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A former Wall Street broker has been convicted of conspiracy and securities fraud after investors lost nearly $1 billion in a subprime mortgage fraud.
The mortgage problems that have helped shape the current economic downturn have made "subprime" an unwelcome word to investors.
Mexican police are testing a new weapon against widespread corruption in their ranks: home ownership.
A former Wall Street broker pleaded not guilty Wednesday to charges he and a colleague duped investors into purchasing more than $1 billion in high-risk securities by making it look as though the trades were protected by the federal government.
Federal authorities, responding to the subprime-mortgage crisis, have formed a task force to determine if lenders or Wall Street firms participated in fraud.
State regulators and cities that have filed cases or disclosed investigations targeting Wall Street firms' roles in the subprime mortgage market:
Regulators are trying to punish Wall Street for mortgage finance practices that expanded home ownership and spread risk among a host of new players — but also may have duped borrowers and investors who supplied cash to fuel a housing boom that's turned bust.
China's biggest bank, Industrial & Commercial Bank of China Ltd., has set aside reserves equal to 30 percent of its $1.2 billion in subprime holdings to cover possible losses, a state news agency reported Monday.
FBI Director Robert Mueller said Thursday that the agency is committed to investigating and prosecuting companies involved in mortgage fraud and other violations in connection with home loans made to risky borrowers.
The FBI on Tuesday said it is investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with home loans made to risky borrowers.
A company that analyzed the quality of subprime mortgages for investment banks has agreed to provide the New York attorney general with information for an investigation, a newspaper reported Saturday.
Authorities in New York and Connecticut are investigating whether Wall Street banks hid crucial information about high-risk loans bundled into securities that were sold to investors, Connecticut's Attorney General said Saturday.
The city of Cleveland, an epicenter of the nation's home foreclosure crisis, has sued 21 banks and claimed their subprime lending practices created a public nuisance that hurt property values and city tax collections.
Black neighborhoods in Baltimore were disproportionately affected by the subprime mortgage fallout, according to a federal lawsuit filed Tuesday by the city, which is attempting to recoup the costs of maintaining neighborhoods wracked by foreclosures.
If lenders temporarily freeze low introductory interest rates on home loans made to risky borrowers before they soar, it would be a modest fix for the country's fractured housing market.
The Bush administration and the mortgage industry, trying to combat a massive wave of foreclosures, are hammering out a proposal to temporarily freeze interest rates on certain troubled subprime mortgages. If adopted, it would be the biggest action taken to cope with the unfolding crisis.
New York Attorney General Andrew Cuomo said Thursday a major real estate appraisal company colluded with the nation's largest savings and loan company to inflate the values of homes nationwide, contributing to the subprime mortgage crisis.
Homeowners with troubled credit histories are finding it harder to get mortgages or refinance homes because softening in the housing market is making lenders less likely to handle riskier loans.
Why did blue-chip Goldman take a walk on subprime's wild side?IRVINE, Calif. — Goldman Sachs was one of the last Wall Street giants to enter the subprime lending world, but when it did, it quickly climbed into bed with profligate, highflying firms — companies such as New Century Financial Corp.
Goldman left foreign investors holding the subprime bagNEW YORK — Inside the thick Goldman Sachs investment circular were the details of a secret, $2 billion deal channeled through a Caribbean tax haven.
Rep. Frank: House will Pass Ron Paul Audit the Fed Bill this YearPowerful House Financial Services Committee chairman says central bank's lending powers to be 'curtailed'
What Rebound? Foreclosures Rise as Jobs and Income Drop: McClatchy Delinquency and foreclosure rates for U.S. mortgages continued to rise in the second quarter, with loans to the most qualified borrowers going bust at an unnerving clip, especially in hard-hit states such as Florida and California.
Take out the key terms that are used to keep us fighting - Left, Right, Repub, Demo, and see a non-partisan breakdown of what's happened over the past 10 years to sell the US to a foreign power - even if you don't understand high finance or government processes - read the bullet …
Goldman Sachs Coughs Up $60 Million In Subcrime SettlementMassachusetts Attorney General Martha Coakley today announced a $60 million settlement with The Goldman Sachs Group Inc. as part of a continuing investigation into investment banks' role in securitizing subprime-mortgage loans.
The Next Housing BustArticle link is here - it will not allow me to correct it on the link page. Sorry:-( Here is a clip from the article:
Is the rapid decline of the newspaper business and our economic trouble linked? Is the failure of the establishment - big corporate news media to help expose and perhaps prevent or at least minimize the damage of the frauds of Enron, Worldcom, Adelphia, AIG, Lehman, Moody's, S&P, …
While Elkhart has a reputation as an economic bellwether for the nation, it was Indiana that played the canary in the coalmine when it came to the foreclosure crisis.
California Association of Realtors (CAR) March 2009 Analysis: Already -59% over 21 monthsThis is just the first half. The next leg of this will really hurt.
Arno J Mayer: Too Big to Fail?Blaming the U.S. subprime mortgage meltdown for the global financial and economic blowout of 2008 is like blaming the assassination of Archduke Franz Ferdinand for World War I. In each case, a discrete event sparked a wider conflagration—but the tinder was already there.
While Barak Obama is likely the most powerful man in the world, there is one power greater. You and me. American public opinion. We even make the news; opinion polls. So, it would be wise for us to be informed, to understand what is happening in our country.
China Gains Key Assets In Spate of PurchasesWho owns the future? - "Chinese companies have been on a shopping spree in the past month, snapping up tens of billions of dollars' worth of key assets in Iran, Brazil, Russia, Venezuela, Australia and France in a global fire sale set off by the financial crisis."
NAACP: Bank Giants Steered Blacks To Bad LoansThe NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.
It's been riveting reading and watching news report on the turbulent market and financial crisis, especially since my retirement savings are right in the middle of this crash.
The Crisis of Credit Visualized on VimeoThe Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
Obama's Rhetoric Is the Real 'Catastrophe' This articule talk about the wrong and demagogue way that Obama has manage some of the topics of the recesion to accelarate the stimulus plan process.
I was challenged in another article to define what NEO means. Actually as it pertained to one of the political entities in the country. But I have come to actually appreciate that entity who showed me some respect by at least hearing me out.
Executive Fail: The Rise and Fall of Bush's PopularityEvery US president's popularity among the American public is measured by approval ratings; opinion polls conducted weekly or monthly by a host of polling companies.
The Reckoning - WaMu Built an Empire on Bad Loans - Series - NYTimes.comAs a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers'. He rarely questioned them.
"Stuff Happens": the Bush Administration's Economic StewardshipAs we near the end of the year, and the end of eight years of Bush economic policy, I think it's useful to look back. The White House has recently tangled with the NYT regarding what got us into the current economic crisis [0] (see also [1]).
George Bailey, Subprime LenderOver the years, Frank Capra's It's a Wonderful Life has become a Christmas classic—a heartwarming, eye-watering parable about virtue being its own reward.
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