Housing Bubble Gone Bust
Predatory Lending, Foreclosures, Housing Crisis & Bailouts
New York Times: Predatory Lending Fair Game
By GRETCHEN MORGENSON
Published: November 1, 2008
Was There a Loan It Didnt Like?
...senior mortgage underwriter at Washington Mutual during the late, great mortgage boom, Ms. Cooper says she found herself in a vise. Brokers squeezed her from one side, her superiors from the other, she says, and both pressured her to approve loans, no matter what. At WaMu it wasnt about the quality of the loans; it was about the numbers, Ms. Cooper says. They didnt care if we were giving loans to people that didnt qualify. Instead, it was how many loans did you guys close and fund? ...After WaMus mortgage lending unit laid her off, she applied for work in its retail banking division. She was turned down, she suspects, because of the critical letters in her personnel file. Ms. Coopers biggest regret, she says, is that she did not reject more loans. I swear 60 percent of the loans I approved I was made to, she says. If I could get everyones name, I would write them apology letters. Read more...
Much of America continues to steam about the bailout of Wall Street. But before Wall Street made billions from subprime mortgages, people in North Texas made millions. Byron Harris reports that while Wall Street is taking the heat, Main Street and maybe even people you know, may deserve part of the blame.
Why is it taking congressional negotiators so long to agree on a financial bailout? The answer may be right there in your own neighborhood if there are foreclosed homes nearby. Byron Harris explains.
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More than a year ago, News 8 began a probe into the lending preactices of the taxpayer-financed Export-Import Bank. Now -- Andrew Parker, who was responsible for $145 million in questioned loans, is headed for prison after pleading guilty to 11 counts of fraud. Byron Harris reports.
Guilty plea in subprime mortgage fraud case
WFAA Byron Harris
Jun 04, 2008 -
... and Plano. On Tuesday, the largest subprime mortgage fraud case in Texas
history ended with a guilty plea. Byron Harris reports.