If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!“This is the tale of two companies,” Robert Khuzami, Director of the Security and Exchange Commission’s (SEC) Division of Enforcement explained in a public statement announcing the filing of financial fraud charges against Countrywide Financial CEO Angelo Mozilo and [...]
It isn’t easy being Bank of America these days. The bank had previously thought to be in decent standing up until it acquired struggling firm Merrill Lynch, and since that point things have been..well…awful. The flow of bad press has been non-stop, between Merrill Lynch’s crumbling balance sheet, questionable bonuses, and giving former Executive [...]
The Big Picture - Solvent Insurer / Insolvent Insurer
WowOWow - The MBAs of the Meltdown – Where Did Those Bankers Go to Business School?
WSJ Developments - More Americans Drowning in Mortgage Debt
Dr. Housing Bubble - Banks save while U.S. Consumers are Expected to Spend: The Convoluted Problem of Creating a Debt based Consumption System.
Naked Capitalism - Former Countrywide Officers [...]
Huffington Post - Former Countrywide Leaders Start Firm to Buy Bad Loans
Bloomberg - Fed Eliminates Compensation Limits for TALF Program
Huffington Post - Financial Scams On The Rise As Economic Suffering Spreads
Housing Wire - Modification Aid Gap Continues Between Prime, Subprime
The Coming Depression - Jim Rogers: Let AIG go Bankrupt and you should become FARMERS! ALSO: AIG INSURES THE PENSION [...]
In a recent story published on BusinessWeek’s website, the subprime mortgage industry is taken under the microscope and picked apart, bit by scandalous bit. The article, entitled ?Sex, Lies, and Subprime Lending,? presents many of the familiar excesses of subprime lending (pressure from investment banks and mortgage-backed securities brokers, data manipulation by loan officers) with [...]
In the grips of a brutal financial crisis that continues to worsen despite all efforts by the governments across the world to stop it, and foreclosures continuing their unstoppable climb, there’s no question that things are pretty bad out there. Banks, in particular, have been given no reprieve at all by shareholders even as they [...]
Hat tip to Tyler. Visit his site.
More consolidation and reduction from Countrywide Wholesale. It makes perfect sense as the company has greatly reduced volume on strict underwriting guidelines from Bank of America and lesser demand. Bank of America earlier in the year outlined their strategy to all but eliminate wholesale lending from their lending plans; [...]
A guest post by Chris Hynes, an indpenedent financial writer.
Now that election season for the presidential candidates has officially concluded, voters will be looking forward to some sort of meaningful resolution to the issues facing our economy, particularly in the housing sector. In the final weeks of the campaign, both candidates have called for relief [...]
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