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MONDAY, NOVEMBER 23, 2009
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NEWS ABOUT: subprime mortgages

subprime mortgages stories: 243 news summaries

1 - 20 of 243 Stories | 1 2 3 4 5 ... 13 Next >>

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 Goldman Seizes Homes 
 as Securities Sour 




Just getting them to admit they hold your mortgage can be an ordeal

Nov 2, 09 8:21 AM CST
(Newser) - Imagine finding yourself in a foreclosure battle and discovering that your opponent isn't the obscure lender who wrote your insane mortgage, but the formidable Goldman Sachs. It seems that after years of buying subprime mortgages and packaging them into bonds, at a handsome profit, Goldman is now in the business... More »

MORE ABOUT:
housing market • Goldman Sachs • subprime mortgages • Henry Paulson • foreclosure • subprime crisis • mortgage defaults

First Major Financial Crisis Trial Begins

Bear Stearns execs accused of lying as funds imploded

Oct 15, 09 2:43 AM CDT
(Newser) - The first major criminal trial against top Wall Street execs involved in the financial crisis kicked off in New York yesterday. Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin are accused of misleading investors in a desperate attempt to stop them from abandoning the funds, even as they... More »

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subprime mortgages • Bear Stearns • Ralph Cioffi • securities fraud • financial crisis • Matthew Tannin

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

Oct 10, 09 5:00 AM CDT
(Newser) - The Treasury's $50 billion loan-modification program is in danger of being swamped as the foreclosure crisis accelerates, the Congressional Oversight Panel said in a report yesterday. The Home Affordable Modification Program has met its target of 500,000 trial mortgage modifications started by November 1, but the watchdog warned that... More »

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housing market • subprime mortgages • foreclosure • mortgage • subprime crisis • negative equity • Obama administration • TARP • mortgage modification • underwater mortgage • Home Affordable Modification Program

(Newser) - The market for subprime mortgages may have dried up, but former salesmen have found a new calling: as loan modification advisers who help clients refinance the high-risk loans they used to sell, reports the New York Times. For a fee of around $3,500—the bulk paid upfront—former subprime... More »

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subprime mortgages • subprime crisis • subprime lender

GLOSSIES

 One Man to Blame at AIG 


Jul 7, 09 7:31 PM CDT
(Newser) - AIG’s contribution to the world financial crisis may be bafflingly complex, but a single villain is emerging, writes Michael Lewis in Vanity Fair. Joseph Cassano was a "cartoon despot" who ran AIG's Financial Products division, now infamous for its credit-default swaps. Cassano, unfortunately, "didn’t fully... More »

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subprime mortgages • insurance • AIG • financial crisis • credit default swap • Joseph Cassano • financial products

Perspective

 Credit Crisis Traps 
 NYT Economics Scribe 


May 16, 09 6:55 PM CDT
(Newser) - New York Times economics reporter Edmund Andrews was smart enough to avoid a financial disaster like the mortgage crisis. But “I had two utterly compelling reasons for taking the plunge,” he writes: “The money was there and I was in love.” With a new fiancée—... More »

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New York Times • subprime mortgages • mortgage • mortgage defaults • mortgage delinquency • financial crisis

Foreclosure Crisis Wallops Minority Neighborhoods

Lenders accused of 'redlining' black neighborhoods for subprime loans

May 16, 09 6:44 AM CDT
(Newser) - The national foreclosure crisis is battering minority neighborhoods with disproportionate force, the New York Times reports. Few areas in the New York region have been untouched by the crisis, but 85% of the worst-hit neighborhoods have a majority of black and Latino homeowners. Experts blame the trend on subprime lenders'... More »

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African Americans • housing market • subprime mortgages • foreclosure • mortgage • minorities • subprime crisis

(Newser) - For some, 2009 may be remembered as the year of the Ponzi scheme: Last year, federal regulators prosecuted 13 such scams, but in just the first few months of this year, they’ve already filed 22 cases, reports ABC News. One recent bust is Long Island's Peter Dawson, who stiffed... More »

MORE ABOUT:
subprime mortgages • Ponzi scheme • mortgage lender • housing bubble • banks • Bernard Madoff

Top Subprime Lenders Owned by Bailout Banks

Analysis of gov't data reveals sources of the economic meltdown

May 6, 09 9:28 AM CDT
(Newser) - Some 21 of the top 25 subprime lenders that triggered the global economic collapse were either owned or financed by banks that ended up needing bailouts, an analysis by the Center for Public Integrity finds. Among the backers, who make huge profits on the subprime business, were Lehman Brothers, Merrill... More »

MORE ABOUT:
Citigroup • subprime mortgages • Wells Fargo • AIG • mortgage loans • GMAC • investment banks • JPMorgan Chase • subprime lender • banks • financial crisis • TARP

(Newser) - Until the day Lehman Brothers declared bankruptcy, all three of the major credit-ratings agencies swore its debt was safe, rating it A or better. They rated AIG at AA. And they gave 75% of the $3.2 trillion of subprime mortgage securities iron-clad AAA ratings. Moody’s, S&P and... More »

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subprime mortgages • Lehman Brothers • AIG • mortgage backed securities • Standard and Poor • Moody's • Triple-A credit rating • credit rating • ratings agencies • Fitch Ratings

To Dodge Recession, Move to Huntsville

Mid-size cities do better in crunch, have seen lending increase

Mar 30, 09 12:42 PM CDT
(Newser) - While big cities and rural areas have taken a beating as the financial crisis unfolds, many mid-size cities have seen consumer lending increase, indicating an economic resilience that other areas lack, the Wall Street Journal reports. In cities with populations around 400,000—like Huntsville, Ala.; McAllen, Texas; and Provo,... More »

MORE ABOUT:
subprime mortgages • loans • US cities • cities • housing bubble • consumer credit • financial crisis • Equifax

NAACP Accuses Banks
of Loan Discrimination

Blacks were forced into subprime mortgages, group says

Mar 13, 09 10:49 AM CDT
(AP) - The NAACP is accusing Wells Fargo and HSBC of forcing black people into subprime mortgages while whites with identical qualifications got lower rates. Class-action lawsuits were to be filed against the banks today in federal court in Los Angeles. Similar NAACP lawsuits are pending against a dozen other subprime lenders.... More »

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subprime mortgages • home loans • class action • NAACP • subprime crisis • subprime lender • financial crisis

(Newser) - The irony is, well, rich. Former executives of Countrywide Financial—the bank whose risky loans to homeowners have become synonymous with the subprime mess—are now making a mint helping the government fix things, the New York Times reports. A dozen former Countrywide executives, including President Stanford L. Kurland, have... More »

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subprime mortgages • Countrywide Financial • credit crisis • bank failure • banking industry

Tough Job Selling Mortgage Bailout to Bill-Paying Public

Even Democrats are wary of bailout

Feb 24, 09 9:29 AM CST
(Newser) - President Obama may be facing a mutiny on his mortgage bailout plan. After CNBC reporter Rick Santelli’s on-air rant about the bailout "promoting bad behavior" by rewarding losers, Obama’s spokesman swatted the criticism away. But, Politico reports, public opinion is leaning in Santelli's direction—even 49% of... More »

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Barack Obama • subprime mortgages • foreclosure • mortgage • Obama administration

Huge Losses at ING Bring
New CEO, 7K Job Cuts

Dutch banking giant posts $2.6B in quarterly loss, against asks government for help

Jan 26, 09 8:32 AM CST
(Newser) - ING posted a $2.6 billion quarterly loss today, leading the banking giant to replace its CEO, fire 7,000 employees, and seek new guarantees from the Dutch government. The request for state aid is ING’s second in three months, and the bank said it might even need a... More »

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layoffs • subprime mortgages • Netherlands • Alt A loans • Dutch government • bailout • ING

ANALYSIS

Targeted in Bubble, Latinos Now Face Foreclosure Flood

Push to get subprime, other risky mortgages to Hispanic community backfires

Jan 5, 09 9:35 AM CST
(Newser) - The US housing crisis has hit particularly hard in the Latino community, the Wall Street Journal reports, which was targeted by both lawmakers and lenders—often with subprime and other risky mortgages—during the bubble. Hispanic homeownership swelled 47% between 2000-2007, and the foreclosure crisis has hit hard for many... More »

MORE ABOUT:
housing market • subprime mortgages • foreclosure • subprime crisis • financial crisis • Hispanics • reverse red lining • Joe Baca

OPINION

Madoff Scheme Not Much Worse Than Legal Ones

End of communism
let Wall Street become unhinged: Friedman

Dec 17, 08 10:30 AM CST
(Newser) - Wall Street used to be the epicenter of capitalism that the whole world wanted to emulate, but, on a trip to Hong Kong, Thomas Friedman discovers that the American financial establishment has lost its credibility. "We don’t just need a financial bailout," he writes in the New ... More »

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China • ethics • Wall Street • communism • Asia • subprime mortgages • Hong Kong • capitalism • Chinese economy • Thomas Friedman • Ponzi scheme • financial crisis • Bernard Madoff

 Fannie Mae: Tenants Can Stay 

Fannie Mae won't evict tenants after  foreclosures

Dec 15, 08 4:22 AM CST
(Newser) - Fannie Mae is offering to sign new leases with renters living in properties that have been foreclosed and are now owned by the the government-controlled mortgage company. The move brings relief to thousands of people caught in the mortgage crisis, but it turns the insitution into a huge national landlord... More »

MORE ABOUT:
Bank of America • subprime mortgages • foreclosure • Freddie Mac • Fannie Mae • mortgage defaults • JPMorgan Chase • evictions • tenants • renters • National Community Reinvestment Coalition • Federal Housing Finance Agency

Fannie, Freddie Brushed Off Subprime Warnings

Companies ignored risk experts for years

Dec 9, 08 8:36 AM CST
(Newser) - Fannie Mae and Freddie Mac can’t say they weren’t warned. Internal documents obtained by the Washington Post show that both companies had internal factions who stressed the dangers of subprime mortgages several years ago. At Freddie Mac, the former chief enterprise risk officer wrote that the loans could... More »

MORE ABOUT:
subprime mortgages • Freddie Mac • Fannie Mae • Richard Syron • subprime crisis • House Committee on Oversight and Government Reform • Daniel Mudd

Execs Cashed Out as Subprime Giant Staggered

Irregular trades by execs at doomed subprime firm raise questions

Nov 26, 08 9:10 AM CST
(Newser) - Bosses at one of the country's biggest subprime lenders made some suspicious stock sales as the firm's mortgages soured, a Los Angeles Times investigation reveals. Records show that executives at now-bankrupt New Century Financial sold nearly $20 million in company shares shortly after setting up new trading plans, often within... More »

MORE ABOUT:
Department of Justice • executive compensation • insider trading • subprime mortgages • stock options • New Century Financial • subprime lender

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