The Senate voted recently to toughen standards for home loans. Under these new standards, lenders would have to verify that borrowers can repay the loan. Let's just hope China doesn't adopt this policy. As the time approaches when the House and Senate financial reform bills must be reconciled...
Investigations into events surrounding the virtual collapse of the mortgage lending industry are expanding on a number of levels. Various investigative agencies have formed a task force to look into the granting of mortgages which may have been made with little proof of the borrowers' income or assets...
One of the more colorful characters in the ongoing subprime drama has given in to pressure and announced that he will forfeit about $37.5 million in severance pay and perks that were to accompany his retirement. Angelo Mozilo , CEO of Countrywide Financial Corporation was scheduled to receive over $36...
Countrywide Financial Corp , the largest mortgage lender in the nation announced, before the stock marketed opened on Friday, that it is posting a loss of 1.2 billion for the third quarter of 2007 because of millions it had to set aside in loan loss provisions, write downs, and lowered loan values. This...