Cleveland Sues 21 Lenders Over Subprime Mortgages
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The city is suing 21 of the nationâs largest banks and financial institutions, accusing them of knowingly plunging it into a financial crisis.
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Accredited Home Lenders Holding Co.  , a California subprime mortgage lender, reported a  fourth-quarter loss on Wednesday, hurt by worsening conditions  in the market for loans to people with weaker credit histories.
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The stateâs top securities regulator filed a civil complaint against the brokerage, accusing it of selling unsuitable subprime mortgage-related securities to the city of Springfield.
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Sharks circle subprime lender New Century, but those who loaned to them may be big losers.
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Ohio Attorney General Jim Petro said on Friday he filed a securities fraud, class-action lawsuit against Fannie Mae (FNM.N: Quote, Profile, Research) and its executive officers, charging that the mortgage buyer manipulated its
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LOS ANGELES - A lawsuit filed against Countrywide Financial Corp. on behalf of its employees claims the mortgage lender failed to warn them about the depth of its financial troubles, resulting in heavy stock losses in their 401(k) retirement accounts.
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The Illinois attorney general has subpoenaed documents from Countrywide Financial, broadening an investigation into lending practices that has already led to a lawsuit against one mortgage broker.
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Minority homeowners are especially being hurt as rising interest rates make subprime loans even more expensive.
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Troubles with subprime mortgages cast a shadow over the stock market last week as investors worried about a potential growth in losses on loans to risky borrowers. Still, stocks managed to eke out small gains.
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Credit Suisse analysts estimated banks  could lose up to $52 billion over time due to their exposure to  collateralized debt obligations that invested in U.S. subprime  mortgages.
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Mortgage lenders submitted a record 19,487 foreclosure filings in Massachusetts last year, leaving more homeowners in danger of losing their homes than at any time since the real estate recession of the 1990s.
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Companies in sectors without obvious connections to housing are starting to feel the sting from subprime mortgages.
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The proposal by federal regulators comes as subprime mortgages have come under stress and scrutiny.
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Thornburg Mortgage Inc., the jumbo mortgage specialist sued by the Wachovia Corporation last week, said that it repaid the $5.1 million in collateral that was the basis of the bankâs litigation.
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The mortgage meltdown broadened on Tuesday, led by Accredited Home Lenders Holding Co.  and New Century Financial Corp. , as investors feared that the subprime lenders, which make loans to people with poor credit histories, would run out of cash.
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THOUSANDS OF homeowners with poor credit are facing foreclosure because they can no longer afford to pay their high-interest loans. In the crack-up of the so-called subprime mortgage industry, these borrowers are the most visible participants. But they aren't the only ones who seemed not to understand what they were getting themselves into.
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Troubled subprime lender New Century  Financial said on Tuesday it had understated debt owed to  Credit Suisse First Boston Mortgage Capital LLC by $500 million  on Monday.