Items Tagged with 'subprime'

ARTICLES

  • Rebecca Steele, the "face of the housing crisis," finds new home at nonprofit credit counselor

    Former Countrywide exec will now lead the National Foundation for Credit Counseling
    Once dubbed “the face of the housing crisis,” Rebecca Steele has now been hired as the president and CEO of the National Foundation for Credit Counseling. In her new role, Steele will build support and momentum for the NFCC national member network of nonprofit organizations, and in addition to this, she will leverage her 20 years of financial services experience to improve the organization and push forward its consumer-focused programs.
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  • Carrington Mortgage Services launches subprime lending program

    Claims manual underwriting process is safer than other non-prime programs
    Carrington Mortgage Services is launching a mortgage lending program that looks an awful lot like pre-crisis subprime lending, but the company claims that its new “non-prime” loans are much safer than the subprime loans of the mid-2000s. Carrington’s loan program allows credit scores as low as 500. “Recent credit events” and a “history of late payments” are acceptable as well.
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  • Barclays agrees to pay $2 billion to settle crisis-era RMBS fraud charges

    Two subprime mortgage bond traders also fined $2 million
    Barclays Capital will pay $2 billion to the federal government to settle charges brought against the bank by the Department of Justice, which accused the company of misleading investors about the quality of the underlying subprime and Alt-A mortgages in $31 billion in mortgage bonds, which, as the DOJ put it, “proved to be catastrophic failures.”
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  • Former Deutsche Bank head subprime mortgage bond trader fires back at U.S. fraud charges

    Denies all charges, accuses government of ‘concocting a baseless theory of fraud’
    Paul Mangione, the former head of subprime mortgage trading at Deutsche Bank who stands accused over overseeing systemic mortgage bond fraud during the run-up to the financial crisis, says that the government kowtowed to public pressure to see individuals held responsible for the financial crisis by filing lawsuit against him that is wrong, unfair, and without merit.
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  • Shocker: U.S. sues former Deutsche Bank head subprime mortgage bond trader for crisis-era fraud

    Paul Mangione accused of ‘systematically, intentionally’ lying about subprime mortgages
    In what can only be regarded as a shocking development, the United States is suing the former head of subprime mortgage trading at Deutsche Bank over “systematically and intentionally” lying about the quality of subprime mortgages that backed nearly $1.5 billion in mortgage-backed securities in the run-up to the crisis.
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  • Goldman Sachs settles Abacus CDO lawsuit

    ACA Financial Guaranty Corp wanted $120 million
    Goldman Sachs will pay an undisclosed amount of money to settle another lawsuit stemming from its actions in the run-up to the financial crisis. ACA Financial Guaranty Corp brought the lawsuit against Goldman Sachs, accusing the company of lying about a pool of securities backed by subprime mortgages tied to the failed Abacus collateralized debt obligation.
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  • WATCH: Hollywood's A-list brings subprime to the silver screen

    Brad Pitt. Steve Carell. Christian Bale. Ryan Gosling. The Big Short
    Flashback to the 2008 timeframe where the subprime debacle was just taking hold. Enter into that cast of characters who bet against the big banks, and potentially, the American economy to get rich while the Empire crumbled. Add in a couple of Hollywood A-listers and you get The Big Short movie, based on the book by Michael Lewis.
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