Stories in the category Mortgage

Promontory Financial - the $1B revolving door

By Laurie Bennett

August 1, 2013 at 12:11pm

The Federal Reserve Board announced last week that it had come to an agreement with GMAC Mortgage in its mortgage foreclosure review.

Goldman Sachs accused of duping its customers

By Laurie Bennett

April 14, 2011 at 10:12am

A lengthy report issued Wednesday by the Senate Investigations Subcommittee calls for stricter conflict-of-interest policies at Goldman Sachs and other financial firms.

Subprime prophets rise from obscurity

By A. James Memmott

November 28, 2008 at 10:09am

After every great crisis, a simple question arises: Who knew?

The housing crisis claims an icon, Lewis Ranieri

By Gary Jacobson

November 11, 2008 at 7:52am

Lewis Ranieri, who pioneered mortgage backed securities when he worked at Salomon Brothers in the late 1970s and more recently warned against their misuse, is the latest victim of the nation’s housing crisis.

Inspector General Kotz gets expert help on his SEC audit

By Gary Jacobson

September 28, 2008 at 12:03pm

Using expert consultants is common in business and government. SEC Inspector General David Kotz used one in his report that slams the agency for missing numerous red flags that foreshadowed the collapse of Bear Stearns.

Trader Adam Levinson gets $300 million to stick with Fortress Investment Group

By A. James Memmott

August 12, 2008 at 10:22am

Despite hard times, or maybe because of hard times, Fortress Investment Group has just awarded $300 million in shares to retain one of its traders.

In midst of Freddie Mac crisis, Richard Syron tries to salvage his rep

By A. James Memmott

August 7, 2008 at 11:05am

Until a few weeks ago, it’s likely that many people would have guessed that Freddie Mac was comedian Bernie Mac’s younger brother.

IndyMac failure to cost FDIC $4 billion to $8 billion

By Gary Jacobson

July 11, 2008 at 8:02pm

Federal regulators closed IndyMac Bank Friday afternoon and transferred operation to the Federal Deposit Insurance Corporation.

IndyMac’s Michael Perry has the toughest job in America

By Gary Jacobson

July 9, 2008 at 2:22pm

To say IndyMac CEO Michael Perry is in a tough spot is an understatement. He might be on a mission impossible.

Philip Milne: Another well-paid victim of the mortgage crisis

By Laurie Bennett

June 27, 2008 at 8:45am

You might view Philip Milne as one of the many casualties of the current financial crunch, another top exec who lost his job because of his company’s disastrous investments in subprime mortgages.

The tragedy of Countrywide Financial and Angelo Mozilo

By Gary Jacobson

June 26, 2008 at 10:15am

History won’t be kind to Angelo Mozilo, the founder of Countrywide Financial whose shareholders approved the company’s sale to Bank of America yesterday. His is a great American success story, but a tragedy, too.

Bonderman looks long term with Washington Mutual

By Gary Jacobson

June 25, 2008 at 12:47pm

Washington Mutual shareholders approved a $7 billion infusion from TPG and other investors yesterday, thereby blessing — they had little choice — the return of Texas deal maker David Bonderman to the company’s board of directors. The decision came on a day when WaMu stock hit a 16-year low.

Conrad and Dodd, a Tale of Two Friends of Angelo

By Gary Jacobson

June 19, 2008 at 12:07pm

North Dakota Senator Kent Conrad is perhaps the most unusual of the so-called Friends of Angelo, who received favorable mortgage rates and VIP treatment from Countrywide Financial and its boss, Angelo Mozilo.

Mortgage crisis helped John Paulson reap $3.7 billion

By A. James Memmott

April 17, 2008 at 9:48am

A bad year for homeowners meant a good year for John A. Paulson. Paulson, the founder and president of the hedge fund Paulson & Company, made $3.7 billion last year, according to an annual listing of the 50 most highly paid hedge fund managers.

Washington Mutual details class action suits

By Gary Jacobson

March 18, 2008 at 1:24am

Washington Mutual said it won a victory Monday in one legal battle, but its legal war is far from over.

JPMorgan Chase buys Bear Stearns

By Gary Jacobson

March 16, 2008 at 11:38pm

Racing against the clock, JPMorgan Chase agreed to buy once-mighty Bear Stearns for just $2 a share Sunday, “in a fire sale deal clearly aimed at stemming broader panic” in the global markets, according Tom Petruno of The Los Angeles Times.

Anne Farrell leaving Washington Mutual

By Gary Jacobson

March 16, 2008 at 7:35pm

Some might call it good timing for Anne V. Farrell, who is leaving the Washington Mutual board of directors because she has reached the mandatory retirement age of 72. Washington Mutual, the embattled Seattle lender, is facing lawsuits, more big lending losses, and is the subject of takeover speculation.

NY Fed bails out Bear Stearns

By Laurie Bennett

March 15, 2008 at 10:28am

Bear Stearns, drowning in debt from its mortgage-related investments, received a lifeline yesterday from the Federal Reserve of New York.

Acting through JPMorgan Chase, the fed provided a line of credit to keep the bank solvent.

Questions about Countrywide-Bank of America deal

By Gary Jacobson

February 17, 2008 at 2:09pm

Countrywide Financial reported Friday that its mortgage foreclosure rate doubled last month compared to a year ago.

That prompted the Charlotte Business Journal to ask Bank of America if it was going forward with its roughly $4 billion stock deal to acquire Countrywide, the nation’s largest mortgage lender.

Kerry Killinger sets the tone at Washington Mutual

By Gary Jacobson

February 2, 2008 at 2:36pm

Troubled Washington Mutual, the nation’s largest savings and loan, has seen its stock price nearly double from its lows over the past month. Takeover speculation has certainly helped, as have the Federal Reserve’s interest rate cuts.

But don’t discount the importance of the message chairman and CEO Kerry Killinger sent when he decided not to take a 2007 bonus that he had earned. Executives at other companies caught in the real estate mess — Countywide Financial and D.R. Horton, for example — have not set the same example of accountability.

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