Category Archives: causes of the crisis
Originator Business Models Led Inevitably to Housing Crash
by Steve Ruterman, guest blogger It has been four years since the onset of the epic economic and capital markets fiasco known as the housing crash, and this crisis is far from over. Because the housing and mortgage finance industries … Continue reading
FDIC Sues LPS and CoreLogic Over Appraisal Fraud; Shows Investors Leaving Money on the Table
In another sign that the Federal Government is turning its focus towards prosecuting the securitization players who may have contributed to the Mortgage Crisis, the FDIC filed separate lawsuits against LSI Appraisal (available here) and CoreLogic (available here) earlier this … Continue reading
Center For Responsible Lending Publishes Report Linking Failures of WaMu and IndyMac to Poor OTS Oversight
The Center for Responsible Lending (CRL), a non-profit, non-partisan research and policy organization, has released a report that begins to shed some light on the role that lax regulation played in the mortgage meltdown of the last year and a … Continue reading
New Century Debtors’ Complaints Against KPMG Now Available
The two complaints filed April 1 against KPMG, one against the U.S. arm of the Big Four accounting firm in federal court in Los Angeles and the other in federal court in New York against its parent, KPMG International, are … Continue reading
KPMG Sued for $1 Billion Over New Century Meltdown
Two separate lawsuits were filed yesterday against Netherlands-based Big Four accounting giant, KPMG International, and its U.S. subsidiary, KPMG LLP, alleging that KPMG conducted “reckless and grossly negligent audits” that contributed to the collapse of top subprime lender New Century … Continue reading
