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
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
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
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
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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.
Regulating Mortgage Brokers; Industry to Back National Registration
Some Housing Markets Are Overheating --- Differences Exist From Periods Before
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
The Breakdown in Banking: Trust is eroding and profits may follow as business models Emily Thornton, Peter
falter Coy, and Heather
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 &
Ameriquest's Ties to Watchdog Group Are Tested Mike Hudson and E.
Taking Risk To Extremes; Will derivatives cause a major blowup in the world's credit
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
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
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
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
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
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
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
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,
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
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.
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
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
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
Living too Large in Exurbia Mark Morrison, with
Paul Magnusson and
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.
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
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
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
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
Simply Put: Accounting-Rule Makers May Change How to Book Derivatives James R. Hagerty and
Study Supports Lending Laws; Regulation Reduces Predatory Practices, Advocacy Group
How to Ride a Housing Bubble; Golden West specializes in exotic mortgages -- and in
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
Debt Valley Days David Henry
The Dream Machine Gillian Tett
States Shelter Risky Borrowers --- Legislatures Battle Predatory Lenders as Washington Christopher Conkey
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.
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
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
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
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
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
Variable Loans Help to Put Off Mortgage Pain Vikas Bajaj and Ron
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
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
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
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
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
US subprime loans face trouble Saskia Scholtes,
Michael Mackenzie and
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
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
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
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
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
ARMed and Dangerous Mara Der Hovanesian
Merrill Loaded for Bear in Mortgage Market That Humiliated HSBC Bradley Keoun and
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
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
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
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
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
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
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
Banks Go on Subprime Offensive --- HSBC, Others Try to Force Struggling Smaller Carrick Mollenkamp,
Players To Buy Back Their Loans James R. Hagerty and
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
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
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,
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
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-
Wall St banks chase risky lenders Saskia Scholtes and
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.
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
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
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
Did Merrill, Morgan Stanley Overpay? --- Both Spent Big Money On Subprime Lenders
Just Before Slowdown")
The Poverty Business Brian Gow, Keith
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
CDO Boom Masks Subprime Losses, Abetted by S&P, Moody's, Fitch Richard Tomlinson and
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
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
Ills Deepen in Subprime-Bond Arena --- More Downgrades Seen As Foreclosures Ripple Serena Ng and Kate
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
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
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
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.
PAGE NUMBER COUNT Excerpt CJR's Comments
G1 1574 Presents self-regulation as viable
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
107 3211 Explores Wall St./subprime nexus
N/L N/L Dogging an important case
A1 2477 Warns about limits of financial models
A1 2181 Bird-dogs the story
A1 3686 A fine investigation of a notorious
C19 673 Underdone
H1 2935 A consumer service piece that
transcends the genre, looking more
broadly at how the subprime industry
exploits low-income borrowers.
H1 1286 One of many WP stories trying to help
people make informed decisions about
N/L N/L Good drumbeat coverage from LAT
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
A1 1265 Bank perspective
A1 1993 Banks-eye view
C14 390 Good PR for Citi
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?"
C1 Good policy coverage; goes easy on
Citi and BOA.
A1 3156 Much focus on Fan, Fred, but does
raise the specter of big risks.
108 362 On Enron fallout.
H1 1527 Based on ACORN study; explains the
relationship between predatory and
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
A1 2561 0% government loans become 11%
private ones; Mentions Citigroup,
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 N/L Bird-dogging of key case
C1 1314 In the ballpark; gives word of need for
A1 2856 A bit sanguine on securitization.
2183 Early bubble talk.
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.'"
A22 831 Early bubble talk.
C1 1441 Nice profile of ex-Citi executive working
to undo bad Citi loans.
N/L 1052 Calls for SEC overhaul.
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."
A1 2288 Esoteric look at changing
40 1842 Sound familiar? Decrying imprudent
bank lending post-Glass-Steagall
A1 4453 A fine story, though lamenting bad
regulation is an after-crash perennial. A
surprise: it includes the Brooksley Born
98 1796 Good story, early, though doesn't
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
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. "
C15 1172 Good story, buried
A1 4211 Another cause of deja vu; Reviews
bank abuses during previous crash.
A1 2490 Good probe of conflicts in the appraisal
C14 920 Buried, underdone.
C1 1528 Drum-beat coverage of an important
A1 2340 A look at broker fees (though worse
abuses in the business came later).
E1 1290 An important dispute; wish there had
been more on this.
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."
80 3120 Personality-driven Wall St. coverage
C2 N/L Good drumbeat trial coverage.
C3 166 Rather short given the subject.
A1 2007 This one doesn't hold up well in
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.
A2 1028 Just the beginning for bank profits;
numbers are huge and will only get
C1 662 Not as promising as the headline, but
does warn that the mortgage market
had become larger than Treasuries.
C15 1213 Underplayed story offers clues about
explosion in mortgage market.
C5 549 The beginning of massive Wall St.
earnings propelled by mortgages.
122 1276 A helpful early look.
C12 387 Clue to Citi's central role in subprime
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
124 1189 Worries about bank profits.
48 910 Useful look at New Century, though
basically a stock analysis.
17 809 “An Englishman's house is his piggy
30 348 Misses the point; Actually banks
coopted important activist groups.
20 454 Doesn’t reflect problems associated
One of several similar stories on Merrill.
82 1296 Good, early consumer warning.
A25 916 Not uncommon by now, a bubble
A1 2480 Mentions a mortgage bet in passing
A1 2180 Strong look at Fannie lobbying clout.
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
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
C1 1876 A fine consumer piece.
C1 N/L Hard-hitting service piece.
A1 2288 Superb consumer story on predatory
credit card practices.
N/L N/L Another bubble call
C17 1157 A key idea, buried.
90 5304 Strong bubble warning
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. "
1625 A good housing policy story
A1 2171 Though not about mortgages, an
excellent takedown of scuzzy small
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
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
C2 481 More needed
A1 3313 Exposes a market leader as a
predatory institution; the exception that
proves the rule.
44 1070 Good if technical story on banks'
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-
D1 1292 Looks at an important component of
A1 2172 Raises important analogy; even quotes
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
A1 2379 Chronicling titans.
598 Congress is concerned
923 The Fed is concerned.
854 Good look at newly available data;
A2 1081 Ditto
124 4199 Standard profile of huge housing
Lengthy Good look at potential CDO problems.
A3 953 Spitzer is concerned.
C2 523 Calif., NY are concerned.
C9 788 Buried, underdone.
Warning on CDOs.
C1 1608 Great story on how a lender coopts
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.
D1 1475 In hindsight, turns out this wasn't the
...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
681 Talks about a peak in the buyout
1046 A credit-card lender with checkered
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
801 On bank earnings; notes that GM
derivatives blew up.
C1 649 Close coverage of Ameriquest's Arnall.
1637 Important consumer story.
C1 1114 Smart profile of leading advocate.
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.
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
Lengthy Raises good questions about raters'
Very short but on the right topic.
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
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.
C1 833 Smart, early.
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
C1 2288 Mentions predator First Franklin, later
bought by Merrill.
A1 3292 Exceptionally smart look at risk models
underpinning synthetic CDOs.
277 Summary of hedge fund structural
problems and conflicts.
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.''
835 Under kinky headline, worries about
Lehman's future profits
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.
Lengthy Strongly warns that the rise of
derivatives represents an
unprecedented situation, and we don't
know the risks.
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.
Says CDOs might not be so safe.
A17 Targets borrower fraud
2567 Also asks: "Or is there still life in one of
the greatest equity booms ever?"
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%
C1 1115 Good but nothing like WaPo's 11/22/04
A1 957 LAT dogged Ameriquest
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
A1 1197 Feature on people who maintain
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
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."
1223 Titan chronicles.
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.
2721 Citi was also one of the largest
747 Warns vs. KKR IPO, a sign of froth.
1161 Talks of risks to endowments.
Announces, then underplays,
C2 874 Wall St. profits through the roof.
844 “A ruling that led to a near Dollars 9m
loss for Deutsche Bank has wider
implications for the booming credit
832 Good use of study
C4 388 One of many missed signs of Wall St.'s
direct involvement in subprime lending.
C1 743 Part of close LAT coverage of
C3 Late purchase of First Franklin; shows
Wall St. in subprime frenzy.
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
A1 1945 An unusual scam that defrauded both
borrowers and lenders.
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
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."
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
“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
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
58 4007 About private equity
A1 2636 Links lowly borrower to Wall St. titans.
C1 662 "Wells' push into sub-prime lending
comes as many companies are
retreating from the business,"
Points to subprime problem, here at
HSBC, although interested mainly in
effect on financial institutions.
2148 Contains rare mention of IndyMac
Subprime again seen as a problem for
financial institutions, here Ownit and
Right, if vague.
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
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....' "
995 In hindsight, it was time to panic.
632 good drumbeat.
37 2029 Welcome return of "predatory" in a
1054 Or not
"The problem was that for some home
buyers last year, it had become too
easy to get a mortgage."
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."
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
“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
“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
“…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.”
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
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.”
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.”
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."
Regulators closing the barn door.
1 983 About the execrable New Century
Too late, of course.
1112 True enough
1842 Good alarm
C1 1398 Investment banks getting further into
subprime this late.
“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 &
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.”
A1 2778 Important look at a failed bucket shop
Walter Hamilton; A1
E. Scott Reckard; 1200
Lengthy Connects subprime to "ordinary
Americans," although the primary focus
is financial institutions and the
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.”
Subprime in Europe
Includes honorably honest, admission
by the columnist: “I had never heard of
subprime mortgages until recently.”
B1 1066 Odd,flattering profille.
“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.
1375 Doesn't blame software but
764 Unremarkable interview with Mozilo
Longish piece linking CDOs and
subprime, and explaining CDOs
“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
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
“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.”
1228 Another important alarm
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
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”
821 Et tu, GE? A sign of the times.
C3 584 Among many good workaday stories
that document subprime collapse in
“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
A1 2216 Another good probe of New Century,
though, again, obviously after-the-fact.
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
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-
A1 2116 Sometimes the herd is correct.
Poignant look at subprime fallout
among Detroit's middle class.
4448 Important probe of raters.
2357 Good look at Wall St. dumping on
492 "As the housing market sinks, billions
and billions are still going into risky
mortgages. Who's minding the bank?"
B1 812 The unofficial unveiling of the mortgage
crisis; a huge, huge scoop.
1817 Again, a major alarm bell for the world
1100 Important follow
John, that is. A bit of an outlier, but it
shows how deep subprime's roots
A1 1015 Useful explainer
953 Smart look at model problems.
A1 2284 Looks at corporate loans
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
551 Or maybe not
Undersecretary Robert Steel shows
why he never made it to the top job.
Hugely important story about credit
ratings that set off cascade of
imilar stories on Merrill.
The LIST: Legend
Dark Green Consumer
Medium Green Investor
Light Green System
Dark Blue Lending
Medium Blue News
Light Blue Wall St
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
Stories that reported on defective mortgage products or otherwise
Stories that reported on the housing bubble or otherwise helped
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.