May 13th 2010 4:00PM
Two of the most abusive practices that helped inflate the housing bubble -- stated income loans and broker bonuses for steering people to more expensive loan programs -- were harpooned by the U.S. Senate on Wednesday. The Senate passed an amendment to the financial reform legislation by a vote of 63 to 36. The amendment... Continue Reading »
Apr 16th 2010 11:30AM
Want to be considered for a loan modification? Stop making your mortgage payments. That's the advice that Washington Mutual gave some homeowners who called looking for help with their mortgage payments. Their reward for complying with that advice? Foreclosure. Some homeowners are now suing JPMorgan Chase, which swallowed... Continue Reading »
Apr 15th 2010 7:30AM
Of all the wing-tipped execs that have been paraded before government officials investigating the roots of the financial crisis, the former Washington Mutual executives are surely among the most shameful. Tuesday's all-day Senate hearing, conducted by Sen. Carl Levin, aired enough dirty laundry to stink up all of Capital... Continue Reading »
Feb 1st 2010 12:00PM
Greedy appraisers, who put lofty valuations on properties to please lenders and line their pockets, played a large role in the housing bubble. And the fallout continues: On Jan. 29, a former Beverly Hills real estate appraiser was sentenced to three years in federal prison for her role in a multimillion-dollar scheme to... Continue Reading »
