencing "mortgage lender":

"… regional player in the Pacific Northwest — the nation’s second largest mortgage lender. By 2003, one in eight new mortgages in America came from Washington Mutua …"

One year later: A meltdown retrospective

By Kat Aaron

Today marks a year since the collapse of Lehman Brothers, the biggest bankruptcy in U.S. history. As President Obama delivers a major speech

You broke it? You fix it.

By John Dunbar

Firms that fed off the subprime lending frenzy that devastated the banking system are lining up to collect more than $21 billion in taxpayer

Subprime loans were big business for struggling lender CIT

By Kat Aaron

Troubled lender CIT Group found itself on the brink of bankruptcy Monday, as concerns regarding its liquidity and debt mounted. The company

Mortgage fraud reports rise, but some fraud may still be undetected

By Kat Aaron and Nick Schwellenbach

Reports of suspected mortgage fraud — fueled by the current economic crisis — are up in 2008, according to two new reports by the FBI and th

Leaders of the nation’s No. 1 subprime lender charged by the SEC

By Kat Aaron

Angelo Mozilo, founder and former CEO of Countrywide Financial — the No. 1 subprime lender in America, according to a Center for Public Inte

Excerpts from this story referencing "David Sambol":

"… hange Commission. Former Countrywide chief operating officer and president David Sambol and former chief financial officer Eric Sieracki are also facing fraud cha …"

Goldman settlement sends shiver through banking world

By John Dunbar

Goldman Sachs & Company’s agreement to pay up to $60 million to settle a Massachusetts investigation of subprime lending sends a sobering me

Excerpts from this story referencing "Michael DuVally":

"… Goldman also packaged securities using Option One loans.Goldman spokesman Michael DuVally told reporters Monday that “Goldman Sachs is pleased to have resolved th …"

The Financial Meltdown: A Glossary

By Kat Aaron

Key terms about the financial meltdown

Excerpts from this story referencing "Subprime lending":

"… if a borrower defaulted on the loan without engaging in arbitration first. …"

"… rs.” According to former Federal Reserve Governor Edward M. Gramlich, “Subprime lending can be defined simply as lending that involves elevated credit risk.”Sub …"

No. 9 of The Subprime 25: HSBC Finance Corp./HSBC Holdings plc

Total high-interest loans 2005-2007: At least $50.3 billion ***

Excerpts from this story referencing "HSBC":

"… ceived: None Company overview Status: STOPPED LENDING. In March 2009, HSBC Finance Corp. discontinued loan origination of all products by its consume …"

"… an origination of all products by its consumer lending business. History: HSBC, one of the world’s largest banks, made a big bet on the U.S. subprime m …"

"… rgest banks, made a big bet on the U.S. subprime mortgage market. It lost. HSBC bank traces its origins back to the Hongkong and Shanghai Banking Corporat …"

"… ation Limited, established in 1865, which is how it got its name. In 2003, HSBC acquired Household International, which became HSBC Finance Corp. in Decem …"

No. 11 of The Subprime 25: BNC Mortgage Inc./Lehman Brothers

Total high-interest loans 2005-2007: At least $47.6 billion ***

No. 13 of The Subprime 25: Accredited Home Lenders Inc./Lone Star Funds V

Total high-interest loans 2005-2007: At least $29.0 billion

No. 15 of The Subprime 25: CitiFinancial / Citigroup Inc.

Total high-interest loans 2005-2007: At least $26.3 billion

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