subprime

Terrance Heath's picture

CAF STAFF

The $821 Million Smile

By Terrance Heath
August 6th, 2008

Why is this man smiling?

His name is Richard Syron, CEO of mortgage giant Freddie Mac.

His company just posted an $821 million loss.

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Robert Borosage's picture

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Wall Street Socialism

By Robert Borosage
July 16th, 2008

This weekend, Treasury Secretary Henry Paulson, former head of the Goldman Sachs investment house, provided us with a perfect demonstration of Wall Street socialism. Everything about Fannie Mae and Freddie Mac has been nationalized—except the profits and the pay scales of their executives. more »

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Isaiah J. Poole's picture

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Top McCain Aide Implies Gramm Partly To Blame for the Economy

By David Corn
From motherjones.com
July 10th, 2008
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Submitted by Isaiah J. Poole

motherjones.com — Phil Gramm is in the headlines today—being slammed by Democrats and disavowed by the McCain campaign—for complaining to The Washington Times that "we have sort of become a nation of whiners." But as this tempest was under way, another Gramm story went little noticed: a top McCain aide—Carly Fiorina—indirectly implicated Gramm in the current economic mess.

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Robert Dorst2's picture

Homeowners at Risk

Submitted by Robert Dorst2 (not verified)
April 8th, 2008

Nationwide, 1.5 million subprime adjustable-rate mortgages will reset to higher interest rates this year, putting many of those homeowners at risk of falling behind on their payments and losing their homes.

Source
Jeanne Sahadi, "Foreclosure fix faces murky future" CNNMoney.com, 8 April 2008. http://money.cnn.com/2008/04/07/news/economy/house_response_Sentatehousing/index.htm?postversion=2008040810
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Isaiah J. Poole's picture

CAF STAFF

No Half-Stepping Stimulus

By Isaiah J. Poole
January 16th, 2008

Democratic leaders in the House are currently sketching out the details of an economic stimulus package designed to soften the blow later this year of the now-apparent recession.

But Robert Kuttner, founding co-editor of The American Prospect and the author of “The Squandering of America,” is warning that the Democrats should seize the opportunity – and take the political risk – of offering a bold and robust plan to not only stimulate the economy in the short run but reform the economy in the long run. more »

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Home Sales Expected to Bottom in '08

From latimes.com
January 15th, 2008
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Submitted by OurFuture.org Staff

latimes.com — The current credit crisis, subprime slump, and stricter lending practices may lead to an 11-year low in sales of previously owned homes this year.

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Terrance Heath's picture

CAF STAFF

Biggest Subprime Culprit Lands $40 Million Deal

From guardian.co.uk
January 14th, 2008
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Submitted by Terrance Heath

guardian.co.uk — Not only was Angelo Mozillo paid $146 million in 2006, but the CEO of Countrywide Financial got a severance package worth about $40 million when Bank of America bought the mortgage company.

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Terrance Heath's picture

CAF STAFF

Subprime Crisis Hits Student Loans

From money.cnn.com
January 14th, 2008
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Submitted by Terrance Heath

money.cnn.com — Student borrowers will be subject to stricter lending practices, higher credit scores to secure student loans and higher interest rates on those loans.

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