Related Research Articles
Christopher John Dodd is an American lobbyist, lawyer, and Democratic Party politician who served as a United States senator from Connecticut from 1981 to 2011. Dodd is the longest-serving senator in Connecticut's history. He served in the United States House of Representatives from 1975 to 1981.
The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
Franklin Delano Raines, also known as Frank Raines, is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny. He has been called one of the "25 People to Blame for the Financial Crisis" according to Time magazine.
Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of the United States GDP, a proportion greater than any other single mortgage lender.
Barbara J. Desoer was CEO for Citibank, N.A. beginning April 1, 2014 and finished as CEO on May 10, 2019, and was the COO for Citibank, N.A. from October 2013 to April 1, 2014. She was president of Bank of America Home Loans, a leading U.S. mortgage originator and servicer. She was a member of the senior management team of Bank of America Corporation, having previously reporting to CEO Brian Moynihan. Desoer led a business accounting for about 20 percent of the U.S. mortgage origination market, with a $2 trillion servicing portfolio serving nearly 14 million customers—nearly one in five mortgages in the U.S. She also managed Bank of America's home equity business and oversaw a leading insurance service organization.
IndyMac, a contraction of Independent National Mortgage Corporation, was an American bank based in California that failed in 2008 and was seized by the United States Federal Deposit Insurance Corporation (FDIC).
American Freedom Mortgage, Inc. (AFM) was a private S Corporation incorporated on February 2, 2001, according to the Georgia Secretary of State, and headquartered in Marietta, Georgia. AFM conducted business as a multi-state direct-to-consumer correspondent lender and mortgage broker specializing in the origination of subprime and Alt-A mortgage loans. AFM also operated a wholesale mortgage lending division that originated loans via approved mortgage brokers and which used the fictitious name AFMI Funding. As a correspondent lender, AFM sold the mortgage loans on the open market to larger investors.
Angelo Robert Mozilo was an American banker who was chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008. The company's status as a major lender of subprime mortgages made it a central player in a subsequent mortgage crisis which collapsed the industry, bursting a housing bubble which had accumulated throughout the 2000s, and contributing heavily to the Great Recession. Mozilo later paid over $67 million in fines to settle a series of federal charges related to his conduct at the company.
Taylor, Bean & Whitaker was a top-10 wholesale mortgage lending firm in the United States, the fifth-largest issuer of Government National Mortgage Association securities. Their slogan was "Perfecting the Art of Mortgage Lending".
The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see 2007–2008 financial crisis.
The Mortgage Bankers Association (MBA) is the United States national association representing all facets of the real estate finance industry. Headquartered in Washington, D.C., MBA represents over 2,200 member companies. MBA’s membership base includes all sectors of the real estate finance industry including originators, servicers, unresidential, commercial, and multi-family arenas.
Regulatory responses to the subprime crisis addresses various actions taken by governments around the world to address the effects of the subprime mortgage crisis.
The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.
Kenneth D. Lewis is the former CEO, president, and chairman of Bank of America, the second largest bank in the United States and twelfth largest by total assets in the world. While CEO of Bank of America, Lewis was noted for purchasing Countrywide Financial and Merrill Lynch, resulting in large losses for the bank and necessitating financial assistance from the federal government. On September 30, 2009, Bank of America confirmed that Lewis would be retiring by the end of the year. Lewis was replaced by Brian Moynihan as president and CEO and Walter Massey as chairman of the board.
The 2007–2008 financial crisis, or Global Economic Crisis (GEC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.
Merrill, previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial advisors and manages $2.8 trillion in client assets. The company also operates Merrill Edge, a division for investment and related services, including call center counsultancy.
Eileen foster was the executive vice president of Fraud Risk Management at Countrywide, and later senior vice president of the Mortgage Fraud Investigations Division at Bank of America, until she blew the whistle on massive and widespread systemic home loan fraud in 2008. She has received significant media coverage as a key whistleblower of the financial crisis.
Axos Bank is an American federally chartered savings and loan association and direct bank headquartered in San Diego, California. It is the main consumer brand of Axos Financial.
Axos Financial is a bank holding company based in Las Vegas, Nevada. The company operates Axos Clearing LLC, a financial custodian, Axos Bank, a direct bank, registered investment adviser services via Axos Advisor Services, and operates an electronic trading platform via Axos Invest, Inc.
PennyMac Financial Services, Inc. is an American residential mortgage company headquartered in Westlake Village, California. The company's business focuses on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac operates through two subsidiaries: PennyMac Loan Services, LLC and PNMAC Capital Management, LLC. The latter manages the PennyMac Mortgage Investment Trust, a mortgage REIT.
References
- 1 2 3 4 5 6 7 8 "Andrew Gissinger". Players. National Football League . Retrieved 27 March 2013.
- ↑ Gates, Marshall M. (September 27, 2005). SEC FORM 8-K. Calabasas, California: Countrywide Financial Corporation.
- ↑ Hagerty, James R.; Karp, Jonathan (3 October 2007). "Countrywide Tells Workers, 'Protect Our House'". The Wall Street Journal . Retrieved 8 August 2009.
- ↑ Hagerty, James R.; Fitzpatrick, Dan (24 September 2008). "BofA Cuts Countrywide's No. 3: Gissinger Is Out as Bank Turns In for Integration Work". The Wall Street Journal . pp. C6. Retrieved 8 August 2009.
- 1 2 Hagerty, James R. (11 June 2008). "BofA Selects Countrywide Officials for Mortgage Unit". The Wall Street Journal . Retrieved 8 August 2009.