Posts tagged as:

subprime

Subprime lending dropped in ‘07, but people of color still bear the brunt of it (AFFIL Week)

February 11, 2009

Today marks the release of Changing Patterns XV, the fifteenth annual report on mortgage lending in Massachusetts that I’ve prepared for the Massachusetts Community and Banking Council.
Lots of high-cost subprime lenders bit the dust in 2007, so subprime lending fell dramatically that year.  In Massachusetts, there were 5,085 subprime home-purchase loans made, down from 14,639 [...]

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Hundreds of brokers netted in FBI sweep

June 19, 2008

Hundreds of brokers netted in FBI sweep Arrests include two former Bear fund execs charged with fraud | MSNBC

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Former Bear hedge fund managers surrender

June 19, 2008

Former Bear hedge fund managers surrender Ralph Cioffi and Matthew Tannin, who managed Bear Stearns hedge funds before the subprime collapse, charged with lying to investors about mortgage market risk. | CNN Money

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Government Foreclosure Rescue Plans are in the Works

June 19, 2008

Government Foreclosure Rescue Plans are in the Works | Queercents

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Anatomy of a Meltdown: The Credit Crisis

June 18, 2008

Anatomy of a Meltdown: The Credit Crisis | Washington Post

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What in the world is a credit recession?

June 5, 2008

Apparently it is the reduced availability of credit. Think of it as the natural consequence of the overabundance of credit that tanked our economy in the first place. And it may last for a couple of years.
Consider this a good reason to move your finances to a cash model.
Experts: ‘Credit recession’ could last two years [...]

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Big surprise: greedy subprime security buyers didn’t listen to their own consultants

May 28, 2008

Tracy Warren was a quality-control consultant for Bear Stearns and other mortgage security purchasers on Wall Street. Her job was to review mortgage loans to determine whether they had merit for investment purposes. (She saw the loans after they were made, but before they were sold to investors and led to the national economy’s crash-and-burn [...]

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Minnesota legislature passes Subprime Borrower Relief Act

May 20, 2008

The Subprime Borrower Relief Act gives borrowers with subprime loans the right to defer a foreclosure sale of their residence for one year after the bill becomes law.

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Mortgage servicers make their money by screwing consumers and lenders

May 19, 2008

I was amused to read Mark Ireland’s post saying he came under fire by members of a panel on foreclosures at the recent Equal Justice Conference in Minneapolis for suggesting that mortgage loan servicers are not acting in the best interest of either consumers or lenders. I thought that was common knowledge.
Servicers make money from [...]

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Monday consumer blog roundup

May 12, 2008

Here are the blog posts I starred in Google Reader last week. (If you use Google Reader, you can subscribe to my shared items.)

The Alphonso Jackson Legacy. Mark Ireland comments on the Washington Post’s look at the legacy of HUD chief (and Bush appointee) Alphonso Jackson. While Jackson oversaw the government body in charge of [...]

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Securitization (or, why you can’t work out a lower mortgage payment)

April 10, 2008

“Securitization” is a hot word in money circles, but I don’t think many people outside of Wall Street know what securitization is or what it means. The Wikipedia entry on securitization is very good, but a bit technical. I think I can boil it down a bit more.
Any asset can be securitized. One asset we [...]

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The impact of the subprime mortgage squeeze across the U.S.

April 10, 2008

From the New York Times, a beautiful graph (seriously, look at that!) showing the impact of the subprime mortgage mess across the U.S.:

(Click for big.)
The Twin Cities is definitely one of the hardest-hit, but just look at Florida!
[via City Pages, The Blotter]

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Mortgage denials for Native Americans

January 2, 2008

In light of all the subprime lending mess, in which “No Doc loan” credit applications were often based on largely fictional income, and brokers and banks where playing all sorts of games to get people into high interest subprime loans, the Fargo Forum analysis of home loan applications for 2006 found that lenders denied one [...]

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Guess who isn’t losing money in the subprime mess

December 6, 2007

It appears that late last year several of the companies that packaged up the securitized mortgages started to divest themselves of the securities. Apparently Goldman Sachs started divesting late last year but continued to sell $6 billion worth of subprime mortgage securities.
Apparently their clients interest don’t always come first.

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Will Wall Street come clean?

December 5, 2007

Where has the Fed been? This is a good example of why federal preemption of banking regulation or any regulation is such a bad idea.
We have a national problem causing havoc across America and we have to wait for Attorney General Andrew M. Cuomo of New York subpoenaed major Wall Street firms including Merrill Lynch, [...]

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