'Banking Caucus' member aims for Senate

By Alison Fitzgerald

Republican candidate for Senate U.S. Rep. Shelley Moore Capito defends little banks but big banks benefit too.

Excerpts from this story referencing "Jay Rockefeller":

"… s running for West Virginia’s U.S. Senate seat that’s being vacated by Jay Rockefeller after 30 years. She counts Citigroup and Goldman Sachs among her most gen …"

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 "Merrill Lynch":

"… n, a subprime lender whose risky loans to vulnerable consumers nearly sank Merrill Lynch, which was forced to sell itself to Bank of America. WDB Funding is the th …"

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.

Ex-SEC chief now helps companies navigate post-meltdown reforms

By Lauren Kyger, Alison Fitzgerald and John Dunbar

Former regulators profit from their experience with jobs, book deals and speaking fees.

Excerpts from this story referencing "George W. Bush":

"… llion, the largest penalty in SEC history. Cox, an appointee of President George W. Bush, left the SEC when President Barack Obama took office in early 2009. He m …"

"… eich was later handed Gilleran’s job as director of the OTS by President George W. Bush in 2005. Reich retired in 2009 after 49 years in the banking industry. He …"

"… s in booking high level speakers including Madeleine Albright, Tony Blair, George W. Bush, Sarah Palin and Rudy Giuliani. Greenspan was reportedly paid $250,000 to …"

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 "Franklin":

"… t. Today, he’s back in business. Pollock was president and CEO of First Franklin, a subprime lender whose risky loans to vulnerable consumers hastened the …"

"… t bank bought it in 2006 for $1.3 billion. He was still running First Franklin for Merrill in 2007 when he told Congress that the company had “a proven …"

"… ans we originate.” The next year, federal banking regulators said First Franklin was among the lenders with the highest foreclosure rates on subprime loans …"

"… Lawsuits filed by AIG and others who bought the loans quoted former First Franklin underwriters saying that the company was “fudging the numbers” and cal …"

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 "The Wall Street Journal":

"… no resigned as ResCap’s CEO but remained on its board. He told The Wall Street Journal that he was considering starting a hedge fund, a real-estate investme …"

Dodd's failed presidential campaign fixes its books

By Michael Beckel

After being fined by the FEC, Democrat Chris Dodd's 2008 presidential campaign files amended documents.

Excerpts from this story referencing "head":

"… an for president, Dodd — who left the U.S. Senate in 2011 and became the head of the lobbying powerhouse Motion Picture Association of America — …"

Capitalism and Corrections: Wall Street loan for youth inmate rehab

By Susan Ferriss

A Goldman Sachs loan to NYC will pay for a new youth offender program, and deliver a profit or loss depending on the program's success.

Excerpts from this story referencing "Michael Bloomberg":

"… rams for youths locked up at the Rikers Island correctional complex. Mayor Michael Bloomberg’s goal is reducing Rikers’ young offender recidivism rate of more than …"

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 "Donna Shalala":

"… nso Jackson and Henry Cisneros; former Health and Human Services Secretary Donna Shalala. The VIP unit processed Cisneros's loan after he joined Fannie's board of …"

Finance industry makes up nearly half of pro-Romney super PAC’s donations

By Alexandra Duszak and Rachael Marcus

America's wealthiest investors fill coffers of pro-Romney super PAC.

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 "Center for Public Integrity":

"… ide actions.These cases highlight issues that have been explored by recent Center for Public Integrity investigations. One piece documented evidence that Countrywide worked to s …"

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

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 "Option ARMs":

"… claims WaMu retaliated against him because he refused to push “toxic” Option ARMs and mislead borrowers about how the loans worked and how much they would c …"

"… adjustable-rate mortgages generally targeted at borrowers with good credit.Option ARMs allowed borrowers to make minimum payments that didn’t keep pace with in …"

"… known as a negative amortization loan, or “NegAm” in industry parlance.Option ARMs accounted for roughly half of Washington Mutual’s home-loan production d …"

"… ccording to federal regulators.WaMu chief executive Kerry Killinger touted Option ARMs as the bank’s “flagship product.”It was no wonder.WaMu earned more t …"

Senate committee finds most 'trapped' offshore income is already in U.S.

By John Aloysius Farrell

Senate committee finds most 'trapped' offshore income from Google, Microsoft already in U.S.

Excerpts from this story referencing "spokeswoman":

"… are able to deploy those funds in the US economy, said Abigail Gardner, a spokeswoman for WIN America, a coalition of firms pushing for the tax break.Wall Stree …"

Whistleblowers ignored, punished by lenders, dozens of former employees say

By Michael Hudson

Former mortgage company employees say fraud was widespread in industry

Excerpts from this story referencing "spokeswoman":

"… nst her and that “no fraudulent activity occurred.” A Wells Fargo spokeswoman told iWatch News that the bank has extensive protections for internal whis …"

"… e have a strict code of ethics and a no-retaliation policy,” Wells Fargo spokeswoman Vickee Adams said. “We take responsibility for our actions, and when the …"

"… ’ve received any threats from the company, let us know,’” Lee said.A spokeswoman said the Federal Reserve couldn’t comment on issues involving individual …"

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 "spokeswoman":

"… me financially fragile homeowners avoid foreclosure," said Kathleen Day, a spokeswoman at the Center for Responsible Lending. "It takes them a few steps back fro …"

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

Countrywide loan underwriter found herself in ‘dangerous territory’

By Michael Hudson

Countrywide underwriter learns that eventually, giants really do fall

S&P not shy about using its clout politically

By Michael Hudson and Aaron Mehta

S&P and other credit rating firms wield as much political clout as financial

A roundup of investigations in the three years since the last market crash

By Shirley Gao

iWatch News reports on the financial crisis from 2008 to now

As housing crisis festers, mortgage servicers spend $8 million on political contributions

By Michael Hudson and Aaron Mehta

Mortgage servicers pony up $8 million in political donations as housing crisis festers

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

Dodd-Frank author is proudest of "skin in the game" requirement for mortgage securitizers

By Shirley Gao

Rep. Barney Frank defends Dodd-Frank law as first anniversary nears

Excerpts from this story referencing "Morgan Stanley":

"… nk of America Corp., Goldman Sachs Group, Inc., JP Morgan Chase & Co., Morgan Stanley, and Citigroup Inc. will, on average, report a 25 percent fall in core tra …"

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 "Comptroller of the Currency":

"… es subcommittee hearing.Julie Williams, chief counsel of the Office of the Comptroller of the Currency, said the standards would require applying borrower payments to principal, …"

“Go tell a Republican,” Rep. Frank says to complaints that Congress has failed to curb foreclosures

By Julie Vorman

Foreclosure complaints? "Go tell a Republican" says Rep. Frank

SEC aims to shed more light on murky world of derivatives

By Shirley Gao and Julie Vorman

SEC aims to shed more light on murky world of derivatives

Excerpts from this story referencing "Morgan Stanley":

"… ig players such as Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley to reveal key information about their deals.The Securities and Exchange Co …"

Senior Treasury Dept. official is latest financial regulator to resign

By Julie Vorman

Yet another senior vacancy among banking regulators

Excerpts from this story referencing "Omaha":

"… business to overseas banks.“It is OK for them to operate in a city like Omaha with 4 percent capital, but the local community banks that they are compet …"

Democrats demand ouster of regulator for not being tough enough with banks

By Shirley Gao

Democrats demand ouster of regulator who doesn't see need for higher capital requirements

Financial reform this week: How to handle a Too Big To Fail bank near collapse

By Julie Vorman

FDIC panel tackles tools needed to dismember biggest banks

Excerpts from this story referencing "Finance":

"… s week:Monday, June 20Home Loan Banks - Effective date for Federal Housing Finance Agency's new investment limits on mortgage-backed securities and asset-bac …"