Pushing Subprime
7. June 2009 | 11:10Ex-employees claim racism in Wells Fargo subprime loan push
New affidavits filed in city’s lawsuit Wells Fargo loan officers guided minorities toward high-rate mortgages and joked that they were “riding the stagecoach to hell” for routinely steering prime-loan-qualified customers toward subprime loans, according to sworn declarations by two former employees, filed in federal court this week. (News Source: Baltimore Sun - 07:49:42)
Debriefing Liz Ann Sonders
Charles Schwab’s CIO on how she discovered the housing bubble early on. (News Source: Forbes - 06:11:00)
(AFX UK Focus) 2009-06-05 06:23 PRESS DIGEST - Wall Street Journal - June 5
June 5 (Reuters) - The following were the top stories in The Wall Street Journal on Friday. Reuters has not verified these stories and does not vouch for their accuracy. * The Federal Deposit Insurance Corp is pushing for a shake-up of Citigroup Inc’s top management, imperiling Chief Executive Vikram Pandit, people familiar with the matter said. * Flush with $30 billion in new capital from the … (News Source: Interactive Investor - 05:47:20)
Tiger in the tank
Hummer: China gave the world gunpowder, the compass and paper. America replied with the muscle car, the mullet and subprime mortgages. (News Source: Business Standard India - 19:42:18)
Stocks weather difficult jobs picture
The Dow ends up 13 points despite the highest unemployment rate since 1983. Interest rates move higher. Oil tops $70 but falls back. Apple’s Steve Jobs could soon return to the helm. (News Source: MSN Money - 12:46:36)
Journal Remains Citi Scoop Central
Ryan Chittum has now left the undisclosed location in the D.C. area (Langley) where he works to go on vacation. Audit readers are stuck with me for a while. (News Source: Columbia Journalism Review - 12:02:39)
Dudley’s TALF Comments Add Signs of a PPIP Stall (Update3)
June 4 (Bloomberg) — The Federal Reserve may not start lending against residential mortgage-backed securities under its Term Asset-Backed Securities Loan Facility, Federal Reserve Bank of New York President William Dudley indicated. (News Source: Bloomberg - 20:21:51)
Brighter Days?
Sales of existing homes in Jackson County during the three-month period from March to May rose 44.3 percent compared to the same three months a year ago. (News Source: The Mail Tribune - 09:02:57)
SEC chief strives to rebuild the regulator
The new head of the Securities and Exchange Commission, which has been under intense pressure to change amid a flood of financial scandals, is working to step up regulatory and enforcement efforts. (News Source: MSNBC - 12:21:10)
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