A look at who's behind the financial breakdown

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From: Center for Public Integrity

Breaking News: Who's Behind the Financial Meltdown?

Subprime lending, credit-default swaps, toxic assets…these terms have dominated the news for months. But what does it all mean? And how did we get into this economic mess?

The answers are both complex and troubling, but the Center for Public Integrity strives to bring them to you in our long-awaited investigation: Who’s Behind the Financial Meltdown?

In our latest project, we examine the three main failures of responsibility behind the meltdown:

• The suprime lenders who were the orginators of what became toxic assets;
• The mega-banks who owned and financed these lenders and are now being bailed out;
• And the stunning federal regulatory breakdown that faciliated this catastrophe.

Go to the project website now to check out some revealing features from our groundbreaking investigation:

• The Subprime 25 shows the top 25 lenders responsible for nearly $100 billion in subprime loans from 2005 to 2007. Check out their stats, including the bailout funds they've received.
• View our extensive maps, which show where the top 25 subprime lenders originated most of their high-interest mortgages from 2005 through 2007.
• Get your own copy of this investigation by buying the e-Book.
• Like what you see? Grab the Ecomomic Meltdown widget and post it on your site or social network profile.
• Share your story - are you one of the thousands of homeowners affected by predatory lending? Help us continue this project by submitting your personal experience.
• Make a contribution to support this project and help us continue our critical work!

There’s all of this and so much more in our latest accountability project. From podcasts to key charts and graphs, the Center for Public Integrity is determined to make sure you get all the information you need on the financial crisis.

Thanks for your support,
Bill Buzenberg
Executive Director

P.S. We couldn’t bring these comprehensive investigations to you without the support of people like you. Please make a generous gift today.


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• House Takes on the Subprime Mortgage Industry (opencongress.org)

Improper mortgage deals from Countrywide benefited congressmembers

US Senator Chris Dodd. Image via Wikipedia

Government reform orgs. deliver news on major events within their areas of expertise.
From: Docuticker

Report Revealing New VIPs Shows How Countrywide Used Mortgage Deals to Buy Influence, Block Reforms

Source: U.S. House of Representatives, Committee on Oversight and Government Reform (GOP)


An Oversight and Government Reform Committee Republican report Countrywide Financial Corporation’s infamous VIP and Friends of Angelo Program offers new insight into the inner workings of Countrywide’s efforts to buy friends in critical government and industry positions affecting the company’s business interests.

“This investigation finds that Countrywide embarked in a determined and calculated effort to buy influence – employees openly weighed the political influence of targeted officials when deciding what perks to offer,” said Issa. “Countrywide VIPs in positions of key responsibility didn’t innocently stumble into loans with reduced rates and waived fees – they were recruited into the program personally by high-ranking company officials including former CEO Angelo Mozilo.”

“VIPs weren’t just offered good service. Company policies were thrown in the trash in a rush to offer preferential treatment to VIPs such as Senator Kent Conrad and Senator Chris Dodd. Those who were supposed to oversee the lending practices and relationship between Countrywide and Fannie Mae were actually in bed with them.”

“I have asked Oversight and Government Reform Committee Chairman Edolphus Towns to join me in requesting all Countrywide VIP and lobbying documents from Bank of America so that the full extent of this influence buying operation program can be investigated. Despite our work, questions remain about the ‘Friends of Angelo’ program and the identities of others who likely received improper benefits.”

+ Full Report (PDF; 1 MB)


>All Things Reform Mobile: allthingsreform.mofuse.mobi >Capitol Switchboard: 202-224-3121 (not toll-free) >US House/Senate Mobile: bit.ly/members >Contact your reps tips: bit.ly/dear >Shortened All Things Reform URL: bit.ly/dw

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• Dodd Says He Will Refinance Two Controversial Mortgages (citizensforethics.org)
• Dodd absolves himself of wrongdoing, "releases" financial documents that public cannot view (michellemalkin.com)
• Countrywide Bent Rules for Dodd (politicalwire.com)