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IMPORTANT: Bing News RSS feed has moved!One of the most pernicious practices in which the nation’ biggest banks engaged during the lead up to the financial crisis was pushing minority borrowers into subprime loans, even when many of them qualified for prime loans. Wells Fargo had ... Read moreFormer Chase Banker Admits His Bank Pushed Minorities Into Subprime Mortgage LoansRBS Financial Products Inc. agreed to the settlement following claims that it financed, bought and bundled residential mortgage loans into securities that were “presumptively unfair” under state law, Coakley’s office said. Such subprime ... Read moreRoyal Bank of Scotland company agrees to $52 million settlement with state over its role in subprime lendingDec. 13 (Bloomberg) -- Institutional mortgage-bond buyers consider securities backed by subprime home loans issued during the housing boom as worthwhile investments, Pine River Capital Management LP’s Steve Kuhn said. “Almost to a person, ... Read moreSubprime Cheap to Buyers With Long View, Pine River SaysUnder Massachusetts law, mortgage lenders have to determine if a borrower can repay a prospective loan under the terms of the contract, according to the complaint. Many of the subprime loans were provided under the assumption that borrowers ... Read moreRBS unit to pay $52 million to settle subprime caseOf loans modified by Ocwen in 2010, 21.6% were seriously delinquent 12 months later, versus 24.8% for other subprime servicers. Because it isn't a bank, Ocwen wasn't subject to the consent orders issued to mortgage servicers by federal banking ... Read moreThinking Deeply On Risky LendingIn October 2008 Congress passed the $700 billion Troubled Asset Relief Program (TARP), supposedly in response to the subprime mortgage crisis ... earned because they received below-market rate loans from the central bank. But the Fed's total ... Read moreDiscover why "every Fed action to relieve the problem makes it worse..."CLEVELAND, Ohio -- A Cuyahoga County judge has dismissed most of a 2008 public nuisance lawsuit Cleveland officials filed against 21 banks and mortgage companies in an attempt to punish them for bankrolling subprime loans. The dismissal cuts off ... Read moreCommon Pleas Court judge rejects most of Cleveland's suit against banks over subprime loansSuch a level would exceed the program’s peak of $586 billion reached in December 2008, when the subprime mortgage crisis in the U.S. spurred ... a North Carolina Republican. Loans on the swaps program jumped to $54.3 billion as of Dec. 14 ... Read moreFed Foreign Bank Lifelines May Reach $1 Trillion, Congress Told9Read moreFor additional information, please see:
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