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.
Its interesting to see this morning a vigilant and alert Moodys; in the aftermath of their failure to detect the crash in sub-prime in the Summer of '07.
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.
The delinquency rate among prime borrowers grew the fastest of all mortgage types over the past year, more than doubling to to 2.4%. The number of prime mortgages in default now exceeds the number of subprime mortgages in default.
This is just the first half. The next leg of this will really hurt.
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.
From Mr. Obama's campaign staff and tactics to his initial executive actions, from his White House cabinet appointments to the administration's protection of AIG, each and every action has been textbook Chicago politics, and why not.
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.
Who 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."
The 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 from Jonathan Jarvis on Vimeo.
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.
Community-based movements to halt the flood of foreclosures have been building across the country. And they're not the usual suspects. This is a crowd that won't scatter," James Steele wrote in the pages of The Nation some seventy-five years ago.
Every 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.
As 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.
As 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]).
Over 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.
Just like millions of distressed borrowers all across the United States, perennial deadbeat Ecuador is now in need of a loan modification -- again.
Top federal regulator says many mortgages that are modified end up in default within 6 months.More than half of delinquent homeowners whose mortgages were modified earlier this year ended up redefaulting within six months, a top bank regulator said Monday.
Okay, so this clip is a bit long (~10 minutes) and it is mostly Fox Noise, but it is really fascinating to watch this one guy, Peter Schiff, being dead on in his economic predictions and advice over and over and over again, and even more interesting to watch the the boobleheads l …
Last week Tom Friedman urged his readers to go shopping. This week he tells them to eschew restaurant food in favor of a home made tuna fish sandwich. In other words, Friedman suggests that it is time to panic. Why? Because the US is filled with W.M.D. called subprime mortgages.
Interesting article by Michael Lewis (Liar's Poker, Moneyball) on how living in a house you cannot afford is ingrained in the American culture as part and parcel of The American Dream. According to Lewis, our financial markets aside, this is at the root of our financial crisis.