Category Credit crisis

Why can New Century Financial, poster child for subslime mortgage exploitation, file for bankruptcy and thus have its assets protected and maybe not have to pay back all the money while homeowners who are getting foreclosed can’t do the same…

What were seeing in the subprime mortgage implosion is a deliberate transfer of money from the poor and middle class to the wealthy. [Wall Street] “encouraged it; it funded it,” says Guy Cecala, publisher of the Inside Mortgage Finance newsletter.…

Mortgage brokers New Century Financial and Ameriquest, both based in Orange County, California have cratered spectacularly and have laid off thousands of workers. But the pain goes way beyond just them. Multiple other businesses like car dealers and restaurants are…

Home Mortgage Disclosure Act data from 2005 reveal that more than 50 percent of black and 46 percent of Latino home buyers received subprime loans, compared to 17 percent of white borrowers. Many of the minority borrowers could have qualified…

La Vida Vegas shows in excruciating photographic detail, just how badly the flip frenzy in Vegas has cratered (click the photo to view it full-sized)