Recent Articles
Bank of America Corp. (BAC) and its Countrywide Financial Corp. unit must face a fraud claim brought by bond insurer MBIA Insurance Corp., an appeals court ruled.
The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else, Bloomberg News’ Tom Schoenberg reports.
JPMorgan Chase had to publicly apologize before Congress to military families for the bank’s financial abuse of Americans fighting in Iraq and Afghanistan over the same period. In violation of the Servicemembers Civil Relief Act, designed to protect those serving overseas during their absences from home, JPMorgan overcharged at least 4,500 soldiers on their mortgages and illegally foreclosed on 18 of them.
The parallel between the Greek debt crisis and the subprime crisis is striking. Trashy debt is alchemised to gold through manipulations driven by a political agenda.
Why is Goldman Sachs stalling on a request from the SEC? Goldman Sachs Group Inc. will have longer to respond to the high-profile lawsuit by the Securities and Exchange Commission over disclosures regarding a collateralized debt obligation tied to subprime mortgages, a judge ruled.