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The LIST - Columbia Journalism Review

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The LIST - Columbia Journalism Review Powered By Docstoc
					The LIST
A CATALOG OF 727 SIGNIFICANT STORIES PUBLISHED BY MAJOR BUSINESS-NEWS OUTLE
By the staff of The Audit, the business-press section of the Columbia Journalism Review. Design by Karen Oh and Dean Starkman
How well did the press cover abusive mortgage-lenders and their Wall Street backers before the crash? We looked for
which it was too late for warnings. We found work that falls into three categories, ranging from investigative (here colore
Green) to, for context, non-warnings (three shades of Blue). See the second tab at the bottom for a more detailed explan


DATE       COLOR    CATEGORY        PUB
03/04/00   cDkBl    Lending         WP

03/06/00   cDkBl    Lending         WSJ

03/15/00   gRed     Investigative   NYT




03/19/00   fDkGr    Consumer        NYT
03/21/00   fDkGr    Consumer        WSJ
03/23/00 bMdBl      News            WP
03/24/00   fDkGr    Consumer        NYT

03/29/00   dLtGr    System          WSJ

04/02/00   fDkGr    Consumer        NYT

04/10/00   cDkBl    Lending         BW
04/16/00   fDkGr    Consumer        LAT

04/24/00   gRed     Investigative   BW

05/03/00   fDkGr    Consumer        LAT

07/03/00   cDkBl    Lending         BW
07/05/00   eMdGr    Investor        WSJ
07/14/00   eMdGr    Investor        WSJ


09/07/00   eMdGr    Investor        FT

09/17/00   dLtGr    System          NYT
09/19/00   fDkGr   Consumer        WP
10/05/00   bMdBl   News            LAT


10/22/00   gRed    Investigative   NYT


11/13/00   fDkGr   Consumer        WSJ
12/14/00   bMdBl   News            LAT
01/05/01   cDkBl   Lending         WSJ

01/29/01   dLtGr   System          BW
02/05/01   cDkBl   Lending         BW

02/24/01   fDkGr   Consumer        WP
03/09/01   fDkGr   Consumer        LAT
03/19/01   fDkGr   Consumer        BW
04/04/01   fDkGr   Consumer        NYT


04/05/01   fDkGr   Consumer        WSJ


04/07/01   gRed    Investigative   WP




04/16/01   eMdGr   Investor        Fortune
04/19/01   fDkGr   Consumer        WSJ
04/21/01   fDkGr   Consumer        WP


04/23/01   cDkBl   Lending         WSJ

04/30/01   fDkGr   Consumer        BW
06/01/01   fDkGr   Consumer        WP

06/13/01   fDkGr   Consumer        LAT
07/05/01   eMdGr   Investor        WP


07/27/01   aLtBl   Wall Street     WSJ




07/31/01   dLtGr   System          WSJ




08/01/01   gRed    Investigative   WSJ
08/09/01   eMdGr   Investor        WSJ

08/13/01   fDkGr   Consumer        BW
08/16/01   eMdGr   Investor        WSJ




08/31/01   bMdBl   News            WSJ
08/31/01   cDkBl   Lending         WSJ
09/03/01           Lending         Fortune
           cDkBl
09/03/01   eMdGr   Investor        BW

09/03/01   eMdGr   Investor        Forbes




09/07/01   bMdBl   News            WSJ
09/10/01   fDkGr   Consumer        LAT

09/17/01   eMdGr   Investor        BW

10/03/01   fDkGr   Consumer        WP
10/30/01   cDkBl   Lending         WSJ


11/07/01   cDkBl   Lending         WSJ
11/07/01   dLtGr   System          WSJ


11/10/01   cDkBl   Lending         WP
11/12/01   dLtGr   System          BW
11/17/01   fDkGr   Consumer        WP


11/22/01   cDkBl   Lending         WP
11/28/01   bMdBl   News            WP
11/30/01   fDkGr   Consumer        LAT




12/02/01   cDkBl   Lending         NYT
12/07/01   gRed    Investigative   WSJ


12/12/01   bMdBl   News            BN
12/13/01   dLtGr   System          FT




12/31/01   eMdGr   Investor        BW

01/10/02   cDkBl   Lending         WSJ

01/15/02   eMdGr   Investor        LAT


01/21/02   dLtGr   System          WSJ
01/28/02   fDkGr   Consumer        WSJ
02/02/02   fDkGr   Consumer        WP

02/14/02   dLtGr   System          WSJ


02/18/02   eMdGr   Investor        Fortune

02/18/02   fDkGr   Consumer        WP

02/20/02   bMdBl   News            WP

03/04/02   dLtGr   System          Fortune

03/04/02   dLtGr   System          WSJ

03/11/02   cDkBl   Lending         BW
03/13/02   bMdBl   News            NYT
03/19/02   dLtGr   System          WSJ

03/22/02   bMdBl   News            NYT
03/24/02   gRed    Investigative   NYT
04/01/02   eMdGr   Investor        Fortune

04/24/02   fDkGr   Consumer        WSJ

05/01/02   fDkGr   Consumer        LAT
05/01/02   fDkGr   Consumer        NYT
05/04/02   cDkBl   Lending         NYT
05/21/02   dLtGr   System          NYT




06/10/02   dLtGr   System          WSJ

06/18/02   fDkGr   Consumer        WSJ

06/24/02   dLtGr   System          Fortune




07/08/02   eMdGr   Investor        WSJ
07/18/02           Consumer        WSJ
           fDkGr
07/18/02   fDkGr   Consumer        WSJ

08/06/02   cDkBl   Lending         WSJ


08/08/02   bMdBl   News            WSJ
08/12/02   fDkGr   Consumer        BW


08/17/02   fDkGr   Consumer        WP
08/19/02   dLtGr   System          BW
09/02/02   dLtGr   System          BW
09/02/02   gRed    Investigative   Forbes




09/09/02   aLtBl   Wall Street     BW
09/10/02   cDkBl   Lending         WSJ

09/17/02   cDkBl   Lending         WSJ


09/19/02   cDkBl   Lending         WP
09/21/02   cDkBl   Lending         WP
09/23/02   dLtGr   System          BW

09/23/02   fDkGr   Consumer        BW
09/26/02   dLtGr   System          WSJ
09/27/02   dLtGr   System          WSJ


10/07/02   eMdGr   Investor        BW


10/07/02   gRed    Investigative   BW

10/14/02   fDkGr   Consumer        Forbes
10/16/02   cDkBl   Lending         WSJ

10/17/02   dLtGr   System          WSJ




10/28/02   dLtGr   System          BW

10/28/02   eMdGr   Investor        Fortune

10/30/02   dLtGr   System          WSJ

11/04/02   cDkBl   Lending         BW

11/10/02   fDkGr   Consumer        NYT
11/10/02   gRed    Investigative   WSJ




11/12/02   eMdGr   Investor        WSJ




11/13/02   dLtGr   System          WSJ

11/14/02   dLtGr   System          WSJ


11/14/02   eMdGr   Investor        WP
11/25/02   eMdGr   Investor        WSJ

11/25/02   fDkGr   Consumer        BW
12/10/02   fDkGr   Consumer        WSJ


12/13/02   gRed    Investigative   WSJ


12/18/02   fDkGr   Consumer        WSJ


01/16/03   cDkBl   Lending         WSJ

01/17/03   dLtGr   System          WSJ

01/27/03   dLtGr   System          BW
01/28/03   dLtGr   System          FT
01/29/03   cDkBl   Lending         WSJ

02/14/03   fDkGr   Consumer        NYT

02/18/03   cDkBl   Lending         WSJ

02/24/03   cDkBl   Lending         WSJ

02/24/03   fDkGr   Consumer        WSJ


02/26/03   eMdGr   Investor        LAT
03/03/03   dLtGr   System          BW
03/06/03   bMdBl   News            WP

03/20/03   aLtBl   Wall Street     WSJ

03/28/03   aLtBl   Wall Street     NYT




03/31/03   cDkBl   Lending         Fortune

03/31/03   dLtGr   System          BW
03/31/03   dLtGr   System          BW
04/04/03   dLtGr   System          WSJ

05/05/03   aLtBl   Wall Street     BW

05/10/03   eMdGr   Investor        LAT

05/14/03   bMdBl   News            WSJ
05/21/03   cDkBl   Lending         WSJ
05/26/03   dLtGr   System          BW


05/28/03   dLtGr   System          WSJ


05/29/03   dLtGr   System          WSJ
06/09/03   aLtBl   Wall Street     Fortune

06/09/03   cDkBl   Lending         BW

06/13/03   bMdBl   News            WSJ

06/17/03   fDkGr   Consumer        LAT

06/17/03   fDkGr   Consumer        NYT
06/19/03           Consumer        LAT
           fDkGr
06/23/03   dLtGr   System          BW


06/26/03   gRed    Investigative   BN

06/28/03   bMdBl   News            WP

07/07/03   cDkBl   Lending         BW
07/07/03   eMdGr   Investor        Forbes

07/15/03   fDkGr   Consumer        WSJ

07/16/03   cDkBl   Lending         WSJ


07/23/03   cDkBl   Lending         WSJ

08/04/03   cDkBl   Lending         BW
08/12/03   cDkBl   Lending         WSJ

08/17/03   dLtGr   System          NYT




09/02/03   aLtBl   Wall Street     WSJ


09/18/03   dLtGr   System          WSJ


09/19/03   aLtBl   Wall Street     WSJ

09/22/03   dLtGr   System          WSJ


09/24/03   aLtBl   Wall Street     WSJ
09/24/03   cDkBl   Lending         WSJ
09/29/03   dLtGr   System        FT
10/06/03   dLtGr   System        BW

10/28/03   cDkBl   Lending       WSJ


11/06/03   cDkBl   Lending       WSJ




11/10/03   dLtGr   System        WSJ

11/25/03   bMdBl   News          WSJ

11/28/03   bMdBl   News          WSJ
12/08/03   eMdGr   Investor      Forbes




12/10/03   fDkGr   Consumer      WSJ

12/15/03   cDkBl   Lending       BW

12/22/03   fDkGr   Consumer      Fortune
01/12/04   cDkBl   Lending       BW


01/19/04   aLtBl   Wall Street   BW

01/19/04   dLtGr   System        BW
01/20/04   cDkBl   Lending       WSJ

01/21/04   cDkBl   Lending       WSJ

01/31/04   dLtGr   System        FT
02/02/04   cDkBl   Lending       BW
02/05/04   eMdGr   Investor      Forbes

02/05/04   fDkGr   Consumer      FT

02/09/04   cDkBl   Lending       WSJ
02/23/04   dLtGr   System        Fortune
03/08/04   dLtGr   System        Fortune
03/11/04   cDkBl   Lending       FT

03/16/04   cDkBl   Lending       WSJ

04/04/04   cDkBl   Lending       FT

04/05/04   aLtBl   Wall Street   Fortune


04/11/04   cDkBl   Lending       NYT
04/12/04   dLtGr   System        WSJ
04/12/04   fDkGr   Consumer      BW

04/15/04   cDkBl   Lending       WSJ

04/15/04   eMdGr   Investor      WP

05/04/04   fDkGr   Consumer      BW
05/05/04   aLtBl   Wall Street   WSJ


05/06/04   dLtGr   System        WSJ


05/10/04   dLtGr   System        BW
05/12/04   cDkBl   Lending       WSJ

05/20/04   fDkGr   Consumer      WSJ

05/24/04   dLtGr   System        Forbes




05/24/04   dLtGr   System        FT




05/25/04   bMdBl   News          WSJ

05/28/04   bMdBl   News          NYT

05/28/04   bMdBl   News          WSJ


06/07/04   eMdGr   Investor      BW


06/10/04   dLtGr   System        FT




06/14/04   aLtBl   Wall Street   WSJ

06/14/04   cDkBl   Lending       WSJ
06/24/04   fDkGr   Consumer      NYT
06/26/04   fDkGr   Consumer      LAT


07/06/04   fDkGr   Consumer      WSJ


07/19/04   eMdGr   Investor      BW

07/25/04   eMdGr   Investor      NYT
07/27/04   cDkBl   Lending       WSJ


08/05/04   cDkBl   Lending       WSJ

08/17/04   dLtGr   System        WSJ

09/08/04   cDkBl   Lending       WSJ

09/14/04   dLtGr   System        WSJ

09/20/04   eMdGr   Investor      Fortune


09/22/04   cDkBl   Lending       WSJ

09/23/04   eMdGr   Investor      WSJ


09/24/04   eMdGr   Investor      WSJ

09/27/04   cDkBl   Lending       WSJ


10/01/04   dLtGr   System        WSJ

10/03/04   fDkGr   Consumer      NYT


10/05/04   fDkGr   Consumer      WSJ
10/10/04   fDkGr   Consumer      NYT




10/12/04   cDkBl   Lending       LAT
10/13/04   aLtBl   Wall Street   WSJ


11/01/04   cDkBl   Lending       BW
11/01/04   fDkGr   Consumer      BW

11/05/04   fDkGr   Consumer      WSJ
11/20/04   fDkGr   Consumer        LAT




11/22/04   gRed    Investigative   WP




11/24/04   dLtGr   System          WP


11/26/04   bMdBl   News            WSJ

11/30/04   eMdGr   Investor        WSJ

12/13/04   bMdBl   News            LAT

12/17/04   eMdGr   Investor        WSJ


12/19/04   dLtGr   System          NYT
12/21/04   cDkBl   Lending         WSJ

12/25/04   fDkGr   Consumer        WP

12/27/04   eMdGr   Investor        BW

01/10/05   cDkBl   Lending         BW

01/12/05   eMdGr   Investor        WSJ


01/14/05   fDkGr   Consumer        WSJ

01/20/05   cDkBl   Lending         WSJ

01/24/05   dLtGr   System          Fortune
02/04/05   gRed    Investigative   LAT


02/10/05   eMdGr   Investor        WSJ
02/14/05   dLtGr   System          Forbes

02/15/05   fDkGr   Consumer        WSJ

02/16/05   dLtGr   System          FT




02/16/05   fDkGr   Consumer        LAT

02/18/05   bMdBl   News            WSJ

02/21/05   eMdGr   Investor        BW
02/23/05   fDkGr   Consumer        WSJ

03/02/05   aLtBl   Wall Street     WSJ


03/08/05   cDkBl   Lending         WSJ

03/10/05   fDkGr   Consumer        WSJ

03/15/05   bMdBl   News            WP
03/21/05   cDkBl   Lending         WSJ
03/21/05   eMdGr   Investor        Fortune
03/25/05   eMdGr   Investor        NYT

03/28/05   dLtGr   System          BW
03/28/05   gRed    Investigative   LAT




04/04/05   aLtBl   Wall Street     WSJ


04/04/05   bMdBl   News            BW
04/11/05   bMdBl   News            BW

04/11/05   cDkBl   Lending         BW

04/11/05   dLtGr   System          FT

04/11/05   fDkGr   Consumer        WP

04/11/05   fDkGr   Consumer        WSJ
04/18/05   aLtBl   Wall Street   Forbes

04/18/05   cDkBl   Lending       Fortune




04/18/05   dLtGr   System        FT
04/19/05   dLtGr   System        FT

04/28/05   bMdBl   News          WSJ

04/29/05   bMdBl   News          WSJ
04/29/05   bMdBl   News          WSJ

05/04/05   fDkGr   Consumer      NYT
05/11/05   dLtGr   System        NYT
05/12/05   dLtGr   System        FT
05/12/05   dLtGr   System        WSJ




05/22/05   fDkGr   Consumer      LAT

05/23/05   dLtGr   System        BW




05/23/05   eMdGr   Investor      WSJ

05/24/05   bMdBl   News          WSJ
05/25/05   cDkBl   Lending       WSJ


05/26/05   cDkBl   Lending       WSJ

05/30/05   bMdBl   News          FT
05/30/05   eMdGr   Investor      Fortune


06/05/05   eMdGr   Investor      NYT


06/06/05   aLtBl   Wall Street   WSJ


06/06/05   eMdGr   Investor      Forbes

06/07/05   bMdBl   News          WSJ

06/09/05   dLtGr   System        WSJ
06/16/05   dLtGr   System          WSJ


06/16/05   eMdGr   Investor        NYT




06/20/05   cDkBl   Lending         WSJ
06/20/05   eMdGr   Investor        BW

06/20/05   eMdGr   Investor        WSJ
06/24/05   fDkGr   Consumer        LAT

06/25/05   fDkGr   Consumer        LAT

06/27/05   fDkGr   Consumer        BW

06/29/05   aLtBl   Wall Street     WSJ
07/11/05   dLtGr   System          BW

07/11/05   eMdGr   Investor        Fortune
07/12/05   fDkGr   Consumer        WSJ
07/14/05   cDkBl   Lending         WSJ

07/15/05   fDkGr   Consumer        NYT




07/20/05   gRed    Investigative   WSJ


07/21/05   aLtBl   Wall Street     WSJ


07/25/05   dLtGr   System          Forbes


07/25/05   dLtGr   System          Fortune

07/26/05   fDkGr   Consumer        WSJ

07/27/05   bMdBl   News            WSJ
07/27/05   eMdGr   Investor   WSJ




07/28/05   dLtGr   System     FT

07/28/05   dLtGr   System     FT
07/28/05   eMdGr   Investor   WSJ

07/29/05   bMdBl   News       WP




07/29/05   dLtGr   System     FT

08/04/05   bMdBl   News       FT
08/08/05   dLtGr   System     NYT
08/09/05   fDkGr   Consumer   WSJ




08/12/05   eMdGr   Investor   WSJ

08/15/05   eMdGr   Investor   BW


08/17/05   dLtGr   System     WSJ


08/17/05   eMdGr   Investor   WSJ

08/21/05   eMdGr   Investor   LAT

08/21/05   eMdGr   Investor   NYT
08/22/05   fDkGr   Consumer   BW
08/24/05   bMdBl   News       WSJ
08/24/05   cDkBl   Lending    WSJ
08/24/05   dLtGr   System     WSJ


08/25/05   bMdBl   News       WSJ
08/28/05   fDkGr   Consumer        NYT

08/29/05   dLtGr   System          NYT
08/31/05   aLtBl   Wall Street     FT
09/03/05   fDkGr   Consumer        WP

09/05/05   aLtBl   Wall Street     Fortune

09/05/05   cDkBl   Lending         Forbes

09/12/05   gRed    Investigative   WSJ


09/15/05   dLtGr   System          Forbes


09/17/05   eMdGr   Investor        NYT
09/18/05   fDkGr   Consumer        LAT

09/21/05   eMdGr   Investor        NYT
09/22/05   dLtGr   System          WSJ

09/29/05   bMdBl   News            FT
09/29/05   cDkBl   Lending         WSJ

09/29/05   eMdGr   Investor        FT

09/29/05   fDkGr   Consumer        LAT


09/30/05   dLtGr   System          NYT
09/30/05   dLtGr   System          FT




10/02/05   fDkGr   Consumer        NYT




10/06/05   dLtGr   System          FT
10/06/05   dLtGr   System          WSJ
10/10/05   aLtBl   Wall Street     BW

10/10/05   dLtGr   System          LAT
10/16/05   cDkBl   Lending         NYT


10/17/05   dLtGr   System          Forbes

10/17/05   fDkGr   Consumer        BW


10/21/05   dLtGr   System          FT




10/24/05   eMdGr   Investor        Fortune
10/24/05   gRed    Investigative   LAT




10/31/05   eMdGr   Investor        Fortune


10/31/05   fDkGr   Consumer        LAT

11/02/05   dLtGr   System          FT
11/03/05   dLtGr   System          WSJ

11/13/05   fDkGr   Consumer        LAT


11/15/05   cDkBl   Lending         WSJ
11/16/05   dLtGr   System          WSJ

11/16/05   fDkGr   Consumer        WSJ

11/27/05   eMdGr   Investor        NYT
11/30/05   cDkBl   Lending         WSJ


12/06/05   fDkGr   Consumer        WP

12/12/05   dLtGr   System          WSJ

12/20/05   aLtBl   Wall Street     WSJ
12/23/05   dLtGr   System          WSJ
12/25/05   eMdGr   Investor        Fortune


12/26/05   eMdGr   Investor        BW

01/03/06   dLtGr   System          WSJ

01/06/06   aLtBl   Wall Street     NYT
01/09/06   aLtBl   Wall Street     Forbes
01/09/06   cDkBl   Lending       BW




01/16/06   cDkBl   Lending       WSJ

01/19/06   dLtGr   System        WSJ

01/21/06   bMdBl   News          NYT
01/21/06   fDkGr   Consumer      LAT


01/21/06   fDkGr   Consumer      WP

01/29/06   fDkGr   Consumer      WP
01/31/06   cDkBl   Lending       WSJ

01/31/06   fDkGr   Consumer      LAT

02/04/06   fDkGr   Consumer      WSJ

02/16/06   aLtBl   Wall Street   WSJ
02/20/06   aLtBl   Wall Street   BW


02/22/06   fDkGr   Consumer      NYT




02/23/06   dLtGr   System        WSJ

02/24/06   bMdBl   News          WP

02/27/06   cDkBl   Lending       BW

03/01/06   cDkBl   Lending       WSJ

03/04/06   cDkBl   Lending       WSJ
03/06/06   aLtBl   Wall Street   Fortune


03/08/06   dLtGr   System        WSJ

03/11/06   fDkGr   Consumer      WSJ


03/13/06   dLtGr   System        Forbes




03/20/06   dLtGr   System        BW

03/24/06   dLtGr   System        FT

03/31/06   fDkGr   Consumer      WSJ




04/03/06   cDkBl   Lending       BW

04/03/06   dLtGr   System        WSJ

04/07/06   dLtGr   System        NYT
04/10/06   aLtBl   Wall Street   BW

04/10/06   eMdGr   Investor      BW


04/17/06   aLtBl   Wall Street   Fortune




04/19/06   dLtGr   System        WSJ

04/19/06   fDkGr   Consumer      WSJ

04/24/06   eMdGr   Investor      BW

04/27/06   fDkGr   Consumer      WSJ

05/08/06   cDkBl   Lending       WSJ

05/09/06   aLtBl   Wall Street   Fortune

05/09/06   cDkBl   Lending       NYT
05/15/06   dLtGr   System        BW

05/15/06   dLtGr   System        BW

05/15/06   eMdGr   Investor      Fortune
05/18/06   cDkBl   Lending       WSJ

05/18/06   dLtGr   System        FT

05/20/06   dLtGr   System        FT

05/30/06   cDkBl   Lending       WSJ

06/03/06   fDkGr   Consumer      WP

06/05/06   dLtGr   System        BN
06/12/06   eMdGr   Investor      BW

06/12/06   eMdGr   Investor      BW


06/13/06   aLtBl   Wall Street   NYT
06/17/06   fDkGr   Consumer      WP
06/26/06   eMdGr   Investor      BW

07/06/06   cDkBl   Lending       WSJ

07/11/06   dLtGr   System        FT




07/11/06   dLtGr   System        FT
07/14/06   dLtGr   System        BN
07/17/06   bMdBl   News          WSJ
07/21/06   dLtGr   System        FT
07/22/06   fDkGr   Consumer      WSJ

07/23/06   fDkGr   Consumer      NYT

08/07/06   dLtGr   System        WSJ

08/08/06   cDkBl   Lending       WSJ

08/10/06   bMdBl   News          WSJ


08/10/06   cDkBl   Lending       WSJ

08/15/06   fDkGr   Consumer      WSJ
08/22/06   fDkGr   Consumer      WSJ
08/23/06   eMdGr   Investor      WSJ


08/26/06   eMdGr   Investor      LAT

08/28/06   eMdGr   Investor      Fortune
08/30/06   eMdGr   Investor        WSJ
09/04/06   dLtGr   System          BW
09/06/06   bMdBl   News            LAT

09/06/06   dLtGr   System          NYT
09/11/06   eMdGr   Investor        BW
09/11/06   gRed    Investigative   BW

09/16/06   dLtGr   System          WSJ




09/20/06   dLtGr   System          FT




09/25/06   dLtGr   System          BW
09/25/06   fDkGr   Consumer        WSJ

09/26/06   dLtGr   System          FT
09/28/06   fDkGr   Consumer        WSJ

10/01/06   fDkGr   Consumer        WP
10/02/06   cDkBl   Lending         BW

10/02/06   dLtGr   System          FT




10/09/06   cDkBl   Lending         WSJ
10/13/06   aLtBl   Wall Street     WSJ




10/13/06   dLtGr   System          FT
10/16/06   aLtBl   Wall Street     BW
10/16/06   dLtGr   System          Forbes




10/17/06   bMdBl   News            BN
10/19/06   cDkBl   Lending         WSJ

10/20/06   dLtGr   System          FT




10/23/06   dLtGr   System          BW




10/26/06   fDkGr   Consumer        WSJ

10/30/06   dLtGr   System          BW
10/30/06   gRed    Investigative   WSJ


11/03/06   cDkBl   Lending         BN
11/03/06   dLtGr   System          FT
11/06/06   eMdGr   Investor        BW

11/08/06   fDkGr   Consumer        WSJ

11/13/06   eMdGr   Investor        BW
11/13/06   eMdGr   Investor        BW
11/13/06   eMdGr   Investor        Fortune
11/18/06   bMdBl   News            FT
11/20/06   cDkBl   Lending         BN
11/20/06   fDkGr   Consumer        BW
11/22/06   bMdBl   News          WSJ
11/28/06   cDkBl   Lending       WSJ

12/01/06   dLtGr   System        FT
12/02/06   fDkGr   Consumer      WSJ

12/05/06   cDkBl   Lending       WSJ
12/05/06   dLtGr   System        FT
12/05/06   eMdGr   Investor      LAT


12/05/06   eMdGr   Investor      WSJ

12/06/06   bMdBl   News          WSJ

12/06/06   dLtGr   System        FT




12/06/06   eMdGr   Investor      NYT

12/06/06   fDkGr   Consumer      NYT

12/07/06   dLtGr   System        FT


12/08/06   dLtGr   System        FT
12/08/06   eMdGr   Investor      WSJ

12/09/06   dLtGr   System        LAT




12/11/06   bMdBl   News          BN
12/11/06   bMdBl   News          Forbes




12/11/06   fDkGr   Consumer      BW

12/12/06   cDkBl   Lending       WSJ

12/13/06   cDkBl   Lending       WSJ

12/15/06   aLtBl   Wall Street   WSJ
12/19/06   eMdGr   Investor      BN
12/25/06   eMdGr   Investor        Forbes

12/25/06   eMdGr   Investor        Fortune
12/25/06   gRed    Investigative   BW

12/26/06   fDkGr   Consumer        WSJ

12/27/06   bMdBl   News            WSJ
01/08/07   cDkBl   Lending         WSJ
01/10/07   dLtGr   System          FT




01/11/07   dLtGr   System          FT
01/14/07   dLtGr   System          FT
01/15/07   dLtGr   System          FT

01/15/07   fDkGr   Consumer        BW

01/23/07   cDkBl   Lending         WSJ

01/24/07   aLtBl   Wall Street     WSJ




01/24/07   aLtBl   Wall Street     WSJ

01/24/07   cDkBl   Lending         WSJ

01/26/07   cDkBl   Lending         NYT
01/29/07   aLtBl   Wall Street     Forbes




01/30/07   dLtGr   System          FT




02/02/07   cDkBl   Lending         FT




02/08/07   cDkBl   Lending         WSJ
02/08/07   dLtGr   System          FT




02/08/07   eMdGr   Investor        Fortune
02/08/07   eMdGr   Investor        WSJ

02/09/07   cDkBl   Lending         LAT

02/09/07   eMdGr   Investor        WSJ

02/12/07   dLtGr   System          FT




02/12/07   fDkGr   Consumer        BW
02/12/07   gRed    Investigative   BN

02/13/07   bMdBl   News            FT




02/14/07   eMdGr   Investor        WSJ

02/18/07   dLtGr   System          NYT

02/19/07   dLtGr   System          BW

02/19/07   eMdGr   Investor        FT
02/20/07   dLtGr   System          FT
02/23/07   dLtGr   System          FT




02/23/07   eMdGr   Investor        NYT
02/24/07   cDkBl   Lending         LAT
02/24/07   dLtGr   System     WSJ
02/24/07   eMdGr   Investor   WSJ

02/26/07   eMdGr   Investor   WSJ


02/27/07   eMdGr   Investor   WSJ


02/28/07   cDkBl   Lending    LAT

03/01/07   cDkBl   Lending    LAT




03/01/07   eMdGr   Investor   WSJ

03/01/07   fDkGr   Consumer   WSJ


03/03/07   bMdBl   News       FT
03/03/07   cDkBl   Lending    LAT


03/03/07   cDkBl   Lending    NYT
03/04/07   bMdBl   News       FT
03/04/07   dLtGr   System     NYT
03/05/07   dLtGr   System     NYT

03/06/07   bMdBl   News       LAT


03/06/07   dLtGr   System     WSJ


03/07/07   eMdGr   Investor   WP
03/08/07   cDkBl   Lending    WSJ

03/09/07   cDkBl   Lending    FT




03/09/07   cDkBl   Lending    LAT




03/09/07   cDkBl   Lending    WSJ

03/10/07   cDkBl   Lending    LAT

03/11/07   dLtGr   System     NYT
03/12/07   aLtBl   Wall Street   FT




03/12/07   cDkBl   Lending       WSJ
03/12/07   fDkGr   Consumer      WSJ




03/13/07   eMdGr   Investor      Fortune
03/13/07   eMdGr   Investor      LAT


03/13/07   fDkGr   Consumer      WSJ


03/14/07   bMdBl   News          LAT




03/14/07   bMdBl   News          NYT
03/14/07   bMdBl   News          WSJ

03/14/07   cDkBl   Lending       WSJ

03/15/07   bMdBl   News          LAT


03/15/07   eMdGr   Investor      FT




03/15/07   fDkGr   Consumer      LAT
03/15/07   fDkGr   Consumer      WP

03/16/07   cDkBl   Lending       LAT

03/16/07   dLtGr   System        FT
03/16/07   fDkGr   Consumer   LAT

03/17/07   cDkBl   Lending    LAT
03/17/07   fDkGr   Consumer   NYT

03/18/07   dLtGr   System     FT
03/18/07   fDkGr   Consumer   FT




03/18/07   fDkGr   Consumer   LAT

03/19/07   eMdGr   Investor   BW




03/19/07   eMdGr   Investor   Fortune
03/20/07   cDkBl   Lending    LAT

03/20/07   cDkBl   Lending    WSJ
03/21/07   cDkBl   Lending    LAT


03/22/07   cDkBl   Lending    LAT


03/22/07   dLtGr   System     FT




03/22/07   fDkGr   Consumer   LAT

03/22/07   fDkGr   Consumer   LAT
03/22/07   fDkGr   Consumer   WSJ


03/23/07   bMdBl   News       WP

03/23/07   fDkGr   Consumer   NYT

03/26/07   cDkBl   Lending    BN
03/26/07   cDkBl   Lending    BW

03/26/07   cDkBl   Lending    LAT

03/26/07   fDkGr   Consumer   BW




03/27/07   dLtGr   System     FT
03/27/07   fDkGr   Consumer      LAT


03/30/07   eMdGr   Investor      FT




04/01/07   fDkGr   Consumer      NYT




04/02/07   aLtBl   Wall Street   WSJ

04/03/07   bMdBl   News          LAT


04/03/07   cDkBl   Lending       FT




04/04/07   cDkBl   Lending       LAT


04/06/07   cDkBl   Lending       LAT

04/08/07   fDkGr   Consumer      NYT
04/11/07   fDkGr   Consumer      WSJ

04/12/07   cDkBl   Lending       WP

04/15/07   aLtBl   Wall Street   Fortune




04/16/07   cDkBl   Lending       FT


04/17/07   cDkBl   Lending       LAT
04/17/07   fDkGr   Consumer      WSJ
04/18/07   cDkBl   Lending         FT




04/18/07   fDkGr   Consumer        WSJ

04/20/07   cDkBl   Lending         LAT

04/21/07   cDkBl   Lending         LAT

04/22/07   fDkGr   Consumer        WP
04/23/07   dLtGr   System          BN
04/24/07   dLtGr   System          BN
04/25/07   eMdGr   Investor        BN
04/25/07   eMdGr   Investor        WSJ

04/26/07   fDkGr   Consumer        LAT


04/26/07   fDkGr   Consumer        WSJ

04/30/07   dLtGr   System          WSJ

05/01/07   dLtGr   System          FT




05/03/07   eMdGr   Investor        BN

05/04/07   cDkBl   Lending         LAT

05/07/07   dLtGr   System          BW
05/07/07   dLtGr   System          BW




05/07/07           Consumer        WP

           fDkGr
05/11/07   aLtBl   Wall Street     BW
05/11/07   gRed    Investigative   BN




05/14/07   bMdBl   News            Fortune
05/15/07   fDkGr   Consumer        WSJ

05/17/07   dLtGr   System          FT
05/17/07   dLtGr   System          FT


05/19/07   aLtBl   Wall Street     WSJ
05/21/07   gRed    Investigative   BW




05/22/07   cDkBl   Lending         FT




05/23/07   bMdBl   News            WSJ

05/24/07   fDkGr   Consumer        WSJ


05/25/07   dLtGr   System          FT
05/29/07   aLtBl   Wall Street     WSJ

05/29/07   dLtGr   System          WSJ

05/30/07   fDkGr   Consumer        WSJ


05/31/07   eMdGr   Investor        BN

05/31/07   gRed    Investigative   BN

06/01/07   gRed    Investigative   BN

06/04/07   bMdBl   News            BW
06/04/07   eMdGr   Investor        Forbes




06/06/07   fDkGr   Consumer        BN
06/09/07   eMdGr   Investor        WSJ


06/12/07   fDkGr   Consumer        NYT
06/14/07   dLtGr   System          FT
06/15/07   dLtGr   System          FT
06/16/07   gRed    Investigative   WSJ


06/18/07   eMdGr   Investor        BW

06/18/07   eMdGr   Investor        WSJ

06/20/07   dLtGr   System          WSJ


06/20/07   gRed    Investigative   WSJ
06/21/07   dLtGr   System          WSJ


06/21/07   gRed    Investigative   BN
06/22/07   dLtGr   System          BN
06/22/07   dLtGr   System          FT


06/23/07   dLtGr   System          LAT

06/23/07   dLtGr   System          WSJ

06/24/07   dLtGr   System          NYT
06/25/07   bMdBl   News            BN
06/25/07   bMdBl   News            BW
06/25/07   dLtGr   System          WSJ

06/25/07   eMdGr   Investor        BN
06/26/07   bMdBl   News            FT
06/26/07   dLtGr   System          FT

06/26/07   eMdGr   Investor        BN
06/26/07   eMdGr   Investor        WSJ

06/27/07   bMdBl   News            BN
06/27/07   dLtGr   System          BN
06/27/07   dLtGr   System          BN
06/27/07   dLtGr   System          FT

06/27/07   dLtGr   System          FT
06/27/07   gRed    Investigative   WSJ




06/28/07   bMdBl   News            BN

06/28/07   bMdBl   News            BN
06/28/07   bMdBl   News            BN


06/29/07   dLtGr   System          BN
06/29/07   gRed    Investigative   BN
727 SIGNIFICANT STORIES PUBLISHED BY MAJOR BUSINESS-NEWS OUTLETS BEFORE THE FINANCIAL CR
the business-press section of the Columbia Journalism Review. Design by Karen Oh and Dean Starkman
s cover abusive mortgage-lenders and their Wall Street backers before the crash? We looked for the best pre-crisis stories during the critica
or warnings. We found work that falls into three categories, ranging from investigative (here colored Red) to non-investigative but otherwise u
 non-warnings (three shades of Blue). See the second tab at the bottom for a more detailed explanation of the color legend.


                    HEADLINE                                                                               BYLINE
                    Regulating Mortgage Brokers; Industry to Back National Registration

                    Some Housing Markets Are Overheating --- Differences Exist From Periods Before
                    Previous Busts
                    Mortgaged Lives: Profiting From Fine Print With Wall Street's Help                     Diana B. Henriques
                                                                                                           with Lowell Bergman




                    Taking on High-Cost Home Loans                                                         Diana B. Henriques
                    Salomon is Target of Demonstration Community Group                                     N/L
                    Greenspan Targets Unfair Lending
                    Troubled Lender Seeks Protection                                                       Diana B.Henriques

                    Business of Selling Loans Loses Some Luster --- Firms in CMBS Market Face a            Peter Grant
                    Shakeout; Some Are Taking Bigger Risks
                    Congress and Regulators Start Efforts to Crack Down on Deceptive Lending Practices     Diana B. Henriques

                    Fannie Mae and Freddie Mac circle the wagons
                    Ameriquest Defends Its Loan Practices; Mortgages: Sub-prime lender, facing criticism   Edmund Sanders
                    from activists who allege predatory lending, says it has been fair.
                    Easy Money: Subprime lenders make a killing catering to poorer Americans. Now Wall     Dean Foust, et al.
                    Street is getting in on the act
                    Lehman Bros. Sued Over Ties to Sub-Prime Lender                                        Edmund Sanders, Liz
                                                                                                           Pulliam Weston
                    Is Wachovia's Plight a Warning?
                    Debtor Nation --- A Circle of Debt: Many Borrowers Are Also Lenders                    Paul M. Sherer
                    Loan Stars: Why Calls Are Rising To Clip Fannie Mae's, Freddie Mac's Wings --- The     Patrick Barta
                    Worry Is Economic Risk As They Buy Own Debt And Subprime Mortgages --- Hard to
                    Argue With Success
                    Citigroup steps further into sub-prime minefield                                       Andrew Hill and Gary
                                                                                                           Silverman
                    After a Hedge Fund's Fall, Is Wall Street the Wiser?                                   Roger Lowenstein
D.C. Targets 'Predatory' Mortgages; Mayor Proposes Tough Foreclosure Rules               Sandra Fleishman
FTC Files Lawsuit Against Mortgage Firm First Alliance; Courts: Agency joins several
states in accusing Irvine firm of using deceptive practices. Company officials deny
allegations.
Along With a Lender, Is Citigroup Buying Trouble?                                        Richard A. Oppel Jr.
                                                                                         and Patrick McGeehan

Deals & Deal Makers: Citigroup Faces Attacks on Loan Record                              Paul Beckett
Fed Backs Rule on 'Subprime' Loan Protection
Loan of Your Own: Maverick Lenders Try To Lure Home Buyers With Custom Pricing ---
Mortgage Industry Follows Travel, Insurance, Autos I...
Consumer Debt: A Bear Trap for the Bush Economy?                                         David Henry
Shake Some Savings out of Your Mortgage Take advantage of low rates and eager
lenders
How to Avoid Predatory Lenders                                                           Kenneth R. Harney
Regulators, Bankers Differ on Curbing 'Predatory' Lending                                Liz Pulliam Weston
Commentary: Is Citi Bleeding Its Weakest Borrowers?                                      Heather Timmons
Lenders Try to Fend Off Laws on Subprime Loans                                           Richard A.Oppel Jr.and
                                                                                         Patrick McGeehan

Land Grab? Why Big Lenders Are So Frightened By Fannie and Freddie --- Mortgage          Patrick Barta
Giants' New Systems Could Cut the Middlemen Out of $5 Trillion Market --- `Guy Who
Makes the Syrup'
Troubled Waters; Consumer Groups Battle Lenders Over Borrowers' Costly Credit            Sandra Fleishman
Insurance




Sandy Weill's Monster                                                                    Carol J. Loomis
An Inner-City Predator Needs a New Leash                                                 David Wessel
The more Jackie Ward tried to ...                                                        Barbara Ruben


Bank Roles: How Consolidation Alters the Field --- From Credit Cards To Loans, Giants
Are Taking Control
Trouble on the Home Front                                                                Heather Timmons
Counseling Helps Borrowers: Study Suggests Upfront Advice Cuts Odds of Delinquency       Sandra Fleishman

Mortgage Lender Hit With State Lawsuit                                                   E. Scott Reckard
Great Escape: How Fannie Mae Gave The Slip to Adversaries Seeking to Rein It In --- It   Nicholas Kulish and
Woos Legislators by Sharing The Credit for Funding Of Low-Income Housing ---             Jacob M. Schlesinger
Company: We Won on Merits
Charging It: How American Express Got in Over Its Head With Risky Securities ---
Gamble in a Minnesota Unit Surprises the New Boss As Ne...



Debt Damage: Losses Spread On Specialized Bond Products                                  Mitchell Pacelle and
                                                                                         Gregory Zuckerman




Home Bound: Nasty Surprise Haunts Some Folks' Mortgage: A Prepayment Penalty --- It John Hechinger
Stalls Refinancings, Sales For Subprime Borrowers, An...
`Subprime' Could Be Bad News for Banks --- Riskier Loans, Now Prevalent in                Paul Beckett andJohn
Industry, Show Problems                                                                   Hechinger
Have Banks Been "Giving Tequila to a Drunk"?                                              Heather Timmons
Banker Beware: As Economy Slows, `Subprime' Lending Looks Even Riskier ---                Carrick
Bank of America Bails Out, Citing Rising Uncertainty And Worries Over Image ---           Mollenkamp,Paul
Loans That Quickly Go Sour                                                                Beckett, Jathon
                                                                                          Sapsford
Treasury Official Is `Skeptical' Of Fannie Mae's Financing Role
Citigroup Has Halted Business With 3,600 Mortgage Brokers
Where The Money Is Bank of America's Ken Lewis has a chance to create more wealth
than any other freshman CEO. Okay, no one says it'll be easy.
A Housing Collapse Could Wound the Banks; Spreading the risk won't save lenders if the Heather Timmons
price bubble bursts
What If Housing Crashed?                                                               Stephane Fitch and
                                                                                       Brandon Copple




Citigroup Sets Accord to Settle Associates Probe
Borrowers Pay Price of Predatory Lending; Loans: But lawmakers are proposing limits on    Kathy M.Kristof
practices, and some firms are revamping policies.
Not Everybody Loves A ReFi Boom: U.S. mortgage servicers and their investors may be       Heather Timmons
at risk
New Rules Pushing Lenders To Curtail Business in D.C                                      Sandra Fleishman
Extra Credit: Pinched Homeowners Are Finding Shelter In Modified Loans --- Softening
Blow of Slowdown, Lenders Try Negotiation Rather Than Foreclosure --- Is It a Band-Aid
or a Cure?
Riding the Plunging Mortgage-Rate Curve to Savings
Parallel Woes: Is the U.S. Economy At Risk of Emulating Japan's Long Swoon? --- In        Jacob M. Schlesinger
Both Countries, Rates Are Low, but Debt Is Heavy; America's Freer Markets --- One Burst   and Peter Landers
Bubble vs. Two
When Refinancing, It's Hurry Up and Wait
Derivatives Danger?                                                                       Heather Timmons
Area Borrowers Are Targets for Predatory Loans                                            Benny L. Kass


Pride, the Mortgage Refinancer's First Heady Sin
With Lending Law Suspended, D.C. Officials Weigh Next Step
Poor Borrowers Vulnerable to Predatory Loans                                              E. Scott Reckard




A Booming Business in Selling Money
Best Interests: How Big Lenders Sell A Pricier Refinancing To Poor Homeowners ---         John Hechinger
People Give Up Low Rates To Pay Off Other Debts, Puttin...

PMI Insures EU1.35 BIn of Mortgages in Swap With Commerzbank
Lex: Risk Transfer                                                                         N/L




Has WaMu Been Buying Trouble? Washington Mutual is facing a pair of class actions          Heather Timmons

Mortgage Fanciers Are High on Hybrids --- An `Adjustable' Has Fixed-Rate Aspects

Lehman Bros. Potentially Liable in Lending Case; Courts: Judge says firm provided          E. Scott Reckard
assistance to First Alliance, accused of 'predatory' mortgage lending practices.

Credit Derivatives Lure Few Mutual Funds                                                   Allison Bisbey Colter
Hard Decisions --- Should I Pay Down My Mortgage?                                          Ruth Simon
Facing Foreclosure; It's an Owner's Nightmare, but Not All Houses Go to Auction            Sandra Fleishman

Bank Regulators Examine `Securitizations' In Wake of Enron's Accounting Debacle...          Susan Pulliam,Paul
                                                                                            Beckett, Carrick
                                                                                            Mollenkamp
Don't Get Burned: You can't trust companies. Can't trust auditors. Can't trust analysts. So Shawn Tully
getting the truth about earnings is up to you
Lending Bill Set for Final Vote; With Showdown Tomorrow, Debate Still Rages Over            Sandra Fleishman
Predatory Loans in D.C.
D.C. Lending Bill Passes; Second Effort on Predatory Loans Leaves Many Angry

Covering Their Assets ; So you think you escaped Global Crossing and Enron? Surprise!      Julie Creswell
Banking's dastardly debt trick may leave you vulnerable
Shock Absorbers: Lessons of Expansion Are Helping Economy Beat Recession, Too ---          Greg Ip and Russell
New Flexibility in Inventory, Debt and the Work F...                                       Gold
The homes keep selling
Congress Again Tries to Tighten Derivative Rules a Bit
Investors Come to the Defense of Securitization, Special-Purpose Entities Tainted by       Christine Richard
Enron's Fall
A Home Lender in a Settlement for $60 Million
A Wider Loan Pool Draws More Sharks                                                        Dennis Hevesi
Is Housing the Next Bubble? ; Sure, there's some pretty scary stuff going on. But things   Anna Bernasek
aren't as crazy as the last time the property market heated up.
Fannie Mae in Tiff Over Abusive Loans --- It Has Sought to Be Exempt From Predatory-       Patrick Barta
Loan Laws, Angering Housing Advocates
Minorities More Likely to Receive Sub-Prime Loans                                          E. Scott Reckard
Wide Racial Disparities Found in Costs of Mortgages                                        David Leonhardt
Lenders Trying An Alternative To Foreclosure
Guess Who Doesn't Back Fannie, Freddie And Farmer                                        Alison Leigh Cowan




Credit Window: Alternative Lenders Buoy the Economy But Also Pose Risk ---               Greg Ip
Manufacturers, Other Nonbanks Fund Ever More Business, Wit...
Do You Have The Wrong Mortgage? --- In Puzzling Move, Homeowners Flock to Riskier        Ruth Simon
Variable Loans Instead of Locking in Low Rates
System Failure Corporate America has lost its way. Here's a road map for restoring       Joseph Nocera Jeremy
confidence                                                                               Kahn; David Rynecki;
                                                                                         Clifton Leaf; Justin Fox;
                                                                                         Katrina Brooker; Shawn
                                                                                         Tully Reporter
                                                                                         Associates Doris Burke
                                                                                         and Noshua Watson

A Housing Bubble?                                                                        editorial
A Subprime Maverick, Formerly With Citi, Is Turning the Tables                           John Hechinger

Using Your Home As a Checkbook --- Banks Push Home-Equity Lending To Record            Ruth Simon
Levels, but Rate Increases Could Pose Risks to Borrowers
Saturation Scenario: Will Fannie Mae, Freddie Mac Hit Limits on Growth? --- Someday,
Rise in Their Share Of Mortgages Must Slow; Companies Say It's Far Off --- Competition
From the `Flubs'
Subprime Lending Stays Strong Despite Fed Warnings, Poll Finds
Consumer credit: a crunch may be coming                                                Peter Coy and Heather
                                                                                       Timmons, et al.

Mortgage Insurance Premiums Rise for Some Borrowers                                      Kenneth R. Harney
Firepower for financial corps                                                            Joseph Weber
Everybody out of the risk pool?                                                          Heather Timmons
Home Wrecker; William Aldinger says his Household International succeeds at lending to   Bernard Condon
bad credit risks by managing smarter. People suckered into his mortgages cite other
reasons: lies and deceit.




Crisis at Citi
Foreclosures Hit Record Levels --- More Homeowners Fall Behind on Mortgages, Stoking
Concerns About Housing Market
Suddenly, Banks Are Acting a Lot Like Bond Markets --- Some Corporate Borrowers Find
That Relationships Don't Matter as Muc...

Explosion in Refinancing Leaves Lenders Swamped
Surviving the Wild Mortgage Tsunami
Bonds: Safe Harbor -- or treacherous waters                                            Peter Coy, with
                                                                                       Geoggrey Smith
Home Mortgages: Where the money is easy -- too easy                                    Marcia Vickers
How Refinancing Affects Bond Volatility                                                David Wessel
Bad Guesses: Rocky Markets Foil Firms' Bets Based On `Risk Models' --- Historically    Paul Beckett and
Unlikely Patterns In Stocks or Bonds Waylay EDS, Cigna, Fannie Mae --- Double Trouble Henny Sender
for Insurers
The Breakdown in Banking: Trust is eroding and profits may follow as business models   Emily Thornton, Peter
falter                                                                                 Coy, and Heather
                                                                                       Timmons
The Housing Boom's Dark Side Scams and over-extended buyers threaten the market's Marcia Vickers and
strength                                                                               Heather Timmons
Home Sick                                                                              Gary Shilling
 Banks Make It Harder to Refinance --- As Applications Pour In, Lenders Keep Borrowers
On Hold and Rates High; the Best Time to Call
What's Wrong? --- The Deregulators: Did Washington Help Set Stage For Current          Jacob M. Schlesinger
Business Turmoil? --- Seeking Growth, Policy Makers Made Fre...



Where the Risk Went: New financial tools shift some of the burden from banks to other         Peter Coy and Heather
institutions                                                                                  Timmons
Is this house $1.2 worth million? No, we don't have a housing bubble yet. But if the frenzy   Shawn Tully
doesn't end soon, then we will
Some Bets May Come Back to Haunt Insurers                                                     Christopher Oster and
                                                                                              Henny Sender
From Heroes To Bums? The boom may be over for mortgage funds

New Curbs on Predatory Loans
Friendly Watchdog: Federal Regulator Often Helps Banks Fighting Consumers ---                 Jess Bravin and Paul
Dependent on Lenders' Fees, OCC Takes Their Side Against Local, State Laws ---                Beckett
Defending Uniform Rules




H&R Block's Mortgage-Lending Business Could Be Taxing                                         Joseph T. Hallinan




CSFB Finds It Hard to Curb Risk Appetite --- Securities Firm Has Racked Up About $150         Henny Sender and
Million in Losses From Asset-Backed Bond Deals                                                Gregory Zuckerman
Derivatives Are a Boon to Lenders --- Banks Use Them Actively, But Now Some Investors         Michael Mackenzie and
Claim They Take Advantage                                                                     Christine Richard

Banks Go from Powerhouses to Pariahs                                                          Jonathan Krim
Conseco's Mobile-Home Mess Has a Tenant: Lehman                                          Joseph T. Hallinan and
                                                                                         Mitchell Pacelle
The Cracks in Credit Scoring                                                             Heather Timmons
In the Door: Buyers Get Free Down Payments On Homes, Paid for by Builders --- Gifts      Patrick Barta and
Funneled Via Charities Help Ownership but Draw Criticism as Default Risk --- Single Mom Queena Sook Kim
Gets Her Chance
Shaky Foundation: Rising Home Prices Cast Appraisers In a Harsh Light --- Inflated       John Hechinger
Valuations Figure In More Mortgage Fraud; Buyers, Banks Are Victims --- Nasty Surprise
in the Poconos
Good Deeds: Refinancing Boom Puts New Pressure On Title Industry --- An Obscure,         Ruth Simon
Lucrative Business Feels a Push to Lower Fees And Speed Up Processing --- Lobbying
to Block Competition
Mortgage Boom Takes a Breather --- Lenders Get More Aggressive, Even Cut Profits, In
Bid to Keep Homeowners Borrowing
Focus Turns to Derivatives Markets --- Wall Street Concentrates On Cost Cutting, Betting Michael Mackenzie
On Fixed-Income Trading
The Street's Risky Trading: More information, please                                     Emily Thorton
Casting a shadow on capitalism - Going off the Rails                                     John Plender
Banks Dangle Home-Loan Twofers --- As Mortgage Boom Slows, Lenders Push
Combined Mortgage, Home-Equity Lines
Bankers Opposing New State Curbs On Unfair Loans                                         Diana B. Henriques

Cash-Out Refinancing Gets Costly --- Fannie Mae, Freddie Mac Impose New Fees to
Cover Transactions' Higher Risk
Banks Vie for Europe's Consumers --- GE, Citigroup, BNP Paribas Scrap To Gain the
Edge in Fertile Market For Credit Cards, Subprime Loans
Take-Home Pay: The Refinancing Boom Spells Big Money for Mortgage Brokers --- Huge John Hechinger
Fees Draw the Scrutiny Of Regulators and Spawn Lucrative...

Mortgage Lenders' Accounting Questioned                                                  Jesus Sanchez
Hedge funds vs. the SEC                                                                  Gary Weiss
Divided on Derivatives; Greenspan, Buffett at Odds on Risks of the Financial Instruments

Bear Stearns Profit Surges 52% on Revenue from Bond Trades -- Results Suggest That
Rivals With Similar Operations May Post Strong Earnings
Distinct Culture at Bear Stearns Helps It Surmount a Grim Market




A New Banking Model ; Washington Mutual is using a creative retail approach to turn the
banking world upside down.
Are derivatives dangerous?                                                                   Peter Coy
The SEC: This watchdog must sharpen its bite                                                 Gary Weiss
Housing Booms Tend To Collapse --- Study Finds More Harm From Home-Price Busts               Greg Ip
Than Bursted Stock Bubbles
The New Merrill Lynch: Stan O'Neal has made the firm leaner and meaner. Now, he's
betting big on trading and other risky ventures
Lehman Says No Links to Fraud; Attorney tells jurors the firm didn't know of misconduct at   E. Scott Reckard
defunct lender First Alliance.
Citigroup Makes Deal with Subprime Critic
Homeowners grab 10-year mortgages - as rates hit a new low, borrowers reduce their
interest costs with ever-shorter loans
The Hedge-Fund Confidence Game                                                              Mara Der Hovanesian,
                                                                                            with Susan Rutledge

Home Brew: As Housing Buoys Economy, It's No Surprise to Fed's Chairman ---          Greg Ip
Greenspan Has Spent a Career Gauging Economic Impact Of U.S. Residential Wealth ---
More Clout Than Stock Gains
Market Fears Are Spreading to Asset-Backed Securities                                Henny Sender
Can Sallie Save Citi, Restore Sandy's Reputation, and Earn Her $30 Million Paycheck?

High Anxiety For Banks The refi craze could backfire as rock-bottom rates cut into yields
on mortgages--and profits
Business Brief -- Citigroup Inc.: Mortgage-Lending Agreement Reached in Low-Income
Sector
Lehman Bros. Held Liable in Fraud Case; Verdict against lender's financial backer points    E. Scott Reckard
to new vulnerability for Wall Street firms.
Lehman Aided in Loan Fraud, Jury Says                                                       Diana B. Henriques
Lehman Faces New Charges; Florida officials contend that Wall St. firm knowingly            E. Scott Reckerd
finances lending at First Alliance
The Scary Side of Low Rates: Will they spur growth before they inflict serious damage?      Rich Miller and Peter
                                                                                            Coy, with Michael Arndt

Credit Swaps, Some `Toxic,' May Soar to $4.8 Trillion (Update1)                             David Evans

Protesters Target Wells Fargo Loans; Advocacy Group Says Mortgage Firm Overcharges
Those With Bad Credit
Freddie Mac Attack
Freddie's Enemies; Big banks may get hurt by Freddie Mac's fall                      Stephane Fitch with
                                                                                     Erin Killian
Mortgage Boom Spurs Complaints - Regulators Report Sharp Rise in Gripes About        Ruth Simon
Lenders; Lost Paperwork, Busted Locks
Big Banks Post Solid Profit Growth --- Wells Fargo Net Rises 7.4%, While FleetBoston
Swings Back to Black From the Red

Rising Rates Alter Mortgage Choices - Bond Turmoil Makes ARMs More Attractive,
Especially for Homeowners Who Move Often
For GM, mortgages are the motor
Mortgage deals collapse as rates rise - borrowers find promised loans are expiring before
lenders "lock" them in; closing in time
Mortgage Markets Are Out Of Control                                                       Gretchen Morgenson




Leaner Bull: Merrill's O'Neal Walks Tightrope As He Revamps Firm's Mission --- Axing
Low-Margin Lines And Senior People Carries Risks for Ties to Clients --- Fund Meets a
Sudden End
Treasurys Trading Is a New World --- Government Bonds Secure A Growing Mortgage             Michael Mackenzie and
Market; Bigger Transactions Abound                                                          Agnes T. Crane

Bear Stearns Profit Surges 91%, Helped by Strong Bond Trading

House Money -- Behind Freddie Mac's Troubles: A Strategy to Take On More Risk ---           Patrick Barta, John D.
U.S.-Chartered Middleman Of Mortgages Transformed Into Financial Highflier --- A Wall       McKinnon and Gregory
Street Desk in Virginia                                                                     Zuckerman
Huh? Goldman Missed Out on Bond Market
The Home Loan That is Still Hot - As Interest Rates Slow Refinancings, Borrowers Turn
to Home-Equity Lines; Assessing the Risks
They’re opaque, complex and probably toxic - Guess where the risk ends up              John Plender
What's Squeezing Banks; They're loaded up on mortgage-backed securities--and the refi Mara Der Hovanesian
boom is ending
Branching Out: Bank of America Bets on Consumer --- Acquisition of FleetBoston For $43
Billion Signals Growing Industry Battle --- A Race to Find New Accounts




Service Charge: As Banks Elbow for Consumers, Washington Mutual Thrives --- Its Bet
on Branches Pays Off, And Others Follow Suit;
Some Investors 'Carry' Baggage --- Borrowing at Short-Term Rates To Partake in Longer- Aaron Lucchetti
Term Debt Isn't as Attractive as It Used to Be
Citigroup Spends $1.25 Billion To Enlarge Subprime Presence --- Purchase of Finance
Arm Of Washington Mutual Adds 409 U.S. Locations
New Jersey Targets Predatory Loans; Lenders Cry Foul
Fees on Fees                                                                           Neil Weinberg




Lending Patterns Remain Unequal --- African-Americans, Elderly Get Worse Mortgage                Patrick Barta
Terms Than Others, Study Finds
Mortgage Slump? Bring It On; Countrywide plans to grab more of the market as the
industry consolidates
The new home economics                                                                           Shawn Tully
Banking: It'll Take More Than Free Toasters; >> With the mortgage boom over, bank
profits could be less than half of last year's >> If M&A activity doesn't pick up, Wall Street
may be in for a tough slog
Lehman's New Street Smarts; Under CEO Fuld, the bond house has become a
dealmaking power
The Fed: Too soon for a victory lap?                                                             Rich Miller
Feet in the Door: As Home Sales Cool, Ranks Of Realtors Grow Crowded --- Waves of
Laid-Off Workers Enter Field, Threatening To Damp Commissions
Four Big Banks Post Strong Results --- Citigroup, Wells Fargo, Bank One, U.S. Bancorp
Gain on Consumer Lending
Bank deals need close supervision.                                                               Gary Silverman
Brits get into the swing of plastic
Till Debt Do Us Part                                                                             Bernard Condon

England's great housing dilemma                                                                  Martin Wolf

Trends (A Special Report): Banking --- Size, Smiles and Scandals
The stock market bubble, take two                                                                Bethany McLean
The Deficit: America's credibility gap                                                           Shawn Tully
Banks join hands with community activists

Creative Mortgages Fuel Home Sales - Banks Push Variety of New Loans to Offset
Rising Costs; the Price of a Missed Payment
HSBC unit lends to people rejected by bank

Putting The Muscle Back In The Bull Stan O'Neal may be the toughest- -some say the
most ruthless--CEO in America. Merrill Lynch couldn't be luckier to have him.

Mortgages: To Jumbo And Beyond
Firms' Bond Stars Are Hot Commodity As U.S. Deficit Grows                                        Gregory Zuckerman
                                                                                                 and Aaron Lucchetti
ARMed And Dangerous? Adjustable-rate mortgages are pulling in new home buyers -- but Christopher Palmeri,
the risks are high                                                                       with Rich Miller
Mortgages Rates are on the rise -inflation fears hit bond market and push long-term home
loans over 6%
Is Housing Headed for a Fall?                                                            Robert J. Samuelson

As Household Debt Rises, New Risks in Higher Rates                                      Edmund L. Andrews
House Money: How One Executive Reignited Goldman's Appetite for Risk --- Outsider Mr.
Blankfein Places Big Bets and Others Follow; Profiting With Firm's Cash --- Handling
Trading Blow-Ups
Apartment Lob: A Low-Income Housing Program Pays Dividends for Fannie Mae --- As        John D. McKinnon
Political Pressure Builds, Mortgage Giant Deploys `Partners' to Washington --- A
Checklist for `Fire Drills'
Hedge Fund Values: Stop the Fudging                                                     Mara Der Hovanesian
The Housing Boom Hits the High End - Multimillion Dollar Homes, After Missing Out on
the Hot market, Are Starting to Sell Briskly
As Rates Rise, Borrowers Get Riskier Loans --- ARMs Now Account for 35% Of Mortgage     Ruth Simon
Applications, Highest Level in Nearly a Decade
The Sleaziest Show On Earth                                                             Neil Weinberg Bernard
                                                                                        Condon




The unstoppable tide of credit swaps                                                    John Gapper




Asset-Backed Securities Gain Favor --- Investors Become Defensive, With a Possible
Bonanza For Consumer Borrowing
Fed Assesses Citigroup Unit $70 Million in Loan Abuse

Moving the Market: Citigroup Will Pay $70 Million To Settle Fed's Lending Charges


 Look Out Below, Lenders; The end of the mortgage boom is nigh--and it could get ugly   Dean Foust, with
for banks and thrifts                                                                   Christopher Palmeri
                                                                                        and David Welch
A housing disaster in the making                                                        Martin Wolf




The Sudden (In)Action on Wall Street --- As Bond-Trading Gains Decline, Securities
Firms Will Scramble; Some of Them May Be Hit Hard
Home Investments (A Special Report) --- Boom vs. Bust: The housing-price run-up can't
last; The housing-price run-up will go on; Two experts debate the issue
The Ever More Graspable, And Risky, American Dream                                        Edmund L. Andrews
Fighting a 'Subprime' Lender; Advocacy group says a couple were misled on rates and       E. Scott Reckard and
fees. Wells Fargo denies that.                                                            Susan Anasagasti

Fine Print -- Growing Profit Source for Banks: Fees From Riskiest Card Holders --- Late   Mitchell Pacelle
Payers and Big Borrowers Are Becoming Cash Cows; How Interest Rates Balloon --- A
Nasty Surprise on Page 54
Is a Housing Bubble About to Burst? As rising rates send mortgage payments higher,        Peter Coy and Rich
demand may cool                                                                           Miller, et al.
The Housing Bust: It Won't be Pretty                                                      Gretchen Morgenson
Citigroup Courts A New Clientele: Mexican Workers --- Once Focused on the Ultrarich, It
Now Eyes the `Unbanked'; Overcoming Fear of Debt --- Competing With Loan Sharks

Luxury Home for Sale: 6 Bdrms, Dumpster Vu -- With Market Still Hot, Developers Start
Building Near Undesirable Spots
Mortgage-Backed Deals Are Taking a Novel Turn --- Bond Issuance Supported By              Christine Richard and
Unconventional Loans Is Rising on Wall Street                                             David Feldheim
Buyers Gain Power in Housing Market - As Inventories Rise, Sellers are Forced to Bend
on Price; Free Vacation for Selling a Penthouse
Indebted Consumers Reshape the Bond Market --- Betting on Americans' Ability To Pay       Aaron Lucchetti
Their Bills May Pose Risks If Interest Rates Move Higher
Is the Housing Boom Over? Home prices have gone up for so long that people think          Shawn Tully, et al.
they'll never come down. But the fundamentals tell a different story--a scary one.

House Play: After Big Run-Up in Real Estate, Some on Coasts Are Cashing Out

Regulator Details a Wide Range Of Accounting Problems At Fannie                        James R. Hagerty,
                                                                                       John D. McKinnon and
                                                                                       Dawn Kopecki
Mae Day: Fannie's Now at Mercy of Outsiders --- Board's Independent Directors Take the James R. Hagerty
Lead With Regulators; Some Have Their Own Conflicts?
House Alarm: In Fannie Mae Probe, Watchdog Has Started to Show Its Teeth ---
Mortgage Giant Could Face Shake-Up After Report; Falling Rates Pose Problem ---
Directors Consider Options
Stock Market Quarterly Review: Bonds Prove a Winning Bet, Even as the Fed Raises       Aaron Lucchetti
Rates
A Coming Nightmare of Homeownership?                                                   Gretchen Morgenson


For These Mortgages, Downside Comes Later                                                 James R. Hagerty
Erase Debt Now. (Lose Your House Later.)                                                  Michael Moss




State Dominates Subprime Mortgage Lending in U.S.
Trading Up: To Crack Wall Street's Top Tier, Lehman Gambles on Going Solo --- Firm
Built on Bonds Expands Without Seeking a Merger; Investment Banking Is Key --- No
New Gorilla for Mr. Fuld
Homebuilders are Stretched Thin
When Home Buying By the Poor Backfires; For many families, a house can be a bad           Peter Coy
investment
Pushing Plastic: Combative Banker Faces State Suits Over Credit Cards --- In Low-End Mitchell Pacelle
Lending, Officials Say, Mr. Abessinio's Firm Misled, Mistreated Clients --- He Says Cases
Built on `Lies'
Countrywide Fires Manager, Citing Ethics; The lender says he encouraged his staff to        Annette Haddad
steer borrowers to more costly sub-prime loans.




Borrowers Find System Open to Conflicts, Manipulation                                       Alec Klein




Credit Raters' Power Leads to Abuses, Some Borrowers Say                                    Alec Klein


Asset-Backed Deals Drive Market: Insurance in 2004 May Top $800 Billion and is Poised
to Surpass Corporate Bonds
Investors Buy Real Estate At Record Pace --- Wary of Stocks, More Individuals Buy           Ruth Simon
Condos and Rental Property; REITs vs. Owning It Yourself
State Probe of Wells Urged; Customers seek an investigation into the sales tactics of the
bank's sub-prime lending unit.
Damage Report: How Accounting Issue Crept Up On Fannie's Pugnacious Chief --- Amid          John D. McKinnon and
Multiple Investigations, SEC's Staff Ruling Puts Raines, Board on the Spot --- `I'll Hold   James R. Hagerty
Myself Accountable'
Fannie's Fans Must Be In Denial                                                             Gretchen Morganson
Countrywide Writes Mortgages for the Masses --- Dwarfed by Its Big-Bank Rivals,
Company Manages to Grab Lead In White-Hot Home-Loan Market
From Foreclosure to the Cleaners; Indebted Homeowners Say 'Rescue' Services Bilked          Sandra Fleishman
Them
Protecting Yourself from a Housing Slump; Even if fears of a bubble are overblown, it's a   Peter Coy
good time to start thinking defensively
The Mortgage Biz Has Lost Its Fizz: Goodbye, refi boom. Hello, sinking profits and
industry consolidation
Exclusive Club: Ex-Trader Creates Hot Hedge Fund, And a Traffic Jam --- Big Investors       Gregory Zuckerman
Clamor to Join Mr. Mindich's Operation, Despite Stringent Terms --- Elsewhere, Returns      and Henny Sender
Are Down
House Money: Hidden Fees in Most Mortgages Bring Scrutiny to Fannie, Freddie ---            John R. Wilke
Regulator Calls Some Charges To Homeowners Too High...
Home-Equity Loans Hit Record Levels --- Lenders Use Incentives, Discounts to Entice
Homeowners; Free Maid Service for Six Months
The fall of Fannie Mae                                                                      Bethany McLean
Workers Say Lender Ran 'Boiler Rooms'                                                       Mike Hudson, E. Scott
                                                                                            Reckard

Some Housing Markets Overheat --- More Than a Dozen Cities, Eight in California, Have James R. Hagerty
Excessive Home Prices
Fool's Paradise; We're awash with money. What happens when it dries up?                     Bernard Condon

Teaser Rates On Mortgages Approach 0% --- As Lending Frenzy Slows, Banks Add                Ruth Simon
Twists to Lure Homeowners; Many of the Deals Have Pitfalls
Comment & Analysis                                                                          John Plender




Officials Get Free Trip to Hawaii                                                           Nancy Vogel and Dan
                                                                                            Morain
Fannie, Freddie Holdings Under Fire --- Greenspan Moves Beyond Prior Warnings With
Call For Cutting Size of Portfolio
How Banks Pretty up the Profit Picture                                                      Amey Stone
The unlikely case for fixed rate loans - downward drift of long-term mortgage rates         Ruth Simon
confounds experts and spurs refinancings
Power Banking: Morgan Stanley Trades Energy Old-Fashioned Way: In Barrels ---
Owning Physical Commodities Keeps Its Ear to a Market That's Robust These Days ---
Barges, Pipelines, Tank Farms
Revolving Door At WaMu Thrift Is Hurting Stock

The Prepayment Trap: Lenders Put Penalties On Popular Mortgages                             Ruth Simon

House Panel to Address Subprime Lending
Home Loan Banks' Role Is Debated
Fannie's shaky future                                                                       Bethany McLean
Trading Places: Real Estate Instead of Dot-Coms                                             Motoko Rich

Corporate America's New Achilles' Heel                                                      David Henry
Doubt Is Cast on Loan Papers; Plaintiffs say identical entries for 3 different Ameriquest   E. Scott Reckard and
borrowers bolster claims of fraud.                                                          Mike Hudson




Battle Ready: In Morgan Stanley Rebellion, Purcell Puts Up Tough Fight --- Favoring
Dean Witter Veterans, CEO Inflames Tensions Left Over From Acquisition --- A Strong
Grip on the Board
Congress Draws A Bead On Predatory Lending
The Fed Eyes Subprime Loans; New disclosure rules aim to flush out discriminatory rates

After the Housing Boom; What the coming slowdown means for the economy -- and you.

Beware black holes in global high finance: Complexity, opacity and the woes of AIG          John Plender

Disparities Found in Sub-Prime Lending; Data Show African Americans, Hispanics Pay          Kirstin Downey
More to Borrow for Home, Refinance
Blacks Are Much More Likely To Get Subprime Mortgages --- Weaker Lender                     James R. Hagerty &
Competition In Some Low-Income Areas Is Cited as Part of Problem                            Joseph T. Hallinan
Globetrotter; Facing brutal competition in the U.S., giant Citigroup is reaching out to the
burgeoning middle classes around the world.
The New King of the Real Estate Boom: With housing sales soaring, homebuilders are
the toast of this year's Fortune 500--and none is riding higher than luxury specialist Toll
Brothers. But what happens when there's a slowdown?

Clouds sighted off CDO asset pool                                                             Gillian Tett
Innovative ways to repackage debt and spread risk have brought higher returns but have        Gillian Tett
yet to be tested through a full credit cycle.
Spitzer Staff Probes Mortgage Fees --- Banks Including Citigroup, HSBC Are Asked for
Data On Subprime Loan Practices
Wells Fargo, Washington Mutual Contacted on Fees
Spitzer Probes Sub-Prime Mortgages; New York's attorney general seeks data to assess
whether lenders are targeting minorities.
Citigroup Units Kept Making Loans That Violated Policy                                        Eric Dash
Hedge Fund Rumors Rattle Markets                                                              Riva D. Atlas et al.
Searching for light in a murky debt pool                                                      Gillian Tett
The Sky Darkens for Bondholders --- Backfiring Bets on Derivatives, Corporate                 Mark Whitehouse,
Executives' Allegiances Are Among Worries Raising Risk                                        Gregory Zuckerman,
                                                                                              Henny Sender &
                                                                                              Carrick Mollenkamp
Ameriquest's Ties to Watchdog Group Are Tested                                                Mike Hudson and E.
                                                                                              Scott Reckard
Taking Risk To Extremes; Will derivatives cause a major blowup in the world's credit
markets?




On the House: As Prices Rise, Homeowners Go Deep in Debt to Buy Real Estate ---           James R. Hagerty and
Economists Say Move to Tap Equity May Inflate Bubble;                                     Ruth Simon
New York Inquiry of Lending Bias Fuels Turf War
Fixer-Upper: Housing Boom Starts to Transform Distressed Cities --- After Long Decline,
Baltimore Sees New Investors Rush Into Poor Neighborhoods --- Gertrude Stein Lived
Here
Lenders Clamp Down On Inflated Appraisals --- Overly Aggressive Valuations Add Fuel to
Housing Boom; Requiring a Second Opinion
RBC sells loss-making Houston mortgage arm
Riding the Boom They snap up real estate, flip it, then chase the next hot market.They're David Grainger et al.
the new day traders--and they're dancing on the edge of a volcano.

See A Bubble?                                                                                 Roger Lowenstein


Sensitive Boundaries: Goldman Faces New Tensions In Trading, Serving Hedge Funds ---
Salesmen Both Advised Clients Of Firm and Influenced Its Own Bets on Market --- Word
of a Stock Sale Leaks
Swan Song; For Edgar Bronfman Jr., the band must play on.                            Bernard Condon

WaMu Has Deal To Buy Providian For $6.45 Billion

Side Effects: In Treating U.S. After Bubble, Fed Helped Create New Threats --- Low            Greg Ip
Rates Bolstered Economy, But Housing, Foreign Debt Appear Out of Balance ---
Greenspan's Legacy at Stake
Treasure Hunt: Amid Low Rates, Home Prices Rise Across the Global Village --- Armed          Jon E. Hilsenrath and
With a `Saving Glut,' Investors Chase Returns; Londoners Buy in Bulgaria --- Bangkok         Patrick Barta
Market Is Hot -- Again
The Trillion-Dollar Bet: Homeowners Take Risks in a Bid for Lower Mortgage Payments          David Leonhardt and
                                                                                             Motoko Rich




Fannie Sees Higher Odds of Regional Housing Busts
`Everything Is Starting to Sour'; With even the bond business faltering, bank earnings are   Mara Der Hovanesian
looking dismal
Booming Local Housing Markets Weigh Heavily on Overall Sector                                Greg Ip
Approval of Ameriquest Settlement Sought; The lender could pay borrowers $50 million         E. Scott Reckard
but lawyers in a separate case are seeking changes.
Nominee Talk for Loan Exec; As Ameriquest wins a legal ruling, its founder is said to be a   Josh Friedman and E.
possible ambassador to Holland                                                               Scott Reckard
The Mortgage Trap; Lenders are cranking out an ever-growing array of financing
schemes and lowering standards to keep the boom going.
Barclays Suitors Might Get a (Mr.) Diamond
Too Much Money; A global savings glut is good for growth -- but risks are mounting           Rich Miller et al

Is it time to cash out?                                                               Shawn Tully
When Martin Eakes Speaks, Citigroup Listens                                           James R. Hagerty
Housing gets even less afforable - creative mortgages, which have kept monthly
payments down, start to lose steam
Loose Reins on Galloping Loans; Efforts to Regulate Risky Mortgage Innovations Are So Edmund L. Andrews
Far Ignored




Easy Money: A Mortgage Salesman's Pitch --- Mr. Ray Touts Low Payments For the First George Anders
Five Years; Interest Keeps Piling Up --- A Chance to Buy That Escalade

CEO School: Flung Into Top Job, Sullivan of AIG Learns on the Fly --- He Must Both
Handle Probes And Shift a Culture Shaped By Legendary Predecessor --- Rehearsing a
Conference Call
In at the Top                                                                                Neil Weinberg


Out of the dark - and into the clear?                                                        Bethany McLean

Mortgage Lenders Loosen Standards --- Despite Growing Concerns, Banks Keep            Ruth Simon
Relaxing Credit-Score, Income and Debt-Load Rules
Changing Face of Market Risk --- Report Looks at New Complexity Of Derivatives, Other
Products; Making Sure the `Plumbing' Works
Investors Fret Mortgage Balloons Will Burst                                                 Jesse Eisinger




How rating agencies navigate the lucrative waters of structured finance             Richard Beales and
                                                                                    Gillian Tett
Credit the US banks for the boom                                                    Gillian Tett
Wall Street Finds a New Gusher --- Commercial-Mortgage Securities Are Headed Toward Christine Haughney
a Record Year As Real-Estate Financing Shifts
Bush Picks Ameriquest Owner as Ambassador; Firm's Lending Tactics Investigated




Who owns your loan? Why Europe's businesses will face surprises if trouble hits             Gillian Tett

Global CDO issuance sees sharp upturn
That Hissing Sound                                                                          Paul Krugman
HUD Agency May Insure Riskier Loans                                                         Jessica E. Vascellaro




Rise in Supply of Homes for Sale Suggests Market Could Be Cooling                           James R. Hagerty
                                                                                            &Kemba Dunham
Steering Clear of Bubble Trouble; In a relentlessly inscrutable housing market, there are   Peter Coy with Rich
ways to minimize risk                                                                       Miller and Dean Foust,
                                                                                            Christopher P
                                                                                            Jesse Eisinger
Whither Subprime Mortgage Lenders? Answer Holds Housing Market Clues

How Will Home Boom End? --- Even If Prices Don't Collapse, Some Owners Will Feel            James R. Hagery
Pain
Wall St. Waits to See What Will Be Repaid; As the variations of adjustable-rate             Tom Petruno
mortgages rise, so do the risks for borrowers.
Be Warned: Mr. Bubble's Worried Again                                                       David Leonhardt
Piggy Bank - or House of Cards?                                                             Peter Coy
Family Finance: Bankers' Group Issues a Caution on Home Loans
Interest-Only Loans Soar in Commercial Market
Housing-Bubble Talk Doesn't Scare Off Foreigners --- Global Investors Gobble Up             Ruth Simon, James R.
Mortgage-Backed Securities, Keeping Prices Strong                                           Hagerty & James T.
                                                                                            Areddy
Fed, Banks Will Meet Over Derivatives
Good News, Bad News: Your Loan's Approved                                                       Eduardo Porter

Greenspan And The Bubble                                                                        Paul Krugman
Merrill and Citigroup top CDO field
Betting on the Right Loan; Buyers Looking Only for the Lowest Payment Could Be                  Sandra Fleishman
Gambling With Their Future
Banker of America By ignoring his critics, Ken Lewis built the country's biggest retail bank.
Look out, Citigroup.
The Mortgage Maven; Sam Lieber says forget about bubbles bursting and get a piece of
the housing boom.
Slices of Risk: How a Formula Ignited Market That Burned Some Big Investors --- Credit          Mark Whitehouse
Derivatives Got a Boost From Clever Pricing Model; Hedge Funds Misused It ---
Inspiration: Widowed Spouses
Hedge Funds                                                                                     Neil Weinberg, Bernard
                                                                                                Condon and Peter
                                                                                                Lattman
Putting The Squeeze On a Bubble                                                                 Conrad de Aenlle
Cheap Loans Are Under Fire; Mortgage companies are on the defensive for loosening               Tom Petruno
credit standards amid the housing boom.
Be Warned: Mr. Bubble's Worried Again                                                           David Leonhardt
Mortgage Risk: a Hot Export --- What if Home Loans Blow Up? Much of the Pain's Been             James R. Hagerty &
Sent Overseas                                                                                   Ruth Simon
Credit derivative growth soars
Mortgage Lenders Tighten Standards --- Amid Concern Over Rising Risk, Banks Make It
Harder to Qualify for Certain Home Loans
Restless investors begin to look again at CDO risk profiles                                Ivar Simensen and
                                                                                           Jennifer Hughes
Racial Gap in Loans Is High in State; A study finds that borrowers in minority communities Jonathan Peterson
in the L.A. area are more than nine times more likely to get higher-cost mortgages.

Will Bubbles Spoil Fed's Reputation?                                                            Floyd Norris
JPMorgan network dominates the field                                                            Gillian Tett




Holding Off Bankruptcy, But Draining Home Equity                                                Ford Fessenden




Global institutions: Sleepwalking into financial crisis                                         Chris Giles
Moving the Market: Mortgage-Backed Securities Become Riskier                                    Christine Haughney
A Bank in Bondage

Risky 'Exotic' Loans Fostering a Refi Cycle; Many borrowers are trading in interest-only        Annette Haddad
mortgages to forestall higher payments.
The Mortgage Maker Vs. The World


Junk Gets Junkier; A new breed of financiers is driving rates on dicey corporate loans to   Bernard Condon
new lows.
Living too Large in Exurbia                                                                 Mark Morrison, with
                                                                                            Paul Magnusson and
                                                                                            Peter Coy
Why more opacity is dangerous for financial markets                                         Gillian Tett




The king of real estate's cashing out                                                       Shawn Tully
More Homeowners With Good Credit Getting Stuck With Higher-Rate Loans                       Mike Hudson and E.
                                                                                            Scott Reckard




I'm Tom Barrack* and I'm getting out *The world's best real estate investor has made        Shawn Tully
billions in the U.S. market. Now he's cashing out and buying overseas. Should you cash
out too?
Ameriquest's Ads Reach Beyond Bad-Credit Niche; Some criticize the lender's costly          E. Scott Reckard
promotion that omits the company's 'sub-prime' focus.
Fast-growing CDO market suffers first teething problems
Awash in Cash: Cheap Money, Growing Risks --- Stash Flow: Huge Flood of Capital to          Greg Ip & Mark
Invest Spurs World-Wide Risk Taking --- Corporate and...                                    Whitehouse
 Fraud Comes Home With Easy Loans; Mortgage scams are plaguing Chicago's poor and           David Jackson
threaten to become a nationwide financial epidemic, the FBI says.

Housing Market Shows Further Signs of Cooling
Bonds Signal Challenges Ahead for Economy --- Rising Long-Term Rates May Mean               Mark Whitehouse
Headaches for Some Homeowners, But Market Has Been Wrong
Is Getting a Home Loan Becoming Too Easy? --- Lenders Seek Fewer Documents To               James R. Hagerty &
Verify a Borrowers' Income; Homeowners, Investors at Risk                                   Ruth Simon
After the Debt Feast Comes the Heartburn                                                    Gretchen Morgenson
Property Boom: How Big U.S. Home Builders Plan to Ride Out a Downturn -- D.R. Horton
Keeps Costs Low As It Takes On Small Rivals In `Pickup-Truck' Markets --- Skepticism
on Wall Street
Ameriquest Dispute Holds Up Founder's Ambassadorship; States Negotiating Settlement         Kirstin Downey

Housing Bears Bet on Shaky Credit --- As Interest Rates Increase, Hedge Funds Are           Mark Whitehouse &
Profiting From Credit-Default Swaps                                                         Gregory Zuckerman
Morgan Stanley Overhauls Itself (Now, the Stock?)
Mortgage Bonds May Be Good Bet In '06, Pros Say                                             Mark Whitehouse
Fear of Falling; Have home prices peaked?                                                   Ellen Florian Kratz


After The Housing Runup; Most of the big gains are behind us, but there are still pockets
of value
Year-End Review of Markets &Finance 2005 --- Bonds' Gravity-Defying Act --- Foreign         Mark Whitehouse
Investors' Demand Drives Buoyancy, but 2006 Could Be a Difficult Year
A Good Year, for the Record
Lehman Brothers
So Many Lenders, So Few Takers; As housing slumps, the roof is falling in on the
overbuilt mortgage industry




Your Money Matters - Home Rundown: A look at the pros and cons of different types of
mortgages - and which one may be best for you now
Big Bond Rally Isn't in Bonds, But in the Raters --- Credit Firms S&P and Moody's Are    Mark Whitehouse and
Awash in New Business; `A Free Ride' of Growing Fees                                     Liam Pleven
Ameriquest to Pay $325 Million in a Settlement Over Lending
Ameriquest Settles Claims; Accused of misleading borrowers with credit problems, the     E. Scott Reckard
mortgage company will overhaul its lending practices and pay $325 million

Down Payments' Downward Trend                                                            Tomoeh Murakami Tse

Taming the Predators                                                                     Michelle Singletary
Lenders Try to Keep Mortgage Boom Alive - Changing Course, Banks Push Borrowers to
Swap Adjustable Loans for Fixed-Rate Ones
More Mortgage Lenders Targeted; In the aftermath of Ameriquest, regulators say they're   E. Scott Reckard and
continuing to probe 'sub-prime' firms.                                                   Mike Hudson
Getting Wise To Mortgages --- New Tools Help Decode Jargon, Sniff Out Deals; Avoiding    James R. Hagerty and
the Camel Market                                                                         Ruth Simon
Wall Street Is Cleaning Derivatives Mess
Rewiring Chuck Prince; Citi’s chief hasn’t just stepped out of Sandy Weill’s shadow —
he’s stepped out of his own as he strives to make himself into a leader with vision

For Minorities, Signs of Trouble In Foreclosures                                         Vikas Bajaj and Ron
                                                                                         Nixon




Simply Put: Accounting-Rule Makers May Change How to Book Derivatives                    James R. Hagerty and
                                                                                         David Reilly
Study Supports Lending Laws; Regulation Reduces Predatory Practices, Advocacy Group
Says
How to Ride a Housing Bubble; Golden West specializes in exotic mortgages -- and in
surviving downturns
For This Industry, A Rise in Foreclosures Is a Good Thing -- Obscure Profession Gears
Up On Signs Housing Sector Could Be Cooling Down
Buying the Returned Home - As More People Walk Away from Contracts, Some Builders
Cut Prices; How to Spot Deals
The Unlikely Revolutionary Critics are sniping and the stock is lagging, but Citigroup's
Chuck Prince keeps charging ahead, blowing up business practices put in place by his
famed mentor, Sandy Weill.
Prime Brokers Get a Caution Flag --- Credit Watchers Are Wary Of a Crisis From...           Serena Ng

At the Doorstep: Millions Are Facing Monthly Squeeze On House Payments --- Many             James R. Hagerty
Adjustable-Rate Loans, Popular in Recent Years, Will Soon Be Reset Higher

Private Inequity                                                                            Neil Weinberg and
                                                                                            Nathan Vardi




Debt Valley Days                                                                            David Henry

The Dream Machine                                                                           Gillian Tett

States Shelter Risky Borrowers --- Legislatures Battle Predatory Lenders as Washington      Christopher Conkey
Debates Issue




Coffee, Tea, or Mortgage? Banks are cozying up to customers while using high-tech tools
to identify prospects
Stock Market Quarterly Review: Merger Mania Abroad Boosts U.S. Firms --- Bankers Cite       Susanne Craig
Lower Costs, Less Bureaucracy, Strength Of Stock...
Risky Forecast: This Time Is Different                                                      Floyd Norris
Barclays: Anything But Stodgy; President Bob Diamond has turned the once-troubled
investment banking unit into a powerhouse
Buyer (And Seller) Beware; Is housing set to blow, or are there more gains ahead? Here's    Peter Coy with Toddi
how to navigate an anxious market                                                           Gutner and Timothy J.
                                                                                            Mullaney
The Improbable Power Broker: How Dick Fuld transformed Lehman from Wall Street also-
ran to super-hot machine.


Real-Estate Bonds Gain Popularity --- Institutions Are Willing To Take Plunge for Reward:   Christine Haughney
`More Investor Awareness'
New Type of Mortgage Surges in Popularity - Fixed Rate Interest-Only Loans Lower Initial    Ruth Simon
Payments but Delay Debt Reduction
Mortgage Lenders: Who's Most at Risk; As delinquency rates rise, red flags are flying       Mara Der Hovanesian
over some aggressive finance outfits
Lenders Push Home-Equity Deals - With Rates at 5 Year High, Banks Seek to Keep              Ruth Simon
Consumers Borrowing
Wachovia Strikes $26 Billion Deal For Golden West --- California S&L Will Give
Acquisitive Giant Big Slice Of Mortgage-Loan Business
Street Star: Citi's Sallie Krawcheck tells Geoffrey Colvin what it takes to be CFO of the
world's largest bank.
Chief Calls Deal a Dream For Wachovia
KKR: Barbarians at Your Gate                                                                Roben Farzad

Big Risk on Campus                                                                          Anne Tergesen, with
                                                                                            Roben Farzad
Real Estate Survival Guide
Late Payments On Mortgages Rise --- Studies Find Higher Loan Delinquencies Stemming
From 2005's Lending Boom
Revolution in a murky loan world                                                    Gillian Tett and Paul J
                                                                                    Davies
Investors are 'dangerously complacent'                                              Gillian Tett

Last Resort: Slower Home Sales Open Up a Market For Some Investors --- The Threat of
Foreclosure Feeds a Real-Estate Niche That Thrives on Hard Luck
Do You Know Your Loan?; Borrowers With Adjustable-Rate Mortgages Might Not                  Sandra Fleishman
Understand What They've Got
Pimco's Kiesel Says Housing Will Hurt Corporate Bonds (Update1)
 It Looks Like Fannie Had Some Help; Major players on the Street may be tied to the         Dawn Kopecki with
fiasco at the mortgage giant                                                                Mara Der Hovanesian
Inside Wall Street's Culture Of Risk; Investment banks are placing bigger bets than ever    Emily Thorton, with
and beating the odds -- at least for now                                                    David Henry and
                                                                                            Adrienne Carter
Downturn? What Downturn? Lehman Profit Is Up 47%
Study Finds Bias In Mortgage Process                                                        Kenneth R. Harney
Bubble, Bubble, Who's in Trouble? Worried investors are hunting for safe havens. But        Michael Mandel with
with so many bubbles about, it's anyone's guess which way to turn.                          Peter Coy
Cooling Home Markets Spurs Interest in Foreclosure Sales - Reliability is Often a Problem
Among Web Sites That List Properties Seized by Lenders
When passing the parcel ends                                                                Gillian Tett




Credit Default Swaps Explained                                                              Gillian Tett
Riskiest Mortgage Bonds May Underperform, Credit Suisse Says                                Mark Pittman
Citigroup Beefs Up Credit-Derivatives Operation
Loan world must go public to stop claims of dodgy dealing                                   Gillian Tett
New Headache for Homeowners: Inflated Appraisals                                            James R. Hagerty and
                                                                                            Ruth Simon
Variable Loans Help to Put Off Mortgage Pain                                                Vikas Bajaj and Ron
                                                                                            Nixon
As Data Point to Slowdown, Housing Market May Land Harder Than Economists Predict           Mark Whitehouse

Countrywide Pulls on the Reins --- CEO Adopts Cautious Stance: 'I've Never Seen a Soft
Landing'; Rival Wells Fargo Is Riding On
Morgan Stanley Agrees to Acquire Saxon Capital


Homeowners Start to Feel the Pain of Rising Rates - Payments on Adjustable Loans Hit
Overstretched Borrowers; 'Budgets are Out of Whack'
Option ARMs Remain Popular In Spite of Risks                                                Ruth Simon
Stated Income' Home Mortgages Raise Red Flags                                               Lingling Wei
After the Boom: Housing Slump Proves Painful For Some Owners and Builders --- 'Hard         James R. Hagerty &
Landing' on the Coasts Jolts Those Who Must Sell; Ms. Guth Tries an Auction --- 'We're      Michael Corkery
Preparing for the Worst'
Sub-Prime Lenders' Shares Fall; Purveyors of risky home loans are hit by fears of a         E. Scott Reckard
cooling housing market and higher default rates.
Getting real about the real estate bubble                                                   Shawn Tully
Mortgage Market Begins to See Cracks As Subprime-Loan Problems Emerging                    Jesse Eisinger
Sign of an Apocalypse in Private Equity                                                    Roben Farzad
Merrill Lynch to Acquire Lender for $1.3 Billion

Mortgages Grow Riskier, and Investors Are Attracted                                        Vikas Bajaj
Phantom Profits                                                                            Staff
Nightmare Mortgages; They promise the American Dream: A home of your own -- with           Mara Der Hovanesian
ultra-low rates and payments anyone can afford. Now, the...
Private Money: The New Financial Order --- The Hedge-Fund King Is Getting Nervous ---      Susan Pulliam
Inside billionaire Steven Cohen's hidden world of massive trading and lavish art; Is the
party over? --- At home with Van Gogh, Gauguin and a skating rink

Time to decode derivatives                                                                 Gillian Tett




Hopped Up on Hedge Funds                                                                   Adrienne Carter
Nightmare Mortgages; Our cover story on option ARMs struck a nerve with brokers,           Mara Der Hovanesian
bankers, and consumers
Deals galore in a world awash with cheap money                                             Gillian Tett
Town's Residents Say They Were Targets of Big Mortgage Fraud                               James R. Hagerty and
                                                                                           Michael Hudson
FICO Rules, but Other Options Remain                                                       Sandra Fleishman
Bad Blood Over Bad Loans; Mortgage defaults are rising. Wall Street thinks banks should
mop up the mess
After the wobbles, complacency creeps back in                                           John Plender




Whistling Past Housing's Graveyard? --- Bad Loans Draw Bad Blood
Joining the Club -- Inside Goldman's Secret Rite: The Race to Become Partner --- For
Candidates, a Grade of 'C' Means Prospects Are Dim; Avoiding the 'Land Mines' --- A
Star's $40 Million Payday




The credit business is more perilous than ever                                           John Plender
Cleaned Up But Falling Behind; Investors are carping about Citicorp's slow recovery. Can
Chuck Prince pick up the pace?
A Dangerous Game; Hedge funds have gotten rich from credit derivatives. Will they blow Daniel Fisher
up?




Home-Equity Loan Delinquencies Increase, Moody's Says
More Home Loans Go Sour - Through New Data Show Rising Delinquencies, Lenders
Continue to Loosen Mortgage Standards
New instruments that call the tune                                                       Richard Beales




Danger -- Explosive Loans; Collateralized loan obligations offer loads of cheap money.   Staff
But payback time may be coming




Home Prices Keep Sliding; Buyers Sit Tight --- August and September Declines Were        James R. Hagerty
Largest in at Least 38 Years; Yanking a Listing in Naples, Fla.
Gluttons at the Gate                                                                     Emily Thorton
Risk Management: As Home Owners Face Strains, Market Bets on Loan Defaults --- New       Mark Whitehouse
Derivatives Link Fates Of Investors and Borrowers In Vast 'Subprime' Sector --- 'These
Are the Marginal Guys'
Mortgage-Fraud Suspicion Reports Rise 35%; Treasury to Review
Take care when the sweet taste of CDS starts to turn sour                                Gillian Tett
Boom! Bust! Boom? Check the history of housing busts. Some areas bounce back more        Peter Coy
strongly than others
Mortgages and New Homes: What to Do When a Builder Offers to Find You a Loan             Ruth Simon

Why Bankers Keep Seeing Bears                                                            Mara Der Hovanesian
Mortgage Lenders Feel the Chill                                                          Mara Der Hovanesian
Can the Economy Survive the Housing Bust?                                                Jon Birger
Derivatives market surges nearly 25%
Sub-Prime Mortgage Defaults Jump 25%, Friedman Says
Habitat for Hustlers; Freewheeling banks and lenders are preying on owners of the        Mara Der Hovanesian,
affordable homes                                                                         with Greg Hafkin and
                                                                                         Christopher Palmeri
New York Fed Reports Progress On Derivatives
Wall Street Leads Consolidation Of Subprime-Lending Business --- High-Risk Loan..

Financial wizards owe a debt to ratings agencies' magic                                 Gillian Tett
You Can Buy a House For $1,000 Today, But You'll Pay a Price --- Foreclosure-Auction    James R. Hagerty
Bargains Often Need Costly Work; Obscenities on the Wall
Subprime Lenders Are Hard Sell
Banks warned on extreme leverage                                                        Gillian Tett
Wells Fargo buying more `sub-prime' mortgages                                           E. Scott Reckard


More Borrowers With Risky Loans Are Falling Behind --- Subprime Mortgages Surged As Ruth Simon and James
Housing Market Soared; Now, Delinquencies Mount                                     R. Hagerty
Countrywide Settles With Spitzer --- Mortgage Bank Agrees To Changes Amid Probe Of
Lending Disparities
Un-American activities                                                              Andrew Hill




Subprime Loans Going From Boon To Housing Bane; Minority Buyers Especially Hurt As Vikas Bajaj
Interest Rates Adjust Higher
Minority Buyers Especially Hurt As Interest Rates Adjust Higher                    Vikas Bajaj and Ron
                                                                                   Nixon
US subprime loans face trouble                                                     Saskia Scholtes,
                                                                                   Michael Mackenzie and
                                                                                   David Wighton
US subprime loans face trouble                                                     Saskia Scholtes
Mortgage Industry Starts to Roil Bond Markets                                      Gregory Zuckerman
                                                                                   and Michael Hudson
Verdict against Lehman is upheld                                                   E. Scott Reckard




Mortgage Bonds, CDOs to suffer next year, Fitch says
Not-So-Fixed Income; Do the meager yields on Treasurys leave you cold? You can get an
extra point of interest with mortgage-backed...




A Farewell to ARMs? Not Quite Yet; New classes of lenders are jumping in to offer high- Mara Der Hovanesian
risk mortgages
Debt Investors' Double Burden --- Subprime Delinquencies Have Potential to Ripple, but
It May Not Be Time to Panic
First-Timers Begin Looking at Houses Again - Lower Prices, Mortgage Rates Lure Buyers
off the Sidelines; Special Offers in Tampa, FL.
Lehman Net Jumps but Disappoints; Bear Just Jumps
Sub-Prime Mortgage Failures May Climb to 19 Percent                                     Jody Shenn
Bet The House; Don't believe talk that the worst of the real estate downturn is over. Too     James Grant
many funky loans are out there.
Getting Real About Real Estate                                                                Ellen Florian Kratz
The "Foreclosure Factories" Vise; The predatory tactics of some mortgage servicers are        Mara Der Hovanesian
squeezing homeowners
Renters Gloat Over Housing Slump --- Some Who Missed the Boom Are Feeling                     James R. Hagerty and
Vindicated Now; Resisting 'Nesting Instincts'                                                 George Anders
Mortgage Bonds Could Continue Momentum in '07
Buyer's Remorse: Speculators Helped Fuel Florida's Housing Boom
High-risk loans revealing shaky foundations                                                   Saskia Scholtes




Central banks face challenge from structured finance explosion                                Gillian Tett
Elaborate debt deals spread risk but distort the data                                         Gillian Tett
Should Atlas still shrug? The threat that lurks behind the growth of complex debt deals       Gillian Tett

Bankruptcy Boot Camp; How one man is training an army of lawyers to fight predatory           Mara Der Hovanesian
lenders
Citigroup is Expanding Mortgage-Service Arm - Bank Moves to Acquire Some US
Operations of ABN Amro Holding
Tightening the Belt: In Citigroup Ouster, a Battle Over Expenses: Falling Behind Rivals,
CEO Prince Confronts Executive's Spending




Tightening the Belt: In Citigroup Ouster, A Battle Over Expenses --- Falling Behind Rivals,
CEO Prince Confronts Executive's Spending
Banks Move Earlier to Curb Foreclosures - As Mortgage Delinquincies Mount, Lenders
Offer Free Refinancing, Debt Forgiveness for Selling Homes at a Loss
More People with Weak Credit are Defaulting on Mortgages
Sachs Appeal; Goldman Sachs has emerged from the market bust as a trading colossus.
New Chief Lloyd Blankfein must fuel growth--and avoid an...


After the flood: how central banks fret about failures once liquidity dries up                John Plender




Subprime lenders act to cut defaults




Mortgage Refinancing Gets Tougher - As Adjustable Loans Reset at Higher Rates,
Homeowners Find Themselves Stuck Due to Prepayment Penalties, Tighter Credit
‘Violent reaction’ to an increase in risk                                                  Richard Beales and
                                                                                           Saskia Scholtes




Can profits keep rising? Uncle Miltie said no                                              Shawn Tully
Faulty Assumptions: In Home-Lending Push, Banks Misjudged Risk --- HSBC Borrowers          Carrick Mollenkamp
Fall Behind on Payments; Hiring More Collectors
Sub-prime loan market shaken up; Stocks are hit after two lenders report big losses from
defaults. Some borrowers may suffer.
Default Jitters Batter Shares Of Home Lenders --- Risky Mortgages Spark Concerns,          James R. Hagerty and
Uncertainty About Fallout on Bonds                                                         Ruth Simon
Never mind the risk, feel the hefty subprime fees--Wall Street's finest in Panglossian     John Plender
mode




ARMed and Dangerous                                                                        Mara Der Hovanesian
Merrill Loaded for Bear in Mortgage Market That Humiliated HSBC                            Bradley Keoun and
                                                                                           Jody Shenn
Fears grow over subprime loan market




Home Lenders Cut the Flow of Risky Loans -More Defaults Prompt Cut in 'Piggyback'          James R. Hagerty and
Mortgages; Housing Market May Suffer                                                       Ruth Simon
Will Other Mortgage Dominoes Fall?                                                         Gretchen Morgdenson

It's a Low, Low, Low, Low-Rate World; Money is cheap. And some experts say it could        Michael Mandel &
stay that way for years. That's creating opportunity--and brand new risks                  David Henry, et al.
Mortgage debt is not safe as houses                                                        Saskia Scholtes
Lucrative market may yet prove house of cards                                              Jane Croft
Subprime sickness




The Bankruptcy Development That Has Wall St. Worried                                       Jenny Anderson
Weighing restraints on loans; U.S. officials are mulling over proposals that would curb
abuses in the `sub-prime' market.
Mortgage-Bond Pioneer Dislikes What He Sees                                          James R. Hagerty
Home Lenders Pare Risky Loans --- More Defaults Prompt Cut In 'Piggyback' Mortgages  James R. Hagerty and
                                                                                     Ruth Simon
Home Lenders Cut the Flow of Risky Loans - Default Fears Drain Subprime Pool, Adding Ruth Simon, James R.
to Pressures on Prices                                                               Hagerty and Michael
                                                                                     Corkery
Subprime Game's Reckoning Day - Risky Lending Fallout Threatens to Spread; Uncertain Karen Richardson and
About ARM Strength                                                                   Gregory Zuckerman

Sub-prime lending shakeout heats up; Freddie Mac says it won't handle certain loans.
Ameriquest finds a potential partner.
Ameriquest obtains funds from Citigroup; The sub-prime lender gives the banking giant
options to buy some mortgage operations.




Mortgage Defaults Start to Spread - New Data Show That Nontraditional Loans are
Beginning to Haunt Borrowers with Midlevel Credit; Prime Still Fine
Housing Glut Gives Buyers Upper Hand --- As Spring Home-Shopping Season Looms,             James R. Hagerty and
Supply Mounts And Prices Fall in Some Areas; Builders See Slow Recovery                    Ruth Simon

Regulators plan tightening of subprime loans
Troubles for sub-prime lenders grow; New Century discloses a federal criminal probe, and
Fremont says it is exiting the business. Regulators propose stricter guidelines.

Authorities Investigate Big Lender
Scrutiny grows on US subprime lenders
Mortgages May Be Messier Than You Think                                                    Gretchen Morgenson
A Mortgage Crisis Begins to Spiral, and the Casualties Mount                               Julie Creswell and
                                                                                           Vikas Bajaj
Lending sector takes a major hit; The stocks of companies heavily involved in the sub-
prime mortgage market fall steeply as backing from Wall Street tightens up.

Subprime Wreckage Entices Bargain Hunters --- Some Wall Street Banks Bet Big on a          Michael Hudson,
Recovery In Risky-Loan Game                                                                James R. Hagerty and
                                                                                           Kate Kelly
Policymakers' Approach to Risk: 'What, Me Worry?'                                          Steven Pearlstein
Debating Standards for Mortgage Lenders - Subprime Defaults Prompt Calls for New
Rules Ensuring that Loans Suit Borrowers
On Wall Street: Subprime loans come home to roost                                          Saskia Scholtes




New Century, strapped for cash, halts home lending




Second-Biggest Subprime Lenders Halts New Loans - New Century Move Feeds
Bankruptcy Speculation; Funding Crunch Widens
Loan turmoil closes doors for buyers; Mortgage terms are tightening as more sub-prime
borrowers default and lenders reel.
Crisis Looms In Mortgages                                                                  Gretchen Morgenson
Wall St braced for subprime collateral damage




Countrywide Ends No-Money-Down Loans
Home Stretch: At a Mortgage Lender, Rapid Rise, Faster Fall --- Wall Street Fueled       James R. Hagerty,
Growth at New Century; A Party-Hard Culture                                              Ruth Simon, Michael
                                                                                         Corkery and Gregory
                                                                                         Zuckerman
Big profits = danger ahead                                                               Shawn Tully
Home Price Worry Rises As Mortgage Woes Grow; Big Irvine- based lender to risky          David Streitfeld; E.
borrowers nears bankruptcy in wake of mounting defaults.; WALL STREET PULLS              Scott Reckard
FUNDS
Banks Go on Subprime Offensive --- HSBC, Others Try to Force Struggling Smaller          Carrick Mollenkamp,
Players To Buy Back Their Loans                                                          James R. Hagerty and
                                                                                         Randall Smith
Lending crisis ignites broad economic fears; Stocks dive as data show more home loans
in delinquency and new foreclosures at a record.


Bad Loans Put Wall St. in a Swoon
Subprime Fears Spread, Sending Dow Down 1.97% --- Weak Data Fuel Concern About a
Wider Malaise; GM Ponies Up $1 Billion
Bargain Basement: Foreclosure Rise Brings Business To One Investor --- Mr. Barnes
Buys Dregs From Worried Lenders; A Dozen for $35,250
GM profit in '07 likely to be hit by home-loan woes; The carmaker must contribute $1
billion to bolster lending affiliate GMAC under terms of a majority-stake sale.

How a fiasco of easy home loans has tripped up America                                   FT Reporters




Q&A | Sub-Prime Lending; Borrowers don't lack options, experts say                       Kathy M. Kristof
Where the Wolf Comes Knocking; Areas Already in Economic Distress Feel Rise in           David Cho and Nell
Housing Foreclosures Most                                                                Henderson
The Mortgage Meltdown; Ameriquest fires big part of workforce; The parent company also
shuts six centers in an effort to survive the sub-prime shakeout.
 Spectre of income inequality haunts investment bankers                                  John Authers
A town right on the default line; Foreclosure notices are painfully common in Perris, where David Streitfeld
sub-prime loans built a suburb.
The Mortgage Meltdown; 2 lenders gain breathing room
Rising Trouble With Mortgages Clouds Dream of Owning Home                                   Eduardo Porter and
                                                                                            Vikas Bajaj
Spain, Ireland and threats to the property boom                                             Wolfgang Munchau
The wrong way to lend to the poor                                                           John Gapper




Easy mortgages put Irvine lender in a house of straw                                   E. Scott Reckard; Kim
                                                                                       Christensen
Who Will Get Shredded? As the subprime business tanks, the pain is spreading to a wide Mara Der Hovanesian
swath of investors                                                                     and Matthew Goldstein,
                                                                                       with Spencer E. Ante

The dangers of investing in subprime debt                                                Bethany McLean
Mortgage Meltdown; More layoffs in sub-prime loan sector; Fremont tells many on staff to
expect pink slips. Ameriquest's name comes off a stadium.
New Century CEO, A Crisis Survivor, Faces Another One
Sub-prime lender Accredited gets loan; It receives a $200- million infusion. Also, Wells
says hundreds have been let go at its unit. Woes deepen at New Century.

Fremont in deal to $4 billion in sub- prime loans; The troubled lender says it expects to
lose about $140 million on the transaction, less than had been feared.

US housing market




The Mortgage Meltdown; A dubious title won by default; Colorado led the U.S. in             P.J. Huffstutter
foreclosures most of last year. The mood is grim in once- bustling Greeley.
The Mortgage Meltdown; Regulators accused of lax loan oversight                             Jonathan Peterson
Lending Oversight: Regulators Scrutinized In Mortgage Meltdown —- States, Federal           Greg Ip and Damian
Agencies Clashed on Subprimes As Market Ballooned                                           Paletta

Fed Faulted For Inaction On Mortgages; 'Pattern of Neglect' Fostered Subprime Ills,
Senators Say
Automated Underwriting Software Helped Fuel a Mortgage Boom                                 Lynnley Browning

Home Equity' Late Payments Rise Most Since 1996, Moody's Says
Inside the Mortgage Crisis

The Mortgage Meltdown; Sub-prime risk is less for big banks; Wells Fargo and others are
taking less of a hit from bad loans, thanks to their diversification.
Making Sense of the Mortgage Mess                                                       Mara Der Hovanesian,
                                                                                        Peter Coy and Matthew
                                                                                        Goldstein, with David
                                                                                        Henry

Left in the dark on debt obligations                                                        Saskia Scholtes
The Mortgage Meltdown; State regulator calling for ban on stated- income loans; He says Marc Lifsher
borrowers who overstated their means, and their lenders, have contributed to the sub-
prime collapse.
Wall St banks chase risky lenders                                                       Saskia Scholtes and
                                                                                        Ben White




Borrowing Trouble                                                                         Gretchen Morgenson
                                                                                          and Julie Creswell




Wall street Firms Vie to Expand Trading Floors - Goldman Sets Off race for Space that
Adds to Office-Market Frenzy
The Mortgage Meltdown; Top lender files bankruptcy, lays off 3,200; New Century's fall
hastens a sub-prime shakeout. Diversified firms are seen as stable.

Subprime rescue




2 sub-prime lenders lose their auditor; Grant Thornton quits working with Fremont
General and Accredited Home Lenders in what amounts to a vote of no-confidence.

Pink slips litter loan industry; The turmoil in the sub-prime mortgage sector hits some
workers as hard as borrowers.
Home Loans: A Nightmare Grows Darker                                                      Gretchen Morgenson
Digging out of Delinquency - More Borrowers Fall Behind on Home Loans, Complicating       Ruth Simon
Efforts to Work out Solutions
$1 Billion Pledged to Help Fend Off Foreclosures; Advocacy Group to Refinance
Mortgages of Those Stung by Subprime Loans
A profit gusher of epic proportions




The Short View: Panic over


Fremont General finds buyer for sub-prime loans
WaMu Leads in Risky Type of Lending - Analysis Shows Thrift Makes Frequent Loans for James R. Hagerty and
Investment Homes                                                                     Ann Carrns
Finger-pointing won’t fix the subprime fiasco




Option-ARMs Emerge As Home-Loan Worry                                                      James R. Hagerty and
                                                                                           Ruth Simon
GE mortgage unit to trim 771 more jobs; Burbank-based WMC cut more than 460 in
March. Citigroup's chief slams `aggressive' loans from independent firms.
H&R Block to sell mortgage unit; Cerberus Capital agrees to take over troubled sub-prime
lender Option One for an amount to be set.
Can't Pay The Loan but Won't Pick Up the Phone                                             Michelle Singletary
Merrill, GE Units' Bonds Led in Two Subprime Risks                                         Jody Shenn
Subprime Bondholders May Lose $75 Billion from Slump                                       Mark Pittman
Subprime 'Liar Loans' Fuel Bust with $1 Billion Fraud                                      Bob Ivry
House Prices Slide As Property Glut Grows --- Buyers Gain Bargaining Power In Busy         James R. Hagerty
Spring Selling Season; Auctions in Palm Springs
Fremont workers sue over losses; Employees of the sub-prime lender accuse its board of     E. Scott Reckard
violating federal pension law.

Home Equity Stalls - As Housing Market Cools and Rates Rise, Owners Grow Wary of           Ruth Simon
Tapping Lines of Credit; How Banks Are Courting Borrowersq
Outer Limits: As Funds Leverage Up, Fears of Reckoning Rise --- Fed and SEC Question       Randall Smith and
Wall Street on Policies; 'A Mockery' of Margin                                             Susan Pulliam
Risks and rewards of the world economy’s golden era                                        Martin Wolf




Moody's, S&P Understate Subprime Risk, Study Says                                          Mark Pittman

Mortgagese; Sub-prime lender on the brink; New Century lays off 2,000 -- most of its
remaining staff -- after failing to sell its loan- making unit.
How the Bad News Could Get Worst                                                           David Henry
Why This Slump is Different; Foreclosures are rising fast, investors are sweating, and     Christopher Palmeri
lenders are now bending over backwards to keep bad loans alive                             and Dawn Kopecki,
                                                                                           with Mara Der
                                                                                           Hovanesian
Pressure at Mortgage Firm Led To Mass Approval of Bad Loans                                David Cho


Bear Stearns' Subprime IPO
Bear Stearns Funds Own 67 Percent Stake in Everquest (Update3)                             Jody Shenn




Business is Back
Lenders Get Tougher - Qualifying for a Mortgage Becomes Harder, Even for Applicants        Ruth Simon
With Good Credit, as Banks Probe Deeper into Personal Finances
The effect of collateralised debt should not be underplayed                                Gillian Tett
Failing grades? Why regulators fear credit rating agencies may be out of their depth       Richard Beales, Saskia
                                                                                           Scholtes and Gillian
                                                                                           Tett
Did Merrill, Morgan Stanley Overpay? --- Both Spent Big Money On Subprime Lenders
Just Before Slowdown")
The Poverty Business                                                                        Brian Gow, Keith
                                                                                            Epstein


A stretched credit cycle, a more savage downturn




Buying Long: Why Market Optimists Say this Bull Has Legs - They See Decade of Gain
Fed by Global Growth; Skeptics Cite Big Doubts
Mortgage Brokers: Friends or Foes? --- Amid Mounting Defaults, State and U.S.               James R. Hagerty
Lawmakers Weigh Measures to Make Profession More Accountable to Borrowers

Growth brings loss of oversight                                                             Gillian Tett
Comeback Plan: At Morgan Stanley, A Game of Catch-Up To Regain Firm's Perch, CEO
Mack Pushes Big Bets, Big Deals
Private Equity: Is Deal Frenzy Nearing End? --- Big Firms Split in Views Over Pace of       Henny Sender
Buying; Stock Prices May Suffer
Debt Bomb: Inside The 'Subprime' Mortgage Debacle --- Day of Reckoning -- 'Subprime'        Mark Whitehouse
Aftermath: Losing the Family Home --- Mortgages Bolstered Detroit's Middle Class -- Until
Money Ran Out
Short-Seller Chanos Says Moody's is Warren Buffet's 'Mistake'                               Nick Baker and Daniel
                                                                                            Hauck
CDO Boom Masks Subprime Losses, Abetted by S&P, Moody's, Fitch                              Richard Tomlinson and
                                                                                            David Evans
Banks Sell 'Toxic Waste' CDOs to Calpers, Texas Teachers Fund                               David Evans

The Market's Mixed Signals
Easy Money                                                                                  Nathan Vardi




Securitization Group Seeks U.S. Law on Mortgage Abuse                                Jody Shenn
Ripple Effect: Economists See Housing Slump Enduring Longer --- Downturn Is Expected James R. Hagerty,
To Keep Growth Tepid; Retailers Feel the Pinch                                       Jonathan Karp and
                                                                                     Mark Whitehouse
Effort to Advise On Risky Loans Runs Into Snag                                       Vikas Bajaj
Credit ratings cynicism rises as confidence in CDOs falls                            Gillian Tett
Confidence in CDO rating system showing signs of strain                              Gillian Tett
A "Subprime" Fund is on the Brink                                                    Kate Kelly


This Investment Could Turn Ugly                                                    David Henry with
                                                                                   Matthew Goldstein
Ills Deepen in Subprime-Bond Arena --- More Downgrades Seen As Foreclosures Ripple Serena Ng and Kate
                                                                                   Kelly
Long-Term Rate Rise Prompts Strategy Shift - As Yield Curve Returns to 'Normal,'   Jane J. Kim and Ruth
Investors Start to Ditch Short-Term Bonds, While Home Buyers Reconsider Options    Simon

Two Big Funds At Bear Stearns Face Shutdown --- As Rescue Plan Falters Amid                 Kate Kelly, Serena Ng
Subprime Woes, Merrill Asserts Claims                                                       and David Reilly
Bear's Woes Test Markets' Mettle - Despite Scant Demand for Subprime Isssues, is       Justin Lahart, Serena
Rebound on Horizon?                                                                    Ng, Gregory
                                                                                       Zuckerman
Bear Stearns Fund Collapse Sends Shock Through CDOs                                    Mark Pittman
Fitch, S&P Warn Investors About Subprime Mortgage CDOs, Bonds                          Darrell Hassler
Edwards runs risk his investments will hit political capital                           Alex Barker


Worries rise as fund crashes; Bear Stearns pledges $3.2 billion to shore up mortgage   E. Scott Reckard; Kathy
investments.                                                                           M. Kristof
Center of a Storm: How CDOs Work                                                       David Reilly

When Models Misbehave                                                                  Gretchen Morgenson
Cheyne Capital Fund Posts Loss on Mortgage Slump
Any Subprime Surprises? Most bond funds--but not all--saw the trouble coming
Wall Street Fears Bear Stearns is Tip of an Iceberg -- Near-Collapse of Funds Stokes   Justin Lahart and
Broader Concerns Over Murky Investments                                                Aaron Lucchetti
Perceived Subprime-Loan Risk on Payment Data                                           Jody Shenn
SEC asks for Bear funds data
Subprime shock spreads across Atlantic                                                 Gillian Tett and Joanna
                                                                                       Chung
CDOs in 'Hooker Heels' Fool Moody's, S&P, Gross Says                                   Caroline Salas
Easy Money: Behind Buyout Surge, A Debt Market Booms --- CLOs Spark Worries Of         Serena Ng and Henny
Volatility and Risk; Loan Standards Loosen                                             Sender
Merrill's, Goldman CEOs See Few Debt-Market Risks
When CDOs Trump Paris Hilton, There's a Problem                                        Caroline Baum
McManus, Strategist, Says Housing Downturn May Last For Years
Worries grow about the true value of repackaged debt                                   Saskia Scholtes and
                                                                                       Gillian Tett
Subprime gloom weighs on European CDS trading                                          Gillian Tett
Debt Bomb --- Lending a Hand: How Wall Street Stoked The Mortgage Meltdown ---         Michael Hudson
Lehman and Others Transformed the Market For Riskiest Borrowers




Bitsberger Calls Subprime Crisis 'Contained'

Subprime CDOs Rated AAA May Be a Good Buy, Morgan Stanley Says
Steel of Treasury Says Financial Crisis Concerns Are Unfounded


Bear Stearns Loan Debacle Reveals the Bigger Fools                                     David Pauly
S&P, Moody's Mask $200 Billion of Subprime Bond Risk                                   Mark Pittman
S BEFORE THE FINANCIAL CRISIS

e best pre-crisis stories during the critical period of 2000 to mid-2007, after
Red) to non-investigative but otherwise useful service pieces (three shades of
 ion of the color legend.

                                      WORD
                     PAGE NUMBER      COUNT     Excerpt                                   CJR's Comments
                     G1               1574                                                Presents self-regulation as viable
                                                                                          option.
                     A2               1502

                     A1               6145      "William J. Ahearn, a spokesman for       Landmark probe of Lehman/subprime
                                                Lehman, said the firm's role in selling   connection; predatory lending firm
                                                bonds backed by subprime loans,           closed shortly afterwards. Nothing like
                                                known in the financial world as           this will appear again for seven years.
                                                underwriting, includes a careful review
                                                to make sure investors have the facts
                                                they need. He said that Lehman
                                                officials were fully aware of First
                                                Alliance's legal problems and believed
                                                that the company had stepped up its
                                                efforts the last 18 months to prevent
                                                abuses. Lehman, he said, is an
                                                'underwriter, not a regulator.'''

                     A31              923                                                 Fine consumer piece
                     N/L              258                                                 Activists get (a little) space
                     E1                866                                                Important clue for journalists
                     A1               1352                                                Journalism's impact; First Alliance goes
                                                                                          down.
                     B14              1202

                     A25              1327

                     N/L              1073
                     N/L              1650

                     107              3211                                                Explores Wall St./subprime nexus

                     N/L              N/L                                                 Dogging an important case

                     N/L              662
                     C1               1005
                     A1               2575


                     N/L              748

                     A1               2477                                                Warns about limits of financial models
A1    2181                                        Bird-dogs the story
N/L   829


A1    3686                                        A fine investigation of a notorious
                                                  subprime outfit.

C19   673                                         Underdone
C4    N/L
A1    2456

40    684
120   761

H1    821
C1    989
94    753
C1    1585


A1    2096


H1    2935                                        A consumer service piece that
                                                  transcends the genre, looking more
                                                  broadly at how the subprime industry
                                                  exploits low-income borrowers.

106   5239
A1    919
H1    1286                                        One of many WP stories trying to help
                                                  people make informed decisions about
                                                  loans.
C1    1969

122   1098
E2    652

N/L   N/L                                         Good drumbeat coverage from LAT
A1    2727


A1    2816                                        A post-mortem documenting eerily
                                                  similar crash on much smaller scale --
                                                  a $400m loss; problem was
                                                  repackaged corporate bonds.
C1    2099   "The scope of the CDO problem has   Another case of deja-vu; read the
             emerged only in recent days, as     excerpt.
             companies have mentioned the losses
             in their second-quarter earnings."

A1    2167                                        Predatory practices under the
                                                  microscope.
A1    1265                                            Bank perspective

      746
A1    1993                                            Banks-eye view




A2    437
C14   390                                             Good PR for Citi
      3225

34    755

      2245   "It's bad enough that the stock market's Wins first-place in bubble-calling
             wealth effect is disappearing. What      contest
             happens to the economy if that other
             prop, home equity, starts to wobble?"




A3    798
C1                                                    Good policy coverage; goes easy on
                                                      Citi and BOA.
35    790

E12   1288
A1    2282


C1    1354
A1    3156                                            Much focus on Fan, Fred, but does
                                                      raise the specter of big risks.

H1    1786
108   362                                             On Enron fallout.
H1    1527                                            Based on ACORN study; explains the
                                                      relationship between predatory and
                                                      subprime lending.
E1    1019
E1    1309
C2    196    "One-third of these so-called sub-prime Study summary. Connects predatory
             loans may be predatory--involving       lending and subprime.
             misrepresentations or excessive fees
             and interest rates, the study by the
             California Reinvestment Committee
             found."
R1    2914
A1    2561                                            0% government loans become 11%
                                                      private ones; Mentions Citigroup,
                                                      Countrywide.
N/L   261
      262    "But the suspicion remains that the risk Short but on point.
             will simply have ended up in the hands
             of those least able to analyse it, and
             least constrained by their regulators to
             price it correctly."

54    727                                             Hints at problems

C1    1224

C1    N/L                                             Bird-dogging of key case


C17   1092
R10   1671
H1    2159

C1    1314                                            In the ballpark; gives word of need for
                                                      more scrutiny.

88    2119

E1    2729

E1    1160

28    611

A1    2856                                            A bit sanguine on securitization.

26    1976
C7    1091
C15   1071

A1    1185
A1    3582
      2183                                            Early bubble talk.

A1    1546

N/L   N/L
A23   891
A1    1709
C1    1355   "Certainly, Fannie and Freddie are         Explores U.S. government/GSE ties.
             already so large that some argue the
             government could no more let them fail
             than Chrysler, which got federal help in
             1980. 'The issue is what would the
             government do here, and I'd argue
             there is an implicit guarantee with
             Citigroup, J. P. Morgan Chase, General
             Electric' as well, Mr. Miller [an analyst]
             said. 'The government cannot allow
             any of these big institutions to fail.'"



A1    2518

D1    1049

62    5444




A22   831                                            Early bubble talk.
C1    1441                                           Nice profile of ex-Citi executive working
                                                     to undo bad Citi loans.
D1    1273

A1    2418


D2    356
32    1228


H1    894
N/L   1052                                           Calls for SEC overhaul.
86    1465
62    1947   "Household pressed its agents            A fine expose.
             relentlessly for growth, raising targets
             several times in three years. 'It was a
             pressure cooker,' says Seth Callen, a
             former branch manager in Colorado. At
             times this led to deceptive tactics,
             former loan agents say."

34    4227
D1    1238

A1    2288                                           Esoteric look at changing
                                                     bank/corporate-borrower relationships.

E1    700
H1    1899
40    1004

44    723
A2    963
A1    2398


40    1842                                           Sound familiar? Decrying imprudent
                                                     bank lending post-Glass-Steagall
                                                     repeal.
120   2731

230   857
D1    1202

A1    4453                                           A fine story, though lamenting bad
                                                     regulation is an after-crash perennial. A
                                                     surprise: it includes the Brooksley Born
                                                     incident.
98    1796                                           Good story, early, though doesn't
                                                     mention mortgages
N/L   3820

C1    1524

138   756    "Refinancing is great for borrowers but Narrowly focused
             a problem for mortgage funds."
R1    3472                                             Close look at a new state law.
A1    2849   "The OCC's solicitousness toward the Strong probe of compromised regulator
             businesses it oversees stems in part
             from its need to compete for their
             loyalty. In an uncommon arrangement,
             banks can choose either a state or
             federal regulator, and the selection has
             financial consequences: The OCC and
             state banking departments subsist
             entirely on fees paid by the institutions
             they regulate."


C1    1491   "Mr. Dubrish says Block stopped         Nice micro look at broader issues, if
             lending to people with FICO scores      from an investor perspective.
             below 500 some two years ago and
             says he is puzzled as to why those with
             scores below 500 still appear in the
             company's loan pools. "

C1    1146

C15   1172                                           Good story, buried


A1    4211                                           Another cause of deja vu; Reviews
                                                     bank abuses during previous crash.
C1    1248

136   1430
A1    2698


A1    2490                                           Good probe of conflicts in the appraisal
                                                     business.

A1    1986


D1    1137

C14   920                                            Buried, underdone.

84    763
14    1606
D1    1456

C1    1528                                           Drum-beat coverage of an important
                                                     issue.
D2    1038

C1    1496

A1    2340                                           A look at broker fees (though worse
                                                     abuses in the business came later).

N/L   N/L
110   1402
E1    1290                                           An important dispute; wish there had
                                                     been more on this.
C9    527

C1    2094   "There is a spring to Mr. Cayne's step Excerpt gives the flavor.
             that belies his age. Unlike many Wall
             Street executives, he tends to be
             involved in the intricate areas of the
             bank's work. He once landed an
             investment banking deal in China over
             a hand of bridge."
102   2173

90    704
92    793
A2    681

80    3120                                           Personality-driven Wall St. coverage

C2    N/L                                            Good drumbeat trial coverage.

C3    166                                            Rather short given the subject.
D1    1271
N/L   1942


A1    2007   This one doesn't hold up well in
             hindsight.

C1    1812
68    4140

112   964

C13   155    More needed.

C1    N/L    Ditto.

C1    1232   Important follow up.
C4    N/L    This, too.

28    1496   Good idea.


N/L   3813   A deep, early look; mentions CDOs
             near the end.
E2    476

34    1424
50    577

D1    1030

A2    1028   Just the beginning for bank profits;
             numbers are huge and will only get
             bigger.
D1    1080

36    751
D1    1267

C1    662    Not as promising as the headline, but
             does warn that the mortgage market
             had become larger than Treasuries.

A1    2551


C15   1213   Underplayed story offers clues about
             explosion in mortgage market.

C5    549    The beginning of massive Wall St.
             earnings propelled by mortgages.
A1    2998


C1    1476
D1    1050
24    433
122   1276                                            A helpful early look.

A1    2697


A1    2203




C1    1622

C12   387                                             Clue to Citi's central role in subprime
                                                      machine.
A2    788
186   1391   "Wall Street is trying to convince small Helpful investor story
             investors that pools of hedge funds are
             a good idea. A good idea for Wall
             Street, maybe."
A2    710

94    1091

102   2101
124   1189                                            Worries about bank profits.


62    1789

32    714
A1    2220

C3    1090

11    769
N/L   677
48    910                                             Useful look at New Century, though
                                                      basically a stock analysis.
17    809    “An Englishman's house is his piggy
             bank.”
A1    2888
36    806
132   3256
30    348                                             Misses the point; Actually banks
                                                      coopted important activist groups.
D1    1423

20    454                                             Doesn’t reflect problems associated
                                                      with subprime.
162   3325

                                                      One of several similar stories on Merrill.
R1    2389
C1    1344
82    1296                                               Good, early consumer warning.

D1    1272

A25   916                                                Not uncommon by now, a bubble
                                                         warning
N/L   1411
A1    2480                                               Mentions a mortgage bet in passing


A1    2180                                               Strong look at Fannie lobbying clout.


106   770
D1    1254

D1    1428                                               Good consumer warning

30    3129   "Hedge funds will suck in $100 billion Hedge fund expose; not on mortgage
             this year from an ever-broader swath of point helpful industry-wide look.
             investors. Pretty good for a business
             rife with exorbitant fees, phony
             numbers and outright thievery."

17    951    “Credit default swaps have brought
             fresh investors and more liquidity to the
             market for corporate credit; hedge
             funds, investment banks and borrowers
             have all gained as a result. The market
             has equally become a place where
             short-term sentiment matters and a
             company can suddenly find its liquidity
             under threat. That is the nature of the
             beast.”


C5    1014

C1    1115                                               The Fed does something for once; a
                                                         missed clue for the press.
C3    474                                                Useful clue of predatory behavior at
                                                         largest bank; 474 words is not enough.

118   1048                                               Bank-centric


19    843    “How plausible is this report's             On U.K. market.
             pessimism? Rather more than I would
             like, is the answer. As I argued two
             weeks ago, past stability may have
             encouraged not just households but
             even the government to assume more
             risk.”
C1    1286

R8    3177
C1    1876                                          A fine consumer piece.
C1    N/L                                           Hard-hitting service piece.


A1    2288                                          Superb consumer story on predatory
                                                    credit card practices.

35    1382

N/L   N/L                                           Another bubble call
A1    2362


D1    1246

C17   1157                                          A key idea, buried.

D1    1786

C1    1635

90    5304                                          Strong bubble warning


A1    2209

A1    1576


C1    1441

A1    2851


C12   1173

C1    2149                                          Not quite what the headline suggests,
                                                    but a good look at Fannie.

C1    1033                                          Good, underplayed
C1    3285   "The most likely outcome is far less   Excellent service piece but strangely
             dire. If job growth accelerates and    doesn't mention specific lenders.
             mortgage rates don't climb above 8%,
             real estate will muddle through. "

C2    327
A1    2431


      1119
      1625                                          A good housing policy story

A1    2171                                          Though not about mortgages, an
                                                    excellent takedown of scuzzy small
                                                    bank
C1    815    "Countrywide Financial Corp. said          A bit puzzling today since Countrywide
             Friday that it fired a mid-level executive did this systematically, but the story
             at one of its mortgage units after he      tracks an important issue.
             encouraged loan officers in a memo to
             downgrade borrowers' credit ratings in
             order to steer them into more
             expensive loans."

A1    2711   "Dozens of current and former rating   Fine look at rating agency conflicts,
             officials, financial advisers and Wall abuses, though not about MBS
             Street traders and investors
             interviewed by The Washington Post
             say the rating system has proved
             vulnerable to subjective judgment,
             manipulation and pressure from
             borrowers. They say the big three are
             so dominant they can keep their rating
             processes secret, force clients to pay
             higher fees and fend off complaints
             about their mistakes."


A1    2769                                            Continues WP series: good story on
                                                      rating agency bullying corporations

N/L   701                                             Useful clues here

D1    1536

C2    481                                             More needed

A1    3690


C1    1248
C1    1308

A1    2060

126   1367

35    1045

A1    2099


A1    2176

D1    1365

122   8603
A1    3313                                            Exposes a market leader as a
                                                      predatory institution; the exception that
                                                      proves the rule.
D2    788
44   1070                                               Good if technical story on banks'
                                                        interest-rate bets.
D1   1310

     2551     “Banks have spread their lending          Warns of bank derivative holdings.
              exposure but are holding more
              derivatives, while the wide range of
              brokerage services they supply to
              hedge funds is even being described
              as the ’crack cocaine of global finance’,
              writes John Plender.”

B1   655                                                Useful coverage of lender influence-
                                                        peddling.
A2   886

     681
D1   1090

A1


     1268 /
     C1
D1   1292                                               Looks at an important component of
                                                        predatory mortgages.
E2   776
C1   1039
     830
A1   2172                                               Raises important analogy; even quotes
                                                        Schiller
     1227
C3   2368     "The three plaintiffs contend in court    Reveals systemic forgery at a market
              papers that Ameriquest had an "art        leader. After the crash, such practices
              department" in a Tampa office where       are found at Countrywide, WaMu, New
              loan documents were altered. In           Century and lenders across the board.
              interviews with The Times, they've
              shown stacks of what they say are
              internal Ameriquest files proving their
              allegation."

A1   2379                                               Chronicling titans.


     598                                                Congress is concerned
     923                                                The Fed is concerned.

     2570

     519

     854                                                Good look at newly available data;
                                                        underplayed.
A2   1081                                               Ditto
      3225

124   4199                                                    Standard profile of huge housing
                                                              player.


      Lengthy
      Lengthy                                                 Good look at potential CDO problems.

A3    953                                                     Spitzer is concerned.

B2    328
C2    523                                                     Calif., NY are concerned.

C9    788                                                     Buried, underdone.
      1406
                                                              Warning on CDOs.
      1343




C1    1608                                                    Great story on how a lender coopts
                                                              critics.
      1589      "Downgrades could have a disastrous           Good look at systemic threats.
                effect on the latest flavors of CDOs. As
                demand soared, Wall Street created
                ever- more-complex varieties. The
                latest: CDOs cubed -- or derivatives
                that invest in derivatives of derivative. "

A1    2332                                                    A focus on housing speculators.

A2    561
A1    2132


D1    1475                                                    In hindsight, turns out this wasn't the
                                                              case
                                                              ...to New Century.
      6148                                                    More on small speculators; these
                                                              stories illustrate froth in the market.

      1919                                                    Meanders for a while, then offers some
                                                              nice warnings about derivatives.

                                                              An interesting story many non-business-
                                                              press readers will find estoric and
                                                              narrow.
      681                                                     Talks about a peak in the buyout
                                                              business.
      1046                                                    A credit-card lender with checkered
                                                              past
C1   1972   "American homeowners have made a
            trillion-dollar bet that mortgage rates
            will remain near record lows for at least
            a few more years. But with some
            interest rates already rising,
            economists worry that the bet could
            turn bad."
A8   727
     801                                                On bank earnings; notes that GM
                                                        derivatives blew up.
A1   1580
C1   842

C1   649                                                Close coverage of Ameriquest's Arnall.

     1637                                               Important consumer story.

     1041
     4011

     2370
C1   1114                                               Smart profile of leading advocate.
D1   1565

C1   2095   "For two months now, federal banking        General talk of risks.
            regulators have signaled their
            discomfort about the explosive rise in
            risky mortgage loans. "

A1   2581                                               Great look at boiler-room culture of
                                                        small brokerage; a pleasure to read.

                                                        An fine story showing Sullivan didn't
                                                        understand his own company.

     869    "Public pensions are rushing into real
            estate the way they rushed into tech in
            the late 1990s."
     839                                                Tracks debate over regulating GSEs.

D1   1632

C1   1074
C1   1092      "First they issued new 'guidance' to
               banks about home-equity loans,
               warning against letting homeowners
               borrow too much against their houses.
               Then they expressed worry about the
               surge in no-money-down mortgages,
               interest-only loans and 'liar's loans' that
               require no proof of a borrower's
               income."


     Lengthy                                                 Raises good questions about raters'
                                                             conflicts.
                                                             Very short but on the right topic.
C1   961

     719       "The impact so far? Almost nil."              Impact of lending abuse allegations,
                                                             that is; Arnall's appointment was the
                                                             pinnacle of mortgage-era decadence.

                                                             A European take on the increasing
                                                             systemic risk

     877
B1   1312                                                    Important look at the relationship
                                                             between the FHA and the subprime
                                                             industry; says the government gives
                                                             better deals, but private lenders'
                                                             aggressive marketing pushed the
                                                             agency to the margins.

A1   1198

42   1087


C1   833                                                     Smart, early.


B1   1037

C1

C3   2053
     644
D3   500
B4   623
A1   1438


     1047      "According to the International Swaps Eye-popping numbers in the excerpt.
               and Derivatives Association, the
               notional value of credit-default swaps
               outstanding reached $8.4 trillion at the
               end of 2004, a ninefold increase in just
               three years."
C1     2288                                            Mentions predator First Franklin, later
                                                       bought by Merrill.
       798

F1     2099

       3186

       1404

A1     3292                                            Exceptionally smart look at risk models
                                                       underpinning synthetic CDOs.

       277                                             Summary of hedge fund structural
                                                       problems and conflicts.

       742
C1     2085

       2053
       1100


       1398




C1     965


       702                                             A good question.
                                                       Short but interesting piece on JP
                                                       Morgan and the creation of derivatives.
                                                       See Tett’s long 3/24/06 piece “The
                                                       Dream Machine” for more.

14WC   2154   'When you're living in a place with    Excellent story talks of distress of
              home values up 50 percent, you have middle class
              what Alan Greenspan calls a piggy
              bank,'' said Elizabeth Warren, a
              Harvard law professor and an author of
              ''The Fragile Middle Class'' (Yale
              University Press, 2000), a study of
              bankruptcy. ''The bubble has operated
              like wreckage from the Titanic -- you
              could climb on and float along for a
              while. The question is for how long.''




C3     785
       835                                             Under kinky headline, worries about
                                                       Lehman's future profits
C1     1121
      2684      "But as profits climbed, so did the        A profile of Mozilo who is portrayed as
                complexity, and potentially the risk, of   pugnacious; the focus is on profitability.
                Countrywide's operation. "
      562                                                  Talks about low rates on corporate
                                                           loans, signaling froth.
      1997


      Lengthy                                              Strongly warns that the rise of
                                                           derivatives represents an
                                                           unprecedented situation, and we don't
                                                           know the risks.
      771
A1              "Freddie Mac, the government-              Reveals the "boiler-room effect,"
                sponsored mortgage finance giant,          people fooled into wrong product; the
                estimates that more than 20% of            actual figure is later found to be 60
                people who get these so-called sub-        percent in 2006.
                prime loans could have qualified for
                more-conventional prime loans."

      4235                                                 Couldn't be clearer for investors.


C1    1040

                                                           Says CDOs might not be so safe.
      2663

A17                                                        Targets borrower fraud


A1    1550
C1    1049

      1186

      1013
A1    2362


      1495

      1048

      922
C1    1083
      2567                                                 Also asks: "Or is there still life in one of
                                                           the greatest equity booms ever?"




R3    1699

C7    897
      187                                                  Short stock analysis; highly positive.
     1313   "Applications for purchase mortgages On overbuilt lending industry
            in early November fell below their 2004
            level for the first time in six months --
            after a 5% drop from September to
            October, according to the Mortgage
            Bankers Assn. (MBA). By late
            December, applications had plunged to
            June, 2002 levels. The MBA expects
            mortgage originations to fall by 18.6%
            in 2006."


R4   1954

C1   1115                                          Good but nothing like WaPo's 11/22/04
                                                   blockbuster.
     344
A1   957                                           LAT dogged Ameriquest


     1001

     1115
D1   1530

C1

B1   1534

A2   1311




A1   2104   "But hidden behind such success         Good service piece, though not about
            stories lies a disturbing trend: in the predatory lending.
            last several years, neighborhoods with
            large poor and minority populations in
            places like Cleveland, Chicago,
            Philadelphia and Atlanta have
            experienced a sharp rise in
            foreclosures, in some cases more than
            a doubling, according to an analysis of
            court filings and other housing data by
            The New York Times and academic
            researchers. "


C1   1043

D2   694

     742

A1   1197                                          Feature on people who maintain
                                                   foreclosed homes.
B1   1632
      4810


C5    775

A1    1659


      3428   "Driven by greed and fearlessness,           Not on mortgage point, but hard-hitting
             rivate equity firms are the new power        on private equity
             on Wall Street. Investors beware…"



      1209                                                On heavy borrowing by tech
                                                          companies
      4675                                                Interesting look at JP Morgan and the
                                                          creation of derivatives.
      1072   "With Congress divided over federal          Note how active states are vis a vis
             legislation to combat predatory              predatory lending.
             mortgage lending -- the practice of
             persuading borrowers into taking on
             fee-laden loans they often can't afford --
             more than half the states have passed
             laws designed to protect riskier-than-
             average borrowers, and others are
             contemplating action to curb abuse."



48    1468

C10   1831

C1    623
      1223                                                Titan chronicles.

68    3519


      3132   "Fuld's magic has in part been to            No worse than others, but has been
             ignore doomsday predictions that             cited as example of Wall Street
             Lehman was too focused on bonds. "           coverage that was off the point, at best.

B9    991

D1    1487

      855

D1    1903

      1617

      2721                                                Citi was also one of the largest
                                                          predators.
C1    1037
     747                                                 Warns vs. KKR IPO, a sign of froth.

     1161                                                Talks of risks to endowments.

     3515
D1   1427

     Lengthy

                                                         Announces, then underplays,
                                                         derivatives warnings.
A1   2325

F1   2205


36   1244

     4132


C2   874                                                 Wall St. profits through the roof.
F1   833
34   1503

D1   1788

     844       “A ruling that led to a near Dollars 9m
               loss for Deutsche Bank has wider
               implications for the booming credit
               derivatives market”

     832                                                 Good use of study
     594

A1   1582

A1   1792

A2   1140

C1   1125

C4   388                                                 One of many missed signs of Wall St.'s
                                                         direct involvement in subprime lending.

     1912

     800
D2   1047
     2467


C1   743                                                 Part of close LAT coverage of
                                                         subprime beat
     1081
C1   1062
     689
C3                                                        Late purchase of First Franklin; shows
                                                          Wall St. in subprime frenzy.
C1   1494
80   624
     4653      Cover                                      Hits long and hard at brand names.




               “Morley's tale is being echoed, behind Links derivative demand to low central
               the scenes, at other traditional asset  bank rates.
               managers, as the investment industry
               scurries to find ways to generate
               attractive returns for pensions - at a
               time of low yields. While this shift
               delights investment bankers, and is
               helping to drive the expansion of
               instruments such as credit derivatives,
               it leaves the industry facing a
               challenge.”


46   761
79   1295

     Lengthy
A1   1945                                                 An unusual scam that defrauded both
                                                          borrowers and lenders.
R6   1174
     754

22   866       "Throughout history, financial         Warns on financial "innovation."
               innovation has been a double-edged
               sword. It has been a boon to those
               with access to the financial system.
               But where there has been innovation,
               risk has often been mispriced, causing
               systemic blow-ups."

C1   1305
A1   2084      "Questioners are provided with a white
               binder containing the candidate's color
               photo, his or her performance review --
               which includes feedback from peers,
               subordinates and bosses -- and a list of
               partners who know the candidate.
               Often, the questioner has never even
               met the prospective partner."



     775
38   2176
40     1323   "But if you want to fret over the next Good, though it doesn't mention
              financial catastrophes, turn your gaze mortgages.
              away from energy futures and focus on
              something far more obscure: credit
              default swaps. Hedge funds are neck-
              deep in these derivatives, and if
              something goes wrong, the pain will be
              widespread."

       591
1163

              “Derivatives and structured instruments Explainer from the FT’s “Financial
              have evolved particularly quickly       Wizardry” series.
              across the capital markets, especially
              in the worlds of credit, equities and
              commodities.
              Many of these innovations benefit the
              financial system because they help
              disperse risk more widely, analysts and
              regulators say. But there are concerns
              as they have come at a time of
              economic growth, low interest rates
              and low volatility.”




89     1931   "But while financial innovations fuel      Interestingly, worries about corporate
              booms, they also tend to worsen busts. loans, not mortgages
              Wall Street's lack of willpower is
              legendary. The pattern goes like this:
              Come up with a brilliant idea, nurture it
              until it catches on, then flog it until it
              breaks."

D1     1717

58     4007                                             About private equity
A1     2636                                             Links lowly borrower to Wall St. titans.


       376
       823
66     1605

D1     1039

       851
78     586
       2415

       477
       1041
      366
C3    830


A1    1379

C5    359

C1    662    "Wells' push into sub-prime lending
             comes as many companies are
             retreating from the business,"
      1698

B10   415

                                                      Points to subprime problem, here at
                                                      HSBC, although interested mainly in
                                                      effect on financial institutions.

C1    2148

      2148                                            Contains rare mention of IndyMac

                                                      Subprime again seen as a problem for
                                                      financial institutions, here Ownit and
                                                      Merrill.
                                                      Right, if vague.
      523

C1    556    "A federal appeals court on Friday         9th Circuit affirms Lehman's deep
             upheld a jury's decision that Wall Street involvement in predatory lending.
             giant Lehman Bros. Holdings Inc. was
             liable for aiding and abetting a carefully
             scripted fraud committed against
             elderly and financially strapped
             homeowners by a now-defunct Irvine
             mortgage firm."

      596
      1195   "Says William Bartlett, who was the      High yields are actually a clue of
             mortgage specialist for institutional    problems.
             sales at Lehman Brothers and
             Salomon Smith Barney: 'If you expect
             stable interest rates, then mortgage-
             backed securities will perform very well
             for you....' "

      786

      995                                             In hindsight, it was time to panic.

D1    1362

      756
      632                                             good drumbeat.
              888

              4345
37            2029                                            Welcome return of "predatory" in a
                                                              headline.
D1            1550

              1054                                            Or not
A1            1922
                     "The problem was that for some home
                     buyers last year, it had become too
                     easy to get a mortgage."

              760
              Long                                            Explainer
              1905

              786

C2            469

A1            1999   "In recent months, some Citigroup        Bartiromo, Robert Redford, etc.
                     executives advised Mr. Thomson to        Personalities on parade.
                     reduce his contact with Ms. Bartiromo,
                     a person familiar with the matter says."

              1999

D1            1505

C1            1875
Cover story   3290   "Some of its old-world gentility remains: Excerpt gives the flavor.
                     Goldman agreed to talk for this story
                     only reluctantly, wary of looking like a
                     braggart."
                     “Since the emergence of complex
                     derivatives, the global financial system
                     has suffered only isolated collapses.
                     But, asks John Plender, how much of
                     that can be explained by cheap and
                     easy credit?”
                     “The giant US subprime mortgage          As excerpt shows, the story is off base.
                     business is displaying a new-found
                     caution with lenders tightening loan
                     standards and cutting ties to overly
                     aggressive brokers, delegates to an
                     industry conference were told this
                     week.”
D1            1460
            “…also potentially exposed is a raft of Makes Wall Stree/ subprime
            investment banks including Lehman       connection.
            Brothers, Morgan Stanley, Merrill Lynch
            and Barclays Capital. They have
            bought sub-prime lenders partly to feed
            their securitisation businesses.”

     1561
A1   2445

C1   807

A1   1216

     401    “Every now and then, Dr Pangloss, the At 400 words, it barely gets started.
            sunny optimist of Voltaire's satirical
            novel, Candide, comes to Wall Street.
            Last year he was omnipresent. Yet
            nowhere was the Panglossian belief
            that all is for the best in the best of all
            possible worlds more apparent than in
            subprime mortgages."

66   723
     1917                                           Uh oh

            “Concerns over risky US mortgage        All indexes, measures now flashing
            lending mounted on Tuesday as a key red.
            indicator of credit problems hovered at
            record levels, another small mortgage
            lender failed and a big homebuilder
            admitted borrowers’ difficulties could
            damage its business.”

A3   1139

C1   1425

     2182

                                                       True as far as it goes
                                                       A short story
            “From the filing for bankruptcy of         Reflects lingering hopes that crisis
            California-based ResMAE Mortgage, to would be contained, but admits picture
            the near-record levels for the derivative is dire.
            index that tracks the credit risk of high-
            risk mortgage bonds, the message
            could scarcely be more downbeat. In
            spite of this, there are plenty of
            reasons to believe that the fallout can
            largely be confined to the sector.”



A5   936
C1   1280
B1                 1091
A3                 1139

C1                 1096


C1                 1016


E. Scott Reckard   925

C2                 387    "David Olson of Wholesale Access         Ameriquest going down.
                          Inc., a consulting firm, expressed
                          surprise at the deal, saying Citigroup's
                          own research showed Ameriquest and
                          Argent loans had high default rates."

D1                 1316

D1                 2134


                                                                  Regulators closing the barn door.
C1                 1223


1                  983                                            About the execrable New Century
                                                                  Too late, of course.
                   1112                                           True enough
                   1842                                           Good alarm

C4                 679


C1                 1398                                           Investment banks getting further into
                                                                  subprime this late.

                   1114
D1                 1433

                          “Now, the risks, such as patchy credit, Explainer
                          zero down-payments and scarcity of
                          proof of income, are coming home to
                          roost amid a surge in missed payments
                          and a slowing housing market.”

C3                 510    "If New Century survives, it could     Wall Street/subprime links are visible.
                          become part of its benefactor, which
                          Howlett identified as Morgan Stanley &
                          Co."
A1                 1280

C1                 1222

                   2759                                           Important alarm
                              “Investment banks over the last several This is usual information; the issue is
                              years have become among the biggest timing.
                              buyers of subprime loans and sellers of
                              high-yielding securities backed by
                              those loans. Lehman, Bear Stearns,
                              Morgan Stanley and Merrill Lynch also
                              increasingly originate subprime loans
                              themselves and retain some residual
                              interest in those loans even after they
                              have sold them on to investors.”



                    223
A1                  2778                                                Important look at a failed bucket shop




                    451
A1                  1255


A3                  1260


Walter Hamilton;    A1
E. Scott Reckard;   1200
Molly Hennessy-
Fiske
1                   1352
A1                  1499

A1                  2412

C4                  544


                    Lengthy                                             Connects subprime to "ordinary
                                                                        Americans," although the primary focus
                                                                        is financial institutions and the
                                                                        economy.
C1                  704
                    1153

C1                  702

                    908       “But the risk is plain. If subprime losses Raises the issue of class structure,
                              eventually lead to losses by big banks, generally ignored in the business
                              and for the investors who hold             press.
                              securities ultimately backed by
                              subprime loans, the troubles of “poor
                              America” could yet have a dire effect
                              on the finances of the wealthy. Karl
                              Marx’s theories will not be necessary –
                              if it happens this way, capitalism will
                              have done the job.”
A1   1921

C2   523
     1926

                                                         Subprime in Europe
                                                         Includes honorably honest, admission
                                                         by the columnist: “I had never heard of
                                                         subprime mortgages until recently.”

A1   1639

     1366




     711
C1   1151

B1   1066                                                Odd,flattering profille.
C6   695


C4   306


            “For now, the risk of a vicious circle for
            the broader US market remains small.
            The main caveat is that many of the
            causes of subprime woes are not
            limited to that category.”

C1   1588                                                Strong feature story.

C1   1075                                                Attention turns to regulators
A1   2707                                                A fine story on regulatory failure; after-
                                                         the-fact, but early as these things go.

     897

     1375                                                Doesn't blame software but
                                                         contextualizes it
     405
     764                                                 Unremarkable interview with Mozilo

C1   1007

34   1488




                                                         Longish piece linking CDOs and
                                                         subprime, and explaining CDOs
C10   707


             “The legal action comes as Wall Street Wall St. sues its former subprime
             seeks to limit damage from the          partners
             subprime collapse. Banks including
             Credit Suisse, Bear Stearns and
             Lehman Brothers helped fuel the boom
             in subprime lending, providing billions
             of dollars to lenders as they bought
             mortgage loans to sell to yield-hungry
             investors."


C1    2282   "But at the closing, the Shermans were A fine probe of predatory Novastar
             handed loan documents for an               Financial.
             adjustable-rate mortgage with a higher
             initial rate, of 8.625 percent, that would
             reset in two years. "
A1    1999                                             Real estate feature story.

C1    1188   "Diversified firms are seen as stable."   Doesn't yet see how bad the situation
                                                       is.

             “Room to breathe. That is the best way A predator's-eye view.
             to describe hedge fund Farallon’s
             $200m loan to Accredited Home
             Lenders, the US subprime mortgage
             company. That, in turn, has allowed
             Accredited to get its ducks in a row,
             securing a new credit facility and
             renewing an old one.”

C3    510


C1    1076

      1228                                             Another important alarm
D1    1358

D1    1078                                             Casts Citi in a sympathetic light.

             "The big gorilla--labor--has stayed       Not really a Wall St. story, but this
             remarkably tame in the new century."      celebration of a "golden age" of
                                                       corporate profits can be profitably
                                                       deconstructed for hours.
                                                       The headline is not ironic.
                                                       Demonstrates the problem with the
                                                       "short view."
C4    489
A8    618                                              Good story, underplayed
               “A situation where blame is spread so It’s everybody’s fault.
               widely – from the needy to the greedy,
               from borrowers to investors to the
               regulators who stood by while they got
               themselves into so much trouble”

A8      1021

C3      492

C2      352

        1047
        821                                                Et tu, GE? A sign of the times.
        1818
        1479
D1      1357

C3      584                                                Among many good workaday stories
                                                           that document subprime collapse in
                                                           real time
D1      1332




               “The most obvious reason for taking
               today’s euphoria with a barrel of salt is
               that nobody ever expects shocks. That
               is what makes them shocks.”

                                                           Closing in on the wild overrating of
                                                           mortgage bonds
C1      700

        611
33      1168




A1      2216                                               Another good probe of New Century,
                                                           though, again, obviously after-the-fact.

        937
        860                                                Important because the Bear funds were
                                                           trying to offload their risk on to the
                                                           stock market. When that failed, the
                                                           funds went kablooey.
Cover   3388                                               This story defies categorization
D1      1451


        1970


B1      1008                                               Answer: Yes
Cover   5201    "Inside U.S. companies' audacious        The subheadline in the excerpt could
               drive to extract more profits from the    describe the entire subprime crisis.
               nation's working poor."

        717    “High finance has never been more      Borrowers as "deadbeats."
               sophisticated. Bankers have never
               been more clever...Yet in the US
               subprime lending boom, banks fell over
               themselves to advance 100 per cent
               loan-to-value mortgages to out-of-
               pocket deadbeats.”
A1      2116                                             Sometimes the herd is correct.

D1      1295




A1      2284




                                                         Poignant look at subprime fallout
                                                         among Detroit's middle class.

`

        4448                                             Important probe of raters.

        2357                                             Good look at Wall St. dumping on
                                                         clients.
        905
        492    "As the housing market sinks, billions
               and billions are still going into risky
               mortgages. Who's minding the bank?"

        457
A1      1695


        1562

        685
B1      812                                              The unofficial unveiling of the mortgage
                                                         crisis; a huge, huge scoop.

        677

        1244

D1      1468


        1817                                             Again, a major alarm bell for the world
A1   1294


     1100                                      Important follow
     881
                                               John, that is. A bit of an outlier, but it
                                               shows how deep subprime's roots
                                               went.
C1   832

A1   1015                                      Useful explainer

     953                                       Smart look at model problems.
     556
     738
A1   1744

     832




     774
A1   2284                                      Looks at corporate loans

                                               Grimly amusing
     1069

     Long   “The CDO emperor may turn out to   Good CDO warning
            have no clothes”

A1   3025                                      An exemplary examination of the
                                               subprime/Wall Street connection.
                                               Interestingly, it cites documents from
                                               the same case that underpinned the
                                               NYT's fine story on 3/15/00.

     4581                                      Nonsense from Freddie Mac's former
                                               Treasurer
     551                                       Or maybe not
                                               Undersecretary Robert Steel shows
                                               why he never made it to the top job.

     600
                                               Hugely important story about credit
                                               ratings that set off cascade of
                                               downgrades.
imilar stories on Merrill.
The LIST: Legend
 Color          Category


 Red            Investigative


 Dark Green     Consumer


 Medium Green   Investor


 Light Green    System


 Dark Blue      Lending


 Medium Blue    News


 Light Blue     Wall St
Description
Note: See also the last column in The LIST for CJR's comments

Investigative stories that probed predatory lenders and/or their Wall
Street backers, as well as stories we found exceptional for other
reasons.
Stories that reported on defective mortgage products or otherwise
helped consumers.

Stories that reported on the housing bubble or otherwise helped
investors.

Stories that reported on risks to the financial system.



General coverage of the mortgage lending industry.



Bits of context of what was happening on the finance beat.



Stories about specific Wall Street firms that weren't warnings.

				
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