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Bill Moyers on The Economic Elite Vs. The People of the United States [Video & Audio]

Bill Moyers on The Economic Elite Vs. The People of the United States [Video & Audio]

On March 1st, Bill Moyers gave his first public speech in three years, as the final speaker in the Dowmel Lecture series. In his speech, he addressed what he feels is "the greatest threat" to our country: the staggering inequality of wealth and the death of the middle class.

Full Report: The Economic Elite Vs. The People of the United States of America

Full Report: The Economic Elite Vs. The People of the United States of America

Read the full six-part report in one post. You can also download the full report with links and graphics or as a print-friendly document. HELP SPREAD THE WORD!

Max Keiser Interviews David DeGraw — The Economic Elite Vs. The People of the USA [video]

Max Keiser Interviews David DeGraw -- The Economic Elite Vs. The People of the USA [video]

David DeGraw appeared on the Keiser Report to discuss his new book, "The Economic Elite Vs. The People of the USA." DeGraw: "The American public needs to understand that we have been attacked. We are in an economic war right now and all economic indicators say that things are going to get worse...."

Part VI: How to Fight Back and Win: Common Ground Issues That Must Be Won — The Economic Elite Vs. The People of the USA

Part VI: How to Fight Back and Win: Common Ground Issues That Must Be Won

These are the core common-ground issues that we must urgently rally around and support. Unless we organize and take decisive action on all these issues, we will all suffer the consequences of our collective inaction.

Part V: Overcoming the Divide and Conquer Strategy — The Economic Elite Vs. The People of the USA

Part V: Overcoming the Divide and Conquer Strategy - The Economic Elite Vs. The People of the United States of America

The most significant bias in the mainstream media is not the liberal or conservative views propagated to divide, distract, confuse and create apathy among the populace; the ultimate bias is in what is missing from the coverage...

Part IV: The Financial Coup d’Etat — The Economic Elite Vs. The People of the United States of America

Part IV: The Financial Coup d'Etat - The Economic Elite Vs. The People of the United States of America

The entire bailout is strategically designed to eliminate the US middle class. Every time you hear the word "bailout," you should think "coup d’état."

Part III: Exposing Our Enemy - Meet the Economic Elite

The Economic Elite Vs. The People of the United States of America: Part III: Exposing Our Enemy - Meet the Economic Elite

Now that we have a better understanding of how the Economic Elite dominate our lives, let’s take a look at exactly who they are…

Part II: The Rise of the Economic Elite — Economic Elite Vs. The People

The Economic Elite Vs. The People of the United States of America

As a record number of US citizens are struggling to get by, many of the largest corporations are experiencing record-breaking profits, and CEOs are receiving record-breaking bonuses. How could this be happening; how did we get to this point?

The Economic Elite Vs. The People of the United States of America - Part I

The Economic Elite Vs. The People of the United States of America

AmpedStatus Report: It's time for 99% of Americans to mobilize and aggressively move on common sense political reforms. This is the first part of a six-part report. Introduction & Part I: Casualties of Economic Terrorism, Surveying the Damage.

Af-Pak War Racket: The Obama Illusion Comes Crashing Down

Af-Pak War Racket: The Obama Illusion Comes Crashing Down

AmpedStatus Report: The economic elite have escalated their attack on the U.S. public by surging military operations in Afghanistan and Pakistan.

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Who’s Behind the Financial Meltdown? The Subprime 25

Posted on Saturday, May 23rd, 2009 at 4:17 pm, Filed under Economy, Hot List . Follow post comments through the RSS 2.0 feed. Click here to comment, or trackback.admin

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Who's Behind the Financial Meltdown? The Subprime 25

A Center for Public Integrity Investigation

Key Findings

The top subprime lenders whose loans are largely blamed for triggering the global economic meltdown were owned or backed by giant banks now collecting billions of dollars in bailout money — including several that have paid huge fines to settle predatory lending charges. The banks that funded the subprime industry were not victims of an unforeseen financial collapse, as they have sometimes portrayed themselves, but enablers that bankrolled the type of lending threatening the financial system.

These are among the findings that emerged from the Center for Public Integrity’s analysis of government data on nearly 7.2 million “high-interest” or subprime loans made from 2005 through 2007, a period that marks the peak and collapse of the subprime boom. The computer-assisted analysis also revealed The Subprime 25 — the top 25 originators of the high-interest loans, accounting for nearly $1 trillion and
about 72 percent of industry-reported subprime loans during that period.

U.S. and European banks poured huge sums into the subprime lending market due to unceasing demand for high-yield, high-risk bonds backed by home mortgages. The banks — including household names like Lehman Brothers, Merrill Lynch, Citigroup, Credit Suisse First Boston, and Goldman Sachs & Co — made huge profits while their executives collected handsome bonuses until the bottom fell out of the real estate market.

According to the analysis:

  • At least 21 of the top 25 subprime lenders were financed by banks that received bailout money — through direct ownership, credit agreements, or huge purchases of loans for securitization.
  • Nine of the top 10 lenders were based in California, including all of the top five — Countrywide Financial Corp., Ameriquest Mortgage Co., New Century Financial Corp., First Franklin Corp., and Long Beach Mortgage Co.
  • Twenty of the top 25 subprime lenders have closed, stopped lending, or been sold to avoid bankruptcy. Most were non-bank lenders.
  • Eleven of the lenders on the list, including four recipients of bank bailout funds, have made payments to settle claims of widespread lending abuses.
  • The Subprime 25

    These top 25 lenders were responsible for nearly $1 trillion of subprime loans, according to a Center for Public Integrity analysis of 7.2 million “high interest” loans made from 2005 through 2007. Together, the companies account for about 72 percent of high-priced loans reported to the government at the peak of the subprime market. Securities created from subprime loans have been blamed for the economic collapse from which the world’s economies have yet to recover.


    1. 1. Countrywide Financial Corp.
      Amount of Subprime Loans: At least $97.2 billion

    2. 2. Ameriquest Mortgage Co./ACC Capital Holdings Corp.
      Amount of Subprime Loans: At least $80.6 billion

    3. 3. New Century Financial Corp.
      Amount of Subprime Loans: At least $75.9 billion

    4. 4. First Franklin Corp./National City Corp./Merrill Lynch & Co.
      Amount of Subprime Loans: At least $68 billion

    5. 5. Long Beach Mortgage Co./Washington Mutual
      Amount of Subprime Loans: At least $65.2 billion

    6. 6. Option One Mortgage Corp./H&R Block Inc.
      Amount of Subprime Loans: At least $64.7 billion

    7. 7. Fremont Investment & Loan/Fremont General Corp.
      Amount of Subprime Loans: At least $61.7 billion

    8. 8. Wells Fargo Financial/Wells Fargo & Co.
      Amount of Subprime Loans: At least $51.8 billion

    9. 9. HSBC Finance Corp./HSBC Holdings plc
      Amount of Subprime Loans: At least $50.3 billion ***

    10. 10. WMC Mortgage Corp./General Electric Co.
      Amount of Subprime Loans: At least $49.6 billion

    11. 11. BNC Mortgage Inc./Lehman Brothers
      Amount of Subprime Loans: At least $47.6 billion ***

    12. 12. Chase Home Finance/JPMorgan Chase & Co.
      Amount of Subprime Loans: At least $30 billion

    13. 13. Accredited Home Lenders Inc./Lone Star Funds V
      Amount of Subprime Loans: At least $29.0 billion

    14. 14. IndyMac Bancorp, Inc.
      Amount of Subprime Loans: At least $26.4 billion

    15. 15. CitiFinancial / Citigroup Inc.
      Amount of Subprime Loans: At least $26.3 billion

    16. 16. EquiFirst Corp./Regions Financial Corp./Barclays Bank plc
      Amount of Subprime Loans: At least $24.4 billion

    17. 17. Encore Credit Corp./ ECC Capital Corp./Bear Stearns Cos. Inc.
      Amount of Subprime Loans: At least $22.3 billion

    18. 18. American General Finance Inc./American International Group Inc. (AIG)
      Amount of Subprime Loans: At least $21.8 billion ***

    19. 19. Wachovia Corp.
      Amount of Subprime Loans: At least $17.6 billion.

    20. 20. GMAC LLC/Cerberus Capital Management
      Amount of Subprime Loans: At least $17.2 billion ***

    21. 21. NovaStar Financial Inc.
      Amount of Subprime Loans: At least $16 billion

    22. 22. American Home Mortgage Investment Corp.
      Amount of Subprime Loans: At least $15.3 billion

    23. 23. GreenPoint Mortgage Funding Inc./Capital One Financial Corp.
      Amount of Subprime Loans: At least $13.1 billion

    24. 24. ResMAE Mortgage Corp./Citadel Investment Group
      Amount of Subprime Loans: At least $13 billion

    25. 25. Aegis Mortgage Corp./Cerberus Capital Management
      Amount of Subprime Loans: At least $11.5 billion

    26. Articles

      The Roots of the Financial Crisis: Who Is to Blame?


      Predatory Lending: A Decade of Warnings


      Meltdown 101


      Commentary: The Mega-Banks Behind the Meltdown


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