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
The U.S. housing bubble reaches its peak in mid-2006, with national home prices having risen 124 percent since 1997. Subprime mortgage originations hit $600 billion, representing 23 percent of all mortgage originations, up from 8 percent in 2003. The bubble’s apex represents the culmination of …
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Subprime mortgage lending reaches $160 billion annually by 2000, a tenfold increase from 1993, as predatory lenders systematically target minority communities with high-cost loans. Rather than expanding homeownership, research shows that subprime lending at this scale actually causes net losses in …
Household Finance CorporationAssociates First CapitalCitigroupAmeriquestNational Association of Mortgage Brokerspredatory-lendinghousing-policyracial-discriminationsubprime-mortgageshousing