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Tag: Subprime Mortgage


Poster Boy NYC (CC BY 2.0)

Subprime Student Lending

Banks gave money to needy college students without considering whether borrowers could repay, then bundled and resold the loans to avoid losing money when students defaulted—lending practices that mirror the run-up to the subprime mortgage crisis.

Posted on Jul 21, 2012 READ MORE



Gage Skidmore (CC-BY-SA)

Recession Economics According to Rick Santorum

Did you know that it was actually jumping gas costs, and not deceptive lending practices on the part of mortgage financiers and deregulation madness on Wall Street, that got us into the recessionary quandary in which the majority of Americans still find themselves?

Posted on Feb 27, 2012 READ MORE



AP / Cliff Owen

Banks, Gov’t Strike $25B Deal in Foreclosure Fraud Settlement

On Thursday, state and federal government representatives announced that five major banks—Wells Fargo, Bank of America, Ally Financial, Citigroup and JPMorgan Chase—had agreed to pay their part in a settlement of more than $25 billion stemming from the mortgage market meltdown that caused millions of Americans to lose their homes.

Posted on Feb 9, 2012 READ MORE



AP / Manuel Balce Ceneta

Meet the Obscure Federal Regulator Who’s Not Helping Homeowners

Fannie and Freddie are required to help homeowners while earning profits so they can pay back the taxpayers who bailed them out. Here is our guide to the little-known federal regulator, Edward DeMarco, ultimately in charge of the two companies. You may have never heard of him, but as The Washington Post put it, he’s “the most powerful man in housing policy.”

Posted on Feb 8, 2012 READ MORE



Flickr / respres (CC-BY)

Report: Freddie Mac Stacked the Deck Against Homeowners

A joint investigation by NPR and ProPublica has rustled up some disquieting trading practices on the part of Freddie Mac that suggest the taxpayer-run mortgage company hasn’t exactly done its darndest to help struggling Americans hold on to their homes—in fact, the opposite may be more the case.

Posted on Jan 30, 2012 READ MORE



Flickr / futureatlas.com (CC-BY)

SEC Slaps Former Fannie, Freddie Execs With Fraud Charges

It’s a start, but let’s hope Friday’s fraud charges against six former higher-ups at Fannie Mae and Freddie Mac don’t represent the only attempts that the Securities and Exchange Commission will make to hold financial executives responsible for the disastrous economic mess that’s still upon us.

Posted on Dec 16, 2011 READ MORE



cbsnews.com

Truthdiggers of the Week: Two Mortgage Meltdown Whistle-Blowers

It’s all too rare that a mainstream news network goes after just the sort of financial heavy hitters that tend to have ties to their own corporate sponsors, but thankfully, that’s what CBS News’ “60 Minutes” did last weekend with the help of two principled mortgage specialists.

Posted on Dec 9, 2011 READ MORE



AP / J. Scott Applewhite

Obama’s Fatal Addiction

Maximizing corporate profits at taxpayers’ expense is what top CEOs are good at, and after all it was Jeffrey Immelt who presided over GE when it got so heavily into the subprime mortgage business that it needed a government bailout to avoid bankruptcy. This was before Obama made him a trusted adviser.

Posted on Mar 30, 2011 READ MORE



Goldman Sachs to Gently Tweak Business Practices

Despite drawing the wrong kind of attention to themselves over the last two-plus years with news of murky dealings in “structured products” and concern over the bank’s role in the subprime mortgage crisis, execs at Goldman Sachs apparently ...

Posted on Jan 10, 2011 READ MORE


Rubin
AP / J. Scott Applewhite

The Rubin Con Goes On

The corruptions of journalism were on full display when CNN’s Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused.

Did you miss the live Q & A session? Listen to the podcast here.

Posted on Aug 10, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

SEC Slaps Goldman Sachs With Fraud Suit

In a move that may signal the beginning of the end of Goldman Sachs’ golden era, the Securities and Exchange Commission filed a civil suit Friday against the banking behemoth, accusing the company of selling customers subprime mortgage derivatives ... (continued)

Posted on Apr 16, 2010 READ MORE


Greenspan
AP / J. Scott Applewhite

Greenspan Defends the Fed to Meltdown Commission

Former Fed chief Alan Greenspan faced the proverbial firing squad, or in this case the congressionally appointed Financial Crisis Inquiry Commission, to answer questions Wednesday about his leadership choices at the Fed with regard to some key factors that triggered the financial implosion in 2008.

Posted on Apr 7, 2010 READ MORE


mortgage crisis

CEOs Were Bailed Out, Homeowners ... Not So Much

Robert Greenwald’s filmmaking team has zeroed in on the ongoing mortgage crisis in this clip illustrating the stark contrast between the fate of Wall Street bankers and that of struggling homeowners after the initial bailout money was doled out—without any requirements that those who benefited the most account for the funds or be accountable to people trying to save their homes.

Posted on Feb 10, 2009 READ MORE


Financial Meltdown Capzle

Financial Meltdown 101

Getting a grip on the economic catastrophe that rocked the country during the fall of 2008 is no easy feat, what with so many players, back-room deals, bills, upswings and meltdowns to consider. Updated

Posted on Nov 24, 2008 READ MORE


Palin and McCain
AP photo / Carolyn Kaster

She’s Clueless, He’s Worse

Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation’s mortgage market. But what is Sen. John McCain’s excuse?

Posted on Sep 9, 2008 READ MORE


McCain's Mansions

McCain’s Mansions

Courtesy of the Brave New Films team, here we have a property-by-property breakdown of John McCain’s many fancy domiciles, which provide ironic contrast to footage of the presumptive Republican nominee holding forth about how Americans with mortgage troubles can just scrimp ‘n’ save their way back to solvency.

Posted on Aug 20, 2008 READ MORE


Obama and economic advisers
AP photo / Jae C. Hong

Sucking Up to the Bankers: A Bipartisan Lovefest

This is a time to condemn the bankers, not to embrace them. They are the scoundrels who got us into the biggest economic mess since the Great Depression, lining their own pockets while destroying the life savings of those who trusted them.

Posted on Jul 29, 2008 READ MORE


Barnes on Fox

‘Mental Recession’ Is ‘Straight Talk’?

Next thing you know, they’re going to say unicorns are real, too. On an episode of Fox News’ “Special Report” late this week, Weekly Standard Editor Fred Barnes chimed in about McCain adviser Phil Gramm’s assessment that America was on the verge of a “mental recession,” calling Gramm’s statement “straight talk.”

Posted on Jul 12, 2008 READ MORE


Gramm and McCain
momocrats.typepad.com

McCain Adviser: Recession All in Our Minds

According to Phil Gramm, the former senator from Texas who’s now a key economic adviser to Sen. John McCain, America’s economic woes, insofar as they actually exist, are the product of some stinking thinking by “a nation of whiners” and doom-and-gloom headlines from the U.S. media.

Posted on Jul 10, 2008 READ MORE


Clinton and Obama
AP photo / Carolyn Kaster, file

Is Clinton the Ticket for Obama?

Why not Hillary? Not my first choice—Al Gore is—but I find all of the pro-and-con debate about Hillary Rodham Clinton to be beside the point. She is, as Barack Obama said, likable enough, and the Dems are not likely to pick anyone better.

Posted on Jun 17, 2008 READ MORE


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