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 "Verizon":

"… iated by the CFPB.” The consulting firm has advised big names including Verizon, American Airlines, Intel, Toyota, Deutsche Bank, and others. Cox says he …"

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 "Merrill Lynch":

"… lender whose risky loans to vulnerable consumers hastened the downfall of Merrill Lynch after the Wall Street investment bank bought it in 2006 for $1.3 bill …"

Ex-Wall Street chieftains living large in post-meltdown world

By Alison Fitzgerald

CEOs of banks that fueled the subprime crisis that led to the economic meltdown largely avoid consequences.

Excerpts from this story referencing "Washington Mutual":

"… the sales of Merrill Lynch to Bank of America, Wachovia to Wells Fargo and Washington Mutual to JPMorgan, thousands of hours and millions of pages have been filled try …"

Yellen as Fed chair would be tougher on banks

By Alison Fitzgerald

Janet Yellen, President Obama’s intended nominee for Federal reserve chief, may prove to be tougher on banks.

Excerpts from this story referencing "Chicago":

"… er of bank failures during the crisis of all the Fed district banks, after Chicago and Atlanta. And Wells Fargo, the biggest bank under the supervision of t …"

Weekly watchdog 2/23/12


Excerpts from this story referencing "Washington Mutual":

"… Writers and Editors for our coverage of mortgage fraud at Countrywide, GE, Washington Mutual and other banks. …"

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 …"

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 "president":

"… nation’s largest savings and loan.One of them was Theresa Hagman, a vice president in WaMu’s custom home-construction lending division. In 2003, Hagman spo …"

"… ated confrontations.)As an internal investigation proceeded, a senior vice president wrote: “If this wasn’t a good example of a need for a Fraud team, then …"

"… stomers were on his payroll.After she reported the problems to Citizens’ president, she claimed, she got “the silent treatment” from coworkers and her bo …"

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 "Washington Mutual":

"… ements from various banks and brokerage firms, such as Bank of America and Washington Mutual.In some of the offices, investigators found more than one fax machine.&nbs …"

Investor protections imperiled by Wall Street, GOP assault on financial reform

By John F. Wasik

Wall Street and GOP assault consumer protections in Dodd-Frank reforms

Excerpts from this story referencing "law school":

"… taken up by the Investor Justice Clinic at the University of San Francisco law school, which was able to recover more than $43,000 in an arbitration award again …"

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 "House Financial Services subcommittee":

"… gin at 1300 ET and will be webcast on www.press.orgMutual fund investors - House Financial Services subcommittee holds hearing on oversight of the U.S. mutual fund industry to ensure inve …"

WaMu, other banks motivated by greed, financial crisis probe concludes

By David Heath

WaMu, other bankers knowingly sold bad loans, Senate probe of crisis concludes

Excerpts from this story referencing "Securities and Exchange Commission":

"… uncovered in the committee investigation to the Justice Department and the Securities and Exchange Commission.Asked why there had been no criminal charges brought against those respons …"

Reform reading: JPMorgan CEO not embarrassed to be banker

By Julie Vorman

A roundup of news and commentary to help consumers monitor the transparency and accountability of the Dodd-Frank financial reform law....

Excerpts from this story referencing "Wells Fargo":

"… fees has U.S. banks looking at prepaid cards to help make up lost revenue. Wells Fargo, Bank of America Corp., and U.S. Bancorp are among the banks looking at pr …"

WaMu examiner sheds new light on bankruptcy, criticizes FDIC for lack of cooperation

Joshua Hochberg's report on the fall of Washington Mutual discloses no Lehman-like allegations of accounting chicanery, nor does it establis

Excerpts from this story referencing "Washington Mutual":

"… ything — in life, and, it seems, in bankruptcies.Consider the failure of Washington Mutual Bank, seized by federal regulators in the fall of 2008 and quickly sold in …"

"… report, though valuable, doesn’t address the decision-making that led to Washington Mutual’s precarious position as of the spring of 2008. For that, it is instruct …"

Backing Pelosi: A labor of love

By Josh Israel and Aaron Mehta

A labor of love

Excerpts from this story referencing "American Federation of State, County and Municipal Employees":

"… once stated “I have no better friend in labor than AFSCME [the American Federation of State, County and Municipal Employees].” With the possible exception of the Teamsters, this is true; with at l …"

John Boehner: A pro-business agenda

By Josh Israel, Aaron Mehta and Caitlin Ginley

A pro-business agenda

Excerpts from this story referencing "Ohio":

"… panies after merger or acquisition. …"

"… rs to Congressional leaders.Boehner, 60, whose district is in southwestern Ohio, began his career working in the packaging and plastics industry. After tw …"

"… ry. After two years on the Union Township Board of Trustees and six in the Ohio House of Representatives, Boehner made his first bid for federal office in …"

"… d the scandal-plagued incumbent Republican in a primary and easily won the Ohio’s 8th Congressional District seat in the general election. He has won mo …"

Mitch McConnell: Fueled by tobacco and whiskey

By Josh Israel, Aaron Mehta and Caitlin Ginley

Mitch McConnell

Excerpts from this story referencing "Harry Reid":

"… hat the bank has also supported McConnell’s Democratic counterpart, Sen. Harry Reid, and “over the years [BoA] support is fairly equal across parties.”7. …"

Too big to jail?

By David Heath

Executives unscathed as regulators let banks report criminal fraud

Excerpts from this story referencing "Washington Mutual":

"… he Investigative Fund, such lending practices contributed to the demise of Washington Mutual.Not everyone agrees that such a case can be successful. Benjamin Wagner, a …"

"… Department has ongoing criminal investigations against major banks such as Washington Mutual and Countrywide, as well as investment bank Goldman Sachs.Fewer Cops on th …"

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 "AIG":

"… ge had among the worst default rates on loans in the industry, so bad that AIG at one point refused to insure their mortgage-backed securities. In 2003, …"

WaMu bank executives aware of rampant fraud

By David Heath

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

Excerpts from this story referencing "AIG":

"… ge had among the worst default rates on loans in the industry, so bad that AIG at one point refused to insure their mortgage-backed securities. In 2003, …"

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 "Florida":

"… he previous seven years buying large financial institutions in California, Florida, Illinois and New York to make Washington Mutual — once a regional playe …"

Mortgage companies and the new regulatory regime

By Kat Aaron

Everyone knew it was coming. With all the turmoil in the American financial system, a push for re-regulation was inevitable. The Obama admin

Excerpts from this story referencing "Washington Mutual":

"… Mac, which was seized by the FDIC in July 2008. Also on the OTS roster was Washington Mutual, whose collapse in September 2008 stands as the single biggest bank failur …"

The roots of the financial crisis: Who is to blame?

By John Dunbar and David Donald

Banks that financed subprime industry collecting billions in bailouts

Excerpts from this story referencing "Bear Stearns":

"… edge funds. Encore Credit Corp. (No. 17), for example, was a subsidiary of Bear Stearns, and BNC Mortgage Inc. was part of Lehman Brothers (No. 11). The lending …"

"… 5 billion. Also among the top underwriters: Morgan Stanley, Merrill Lynch, Bear Stearns, and Goldman Sachs. When New Century filed for bankruptcy, it listed Gold …"

"… it had lines of credit totaling $14.1 billion from those five banks, plus Bear Stearns, Credit Suisse First Boston, Deutsche Bank, and IXIS Real Estate Capital, …"

"… ent bank. The lender sold billions of dollars in loans to Lehman Brothers, Bear Stearns, Goldman Sachs, Citigroup and Merrill Lynch. Some of its other financial s …"

The Subprime 25

A full text list of the top 25 lending companies responsible for subprime loans

Excerpts from this story referencing "Washington Mutual":

"… of Subprime Loans: At least $68 billion Long Beach Mortgage Co./Washington Mutual Amount of Subprime Loans: At least $65.2 billion Option One Mor …"

The appraisal bubble

By Joe Eaton

In 2004, years before plummeting real estate values turned Fort Myers, Florida, into a top five foreclosure capital, appraiser Mike Tipton f

Excerpts from this story referencing "Mortgage":

"… $8,000 less than the estimate. He knew the difference might disappoint DHI Mortgage, the prospective buyer’s lender, which is a subsidiary of developer D.R. …"

"… e County,” Tipton said. “I didn’t see any further appraisals for DHI Mortgage. So you tell me.”Carrie Gaska, a spokeswoman for First American eApprais …"

"… comment on why Tipton received no further orders from the company for DHI Mortgage properties.Tipton is among dozens of appraisers who have told the Center f …"

"… n of appraisers and established penalties for it, was folded into the 2007 Mortgage Reform and Anti-Predatory Lending Act. The legislation faced stiff opposit …"

A look at Locke’s disclosure statement

By Josh Israel

Now that President Obama has nominated former Washington Gov Gary Locke to head the Department of Commerce, PaperTrail (and probably Obama h

Excerpts from this story referencing "Gary Locke":

"… here, as well. …"

Lee Meyerson, lawyer for the big banks, to the financial rescue

By Marianne Lavelle

A lawyer who has represented some of the nation’s largest banks — and helped them in their bids to grow even larger — has been tapped to adv

Excerpts from this story referencing "Merrill Lynch":

"… artment is poised to invest $250 billion. (The others are Bank of America, Merrill Lynch, Citigroup, Goldman Sachs, Morgan Stanley, and State Street.)Treasury Secr …"

The ‘Other’ Howard

By Lisa M. Fetta

While he’s put $200,000 behind Proposition 90, Howard Ahmanson, Jr., says that he’s never even spoken to Howard Rich

Excerpts from this story referencing "Washington Mutual":

"… which was the nation’s largest thrift before its acquisition in 1998 by Washington Mutual.In e-mailed responses to questions posed by the Center for Public Integrit …"

"… 90 been in effect during the negotiations, Home Savings and its successor, Washington Mutual, “would have been much more confident in their long-term desire to devel …"

When the Democrats wined and dined, here's who paid the piper

By Josey Ballenger

WASHINGTON, September 14, 2000 — Anyone who thought the Democratic National Convention was only about presidential nominee Al Gore must have

Excerpts from this story referencing "Washington Post":

"… arty sources provided information to The Public i, and the New York Times, Washington Post, Los Angeles Times, USA Today and the Associated Press reported much of th …"

"… Mortgage bankers, Realtors, homebuilders and Fannie Mae (according to the Washington Post)Location: Paramount StudiosSenior Celebration: Family Fiesta, Tues., Augus …"