Bank of America announces a nationwide halt to foreclosures after revelations that employees signed thousands of foreclosure affidavits without reviewing the underlying documents, a practice dubbed “robo-signing.” The scandal exposes systematic fraud in the foreclosure process, with …
Bank of AmericaJPMorgan ChaseWells FargoGMAC MortgageOffice of the Comptroller of the Currency+1 moreforeclosure-fraudrobo-signinghousing-crisisregulatory-failurehousing
Treasury Secretary Henry Paulson announces that Fannie Mae and Freddie Mac, the government-sponsored enterprises backing $5 trillion in home mortgages, will be placed into conservatorship under the newly created Federal Housing Finance Agency. The seizure represents the largest government …
New Century Financial Corporation, the nation’s second-largest subprime mortgage lender, files for bankruptcy protection after its stock loses 90 percent of its value in weeks, marking the beginning of the subprime mortgage crisis. The company had originated $60 billion in subprime loans in …
New Century FinancialBrad MorriceKPMGWall Street investment banksFannie Mae+1 morehousing-crisissubprime-mortgagesbankruptcyregulatory-failurehousing