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Entries tagged "subprime"The ratings gameA Moody's official said there was no evidence of wrongdoing at the ratings agency, though doubts remain. The Deal's Nathaniel Baker takes a look at how credit agencies should've functioned in an ideal world. Cattles creditors go to warThe bondholders of distressed British subprime lender Cattles are reportedly outraged at plan to pay banks first. PennyMac plans $750M IPOPennyMac Mortgage, a REIT headed by former Countrywide Financial president Stanford Kurland, is planning to raise $750 million even though Kurland is named in several lawsuits. Financial journalism and its criticsA lot of criticism has been laid on the financial press for not predicting the crisis, but is it reasonable or fair? Fed report: CRA not cause of housing bubbleA recent Fed study of the Community Reinvestment Act-related lending found no connection between CRA and the subprime mortgage problems. NY Community is a place without a TARPNew York Community Bancorp Inc. is doing things its own way, traveling its usual path that has differed from the steps of its peers. For example, when NYCB purchases a bank, it usually maintains the name brand -- something practically unheard of in the industry today. When rivals were loosening credit and profiting from investments in toxic debt, NYCB stayed away and maintained its strict lending standards for mortgages. Fast forward to the present, and NYCB is in better financial health than many of its peers, so much so it has turned down a $596 million capital injection from the... Comptroller dismisses claims CRA fueled subprime meltdownComptroller of the Currency John C. Dugan, the federal regulator of national banks, Wednesday rejected assertions that the Community Reinvestment Act deserves some blame for the reckless expansion of subprime mortgage lending. ... Did Shiller really go against the crowds?Robert Shiller, the man who predicted both the dot-com crash and the more recent real estate bubble, penned an interesting editorial in Sunday's New York Times, where he examined why so many so-called experts managed to miss the signs of a housing bubble. The reason is that outside-the-box thinkers like professor Shiller face a lonely and pressure-filled existence where their theories are at best not taken seriously and at worst viciously attacked by naysayers who drank the Kool-Aid. This, in short, leads them to clam up and keep their feelings to themselves.... Will Downey's SOS be answered by Treasury bailout or FDIC seizure?California savings and loans Downey Financial Corp. is the last bank standing in a sector that concentrated on offering high-risk home loans known as option arms. Just a few years ago, there were as many as five big players specializing in that market, but the tsunami of failed mortgages and reduction of available credit pushed Downey's bigger peers into extinction. Now, the 50-year-old firm is possibly down to its last straw and indicated through a statement that it would look for help from the $700 billion federal bailout package. ... Help Wanted: Treasury seeks managers for $700BAsset managers looking for work might want to consider the U.S.Treasury Department, which we've heard is looking to build a $700 billion portfolio.... Rabble Babble: Anyone wanna buy a bank called WaMu?Anybody want a bank? After Moody's Investors Service further cut Washington Mutual Inc.'s credit rating, executives at the Seattle-based thrift continue to weigh all the options, from a straightforward sale to raising new capital to a government-assisted takeover. All the news surrounding the bank has investors talking. Here are the latest rumors and reports. ... FTC fines Bear Stearns for mortgage violationsThe Federal Trade Commission Tuesday took a mighty swing at a company that contributed to the recent -- though now, late -- mortgage debacle. Unfortunately, the $28 million fine will not curb any unlawful practices at Bear Stearns Cos. and subsidiary EMC Mortgage Corp., since they have been acquired by J.P. Morgan Chase & Co. ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "subprime." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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