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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: subprime lender

subprime lender stories: 7 news summaries

(Newser) - Many of the lenders eligible for $75 billion in taxpayer subsidies from the government's foreclosure prevention program are the very same subprime lenders who fueled the mortgage crisis in the first place, the Washington Post reports. According to a report to be released tomorrow, JPMorgan, Countrywide, Wells Fargo, and other... More »

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Wells Fargo • Countrywide • JPMorgan Chase • subprime lender • Making Homes Affordable

(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

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 »

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

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

 Markets Dive as HSBC Shuts 
 US Business, Axes 6,100 

Banking giant sells record $17.8B in new stock

Mar 2, 09 3:47 AM CST
(Newser) - European and Asian markets took a nosedive today, and HSBC announced it will sell $17.8 billion in new stock in the largest rights issue in British corporate history. Europe's largest bank ended last year in the black, posting a $9.3 billion profit. But HSBC wrote off $10.6... More »

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earnings reports • bank • HSBC • bonuses • writedowns • subprime lender

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 »

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

Bankrupt Lender's Audit Lapses 'Mind Boggling'

Bankrupt subprime lender, auditor ripped in report on business practices

Mar 27, 08 8:23 AM CDT
(Newser) - Auditors at now-bankrupt New Century Financial—once one of the nation’s largest subprime lenders and one of the earliest to fail—were accused of “mind boggling” lapses in a Justice Department report on the debacle released yesterday. Partners at accounting firm KPMG are said to have ignored... More »

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Department of Justice • bankruptcy • credit crisis • Enron • subprime crisis • New Century Financial • subprime lender • KPMG • Arthur Anderson • accounting firm

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