Tuesday, May 26, 2009

Top 25 Subprime Lenders and Their Bankers.

Interesting story HERE , from Center for Public Integrity. Findings:
  • At least 21 of the top 25 subprime lenders were financed by banks that received bailout money — through direct ownership, credit agreements, or huge purchases of loans for securitization.
  • Nine of the top 10 lenders were based in California, including all of the top 5 — Countrywide Financial Corp., Ameriquest Mortgage Co., New Century Financial Corp., First Franklin Corp. and, Long Beach Mortgage Co.
  • Twenty of the top 25 subprime lenders have closed, stopped lending, or been sold to avoid bankruptcy. Most were non-bank lenders.
  • Eleven of the lenders on the list, including four recipients of bank bailout funds, have made payments to settle claims of widespread lending abuses
More about this organization HERE.
Appears to be part of a series, titled Who's Behind the Economic Meltdown, HERE.

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