VIEWS: 4 PAGES: 111 POSTED ON: 5/18/2012
The LIST A CATALOG OF 727 SIGNIFICANT STORIES PUBLISHED BY MAJOR BUSINESS-NEWS OUTLE By the staff of The Audit, the business-press section of the Columbia Journalism Review. Design by Karen Oh and Dean Starkman How well did the press cover abusive mortgage-lenders and their Wall Street backers before the crash? We looked for which it was too late for warnings. We found work that falls into three categories, ranging from investigative (here colore Green) to, for context, non-warnings (three shades of Blue). See the second tab at the bottom for a more detailed explan DATE COLOR CATEGORY PUB 03/04/00 cDkBl Lending WP 03/06/00 cDkBl Lending WSJ 03/15/00 gRed Investigative NYT 03/19/00 fDkGr Consumer NYT 03/21/00 fDkGr Consumer WSJ 03/23/00 bMdBl News WP 03/24/00 fDkGr Consumer NYT 03/29/00 dLtGr System WSJ 04/02/00 fDkGr Consumer NYT 04/10/00 cDkBl Lending BW 04/16/00 fDkGr Consumer LAT 04/24/00 gRed Investigative BW 05/03/00 fDkGr Consumer LAT 07/03/00 cDkBl Lending BW 07/05/00 eMdGr Investor WSJ 07/14/00 eMdGr Investor WSJ 09/07/00 eMdGr Investor FT 09/17/00 dLtGr System NYT 09/19/00 fDkGr Consumer WP 10/05/00 bMdBl News LAT 10/22/00 gRed Investigative NYT 11/13/00 fDkGr Consumer WSJ 12/14/00 bMdBl News LAT 01/05/01 cDkBl Lending WSJ 01/29/01 dLtGr System BW 02/05/01 cDkBl Lending BW 02/24/01 fDkGr Consumer WP 03/09/01 fDkGr Consumer LAT 03/19/01 fDkGr Consumer BW 04/04/01 fDkGr Consumer NYT 04/05/01 fDkGr Consumer WSJ 04/07/01 gRed Investigative WP 04/16/01 eMdGr Investor Fortune 04/19/01 fDkGr Consumer WSJ 04/21/01 fDkGr Consumer WP 04/23/01 cDkBl Lending WSJ 04/30/01 fDkGr Consumer BW 06/01/01 fDkGr Consumer WP 06/13/01 fDkGr Consumer LAT 07/05/01 eMdGr Investor WP 07/27/01 aLtBl Wall Street WSJ 07/31/01 dLtGr System WSJ 08/01/01 gRed Investigative WSJ 08/09/01 eMdGr Investor WSJ 08/13/01 fDkGr Consumer BW 08/16/01 eMdGr Investor WSJ 08/31/01 bMdBl News WSJ 08/31/01 cDkBl Lending WSJ 09/03/01 Lending Fortune cDkBl 09/03/01 eMdGr Investor BW 09/03/01 eMdGr Investor Forbes 09/07/01 bMdBl News WSJ 09/10/01 fDkGr Consumer LAT 09/17/01 eMdGr Investor BW 10/03/01 fDkGr Consumer WP 10/30/01 cDkBl Lending WSJ 11/07/01 cDkBl Lending WSJ 11/07/01 dLtGr System WSJ 11/10/01 cDkBl Lending WP 11/12/01 dLtGr System BW 11/17/01 fDkGr Consumer WP 11/22/01 cDkBl Lending WP 11/28/01 bMdBl News WP 11/30/01 fDkGr Consumer LAT 12/02/01 cDkBl Lending NYT 12/07/01 gRed Investigative WSJ 12/12/01 bMdBl News BN 12/13/01 dLtGr System FT 12/31/01 eMdGr Investor BW 01/10/02 cDkBl Lending WSJ 01/15/02 eMdGr Investor LAT 01/21/02 dLtGr System WSJ 01/28/02 fDkGr Consumer WSJ 02/02/02 fDkGr Consumer WP 02/14/02 dLtGr System WSJ 02/18/02 eMdGr Investor Fortune 02/18/02 fDkGr Consumer WP 02/20/02 bMdBl News WP 03/04/02 dLtGr System Fortune 03/04/02 dLtGr System WSJ 03/11/02 cDkBl Lending BW 03/13/02 bMdBl News NYT 03/19/02 dLtGr System WSJ 03/22/02 bMdBl News NYT 03/24/02 gRed Investigative NYT 04/01/02 eMdGr Investor Fortune 04/24/02 fDkGr Consumer WSJ 05/01/02 fDkGr Consumer LAT 05/01/02 fDkGr Consumer NYT 05/04/02 cDkBl Lending NYT 05/21/02 dLtGr System NYT 06/10/02 dLtGr System WSJ 06/18/02 fDkGr Consumer WSJ 06/24/02 dLtGr System Fortune 07/08/02 eMdGr Investor WSJ 07/18/02 Consumer WSJ fDkGr 07/18/02 fDkGr Consumer WSJ 08/06/02 cDkBl Lending WSJ 08/08/02 bMdBl News WSJ 08/12/02 fDkGr Consumer BW 08/17/02 fDkGr Consumer WP 08/19/02 dLtGr System BW 09/02/02 dLtGr System BW 09/02/02 gRed Investigative Forbes 09/09/02 aLtBl Wall Street BW 09/10/02 cDkBl Lending WSJ 09/17/02 cDkBl Lending WSJ 09/19/02 cDkBl Lending WP 09/21/02 cDkBl Lending WP 09/23/02 dLtGr System BW 09/23/02 fDkGr Consumer BW 09/26/02 dLtGr System WSJ 09/27/02 dLtGr System WSJ 10/07/02 eMdGr Investor BW 10/07/02 gRed Investigative BW 10/14/02 fDkGr Consumer Forbes 10/16/02 cDkBl Lending WSJ 10/17/02 dLtGr System WSJ 10/28/02 dLtGr System BW 10/28/02 eMdGr Investor Fortune 10/30/02 dLtGr System WSJ 11/04/02 cDkBl Lending BW 11/10/02 fDkGr Consumer NYT 11/10/02 gRed Investigative WSJ 11/12/02 eMdGr Investor WSJ 11/13/02 dLtGr System WSJ 11/14/02 dLtGr System WSJ 11/14/02 eMdGr Investor WP 11/25/02 eMdGr Investor WSJ 11/25/02 fDkGr Consumer BW 12/10/02 fDkGr Consumer WSJ 12/13/02 gRed Investigative WSJ 12/18/02 fDkGr Consumer WSJ 01/16/03 cDkBl Lending WSJ 01/17/03 dLtGr System WSJ 01/27/03 dLtGr System BW 01/28/03 dLtGr System FT 01/29/03 cDkBl Lending WSJ 02/14/03 fDkGr Consumer NYT 02/18/03 cDkBl Lending WSJ 02/24/03 cDkBl Lending WSJ 02/24/03 fDkGr Consumer WSJ 02/26/03 eMdGr Investor LAT 03/03/03 dLtGr System BW 03/06/03 bMdBl News WP 03/20/03 aLtBl Wall Street WSJ 03/28/03 aLtBl Wall Street NYT 03/31/03 cDkBl Lending Fortune 03/31/03 dLtGr System BW 03/31/03 dLtGr System BW 04/04/03 dLtGr System WSJ 05/05/03 aLtBl Wall Street BW 05/10/03 eMdGr Investor LAT 05/14/03 bMdBl News WSJ 05/21/03 cDkBl Lending WSJ 05/26/03 dLtGr System BW 05/28/03 dLtGr System WSJ 05/29/03 dLtGr System WSJ 06/09/03 aLtBl Wall Street Fortune 06/09/03 cDkBl Lending BW 06/13/03 bMdBl News WSJ 06/17/03 fDkGr Consumer LAT 06/17/03 fDkGr Consumer NYT 06/19/03 Consumer LAT fDkGr 06/23/03 dLtGr System BW 06/26/03 gRed Investigative BN 06/28/03 bMdBl News WP 07/07/03 cDkBl Lending BW 07/07/03 eMdGr Investor Forbes 07/15/03 fDkGr Consumer WSJ 07/16/03 cDkBl Lending WSJ 07/23/03 cDkBl Lending WSJ 08/04/03 cDkBl Lending BW 08/12/03 cDkBl Lending WSJ 08/17/03 dLtGr System NYT 09/02/03 aLtBl Wall Street WSJ 09/18/03 dLtGr System WSJ 09/19/03 aLtBl Wall Street WSJ 09/22/03 dLtGr System WSJ 09/24/03 aLtBl Wall Street WSJ 09/24/03 cDkBl Lending WSJ 09/29/03 dLtGr System FT 10/06/03 dLtGr System BW 10/28/03 cDkBl Lending WSJ 11/06/03 cDkBl Lending WSJ 11/10/03 dLtGr System WSJ 11/25/03 bMdBl News WSJ 11/28/03 bMdBl News WSJ 12/08/03 eMdGr Investor Forbes 12/10/03 fDkGr Consumer WSJ 12/15/03 cDkBl Lending BW 12/22/03 fDkGr Consumer Fortune 01/12/04 cDkBl Lending BW 01/19/04 aLtBl Wall Street BW 01/19/04 dLtGr System BW 01/20/04 cDkBl Lending WSJ 01/21/04 cDkBl Lending WSJ 01/31/04 dLtGr System FT 02/02/04 cDkBl Lending BW 02/05/04 eMdGr Investor Forbes 02/05/04 fDkGr Consumer FT 02/09/04 cDkBl Lending WSJ 02/23/04 dLtGr System Fortune 03/08/04 dLtGr System Fortune 03/11/04 cDkBl Lending FT 03/16/04 cDkBl Lending WSJ 04/04/04 cDkBl Lending FT 04/05/04 aLtBl Wall Street Fortune 04/11/04 cDkBl Lending NYT 04/12/04 dLtGr System WSJ 04/12/04 fDkGr Consumer BW 04/15/04 cDkBl Lending WSJ 04/15/04 eMdGr Investor WP 05/04/04 fDkGr Consumer BW 05/05/04 aLtBl Wall Street WSJ 05/06/04 dLtGr System WSJ 05/10/04 dLtGr System BW 05/12/04 cDkBl Lending WSJ 05/20/04 fDkGr Consumer WSJ 05/24/04 dLtGr System Forbes 05/24/04 dLtGr System FT 05/25/04 bMdBl News WSJ 05/28/04 bMdBl News NYT 05/28/04 bMdBl News WSJ 06/07/04 eMdGr Investor BW 06/10/04 dLtGr System FT 06/14/04 aLtBl Wall Street WSJ 06/14/04 cDkBl Lending WSJ 06/24/04 fDkGr Consumer NYT 06/26/04 fDkGr Consumer LAT 07/06/04 fDkGr Consumer WSJ 07/19/04 eMdGr Investor BW 07/25/04 eMdGr Investor NYT 07/27/04 cDkBl Lending WSJ 08/05/04 cDkBl Lending WSJ 08/17/04 dLtGr System WSJ 09/08/04 cDkBl Lending WSJ 09/14/04 dLtGr System WSJ 09/20/04 eMdGr Investor Fortune 09/22/04 cDkBl Lending WSJ 09/23/04 eMdGr Investor WSJ 09/24/04 eMdGr Investor WSJ 09/27/04 cDkBl Lending WSJ 10/01/04 dLtGr System WSJ 10/03/04 fDkGr Consumer NYT 10/05/04 fDkGr Consumer WSJ 10/10/04 fDkGr Consumer NYT 10/12/04 cDkBl Lending LAT 10/13/04 aLtBl Wall Street WSJ 11/01/04 cDkBl Lending BW 11/01/04 fDkGr Consumer BW 11/05/04 fDkGr Consumer WSJ 11/20/04 fDkGr Consumer LAT 11/22/04 gRed Investigative WP 11/24/04 dLtGr System WP 11/26/04 bMdBl News WSJ 11/30/04 eMdGr Investor WSJ 12/13/04 bMdBl News LAT 12/17/04 eMdGr Investor WSJ 12/19/04 dLtGr System NYT 12/21/04 cDkBl Lending WSJ 12/25/04 fDkGr Consumer WP 12/27/04 eMdGr Investor BW 01/10/05 cDkBl Lending BW 01/12/05 eMdGr Investor WSJ 01/14/05 fDkGr Consumer WSJ 01/20/05 cDkBl Lending WSJ 01/24/05 dLtGr System Fortune 02/04/05 gRed Investigative LAT 02/10/05 eMdGr Investor WSJ 02/14/05 dLtGr System Forbes 02/15/05 fDkGr Consumer WSJ 02/16/05 dLtGr System FT 02/16/05 fDkGr Consumer LAT 02/18/05 bMdBl News WSJ 02/21/05 eMdGr Investor BW 02/23/05 fDkGr Consumer WSJ 03/02/05 aLtBl Wall Street WSJ 03/08/05 cDkBl Lending WSJ 03/10/05 fDkGr Consumer WSJ 03/15/05 bMdBl News WP 03/21/05 cDkBl Lending WSJ 03/21/05 eMdGr Investor Fortune 03/25/05 eMdGr Investor NYT 03/28/05 dLtGr System BW 03/28/05 gRed Investigative LAT 04/04/05 aLtBl Wall Street WSJ 04/04/05 bMdBl News BW 04/11/05 bMdBl News BW 04/11/05 cDkBl Lending BW 04/11/05 dLtGr System FT 04/11/05 fDkGr Consumer WP 04/11/05 fDkGr Consumer WSJ 04/18/05 aLtBl Wall Street Forbes 04/18/05 cDkBl Lending Fortune 04/18/05 dLtGr System FT 04/19/05 dLtGr System FT 04/28/05 bMdBl News WSJ 04/29/05 bMdBl News WSJ 04/29/05 bMdBl News WSJ 05/04/05 fDkGr Consumer NYT 05/11/05 dLtGr System NYT 05/12/05 dLtGr System FT 05/12/05 dLtGr System WSJ 05/22/05 fDkGr Consumer LAT 05/23/05 dLtGr System BW 05/23/05 eMdGr Investor WSJ 05/24/05 bMdBl News WSJ 05/25/05 cDkBl Lending WSJ 05/26/05 cDkBl Lending WSJ 05/30/05 bMdBl News FT 05/30/05 eMdGr Investor Fortune 06/05/05 eMdGr Investor NYT 06/06/05 aLtBl Wall Street WSJ 06/06/05 eMdGr Investor Forbes 06/07/05 bMdBl News WSJ 06/09/05 dLtGr System WSJ 06/16/05 dLtGr System WSJ 06/16/05 eMdGr Investor NYT 06/20/05 cDkBl Lending WSJ 06/20/05 eMdGr Investor BW 06/20/05 eMdGr Investor WSJ 06/24/05 fDkGr Consumer LAT 06/25/05 fDkGr Consumer LAT 06/27/05 fDkGr Consumer BW 06/29/05 aLtBl Wall Street WSJ 07/11/05 dLtGr System BW 07/11/05 eMdGr Investor Fortune 07/12/05 fDkGr Consumer WSJ 07/14/05 cDkBl Lending WSJ 07/15/05 fDkGr Consumer NYT 07/20/05 gRed Investigative WSJ 07/21/05 aLtBl Wall Street WSJ 07/25/05 dLtGr System Forbes 07/25/05 dLtGr System Fortune 07/26/05 fDkGr Consumer WSJ 07/27/05 bMdBl News WSJ 07/27/05 eMdGr Investor WSJ 07/28/05 dLtGr System FT 07/28/05 dLtGr System FT 07/28/05 eMdGr Investor WSJ 07/29/05 bMdBl News WP 07/29/05 dLtGr System FT 08/04/05 bMdBl News FT 08/08/05 dLtGr System NYT 08/09/05 fDkGr Consumer WSJ 08/12/05 eMdGr Investor WSJ 08/15/05 eMdGr Investor BW 08/17/05 dLtGr System WSJ 08/17/05 eMdGr Investor WSJ 08/21/05 eMdGr Investor LAT 08/21/05 eMdGr Investor NYT 08/22/05 fDkGr Consumer BW 08/24/05 bMdBl News WSJ 08/24/05 cDkBl Lending WSJ 08/24/05 dLtGr System WSJ 08/25/05 bMdBl News WSJ 08/28/05 fDkGr Consumer NYT 08/29/05 dLtGr System NYT 08/31/05 aLtBl Wall Street FT 09/03/05 fDkGr Consumer WP 09/05/05 aLtBl Wall Street Fortune 09/05/05 cDkBl Lending Forbes 09/12/05 gRed Investigative WSJ 09/15/05 dLtGr System Forbes 09/17/05 eMdGr Investor NYT 09/18/05 fDkGr Consumer LAT 09/21/05 eMdGr Investor NYT 09/22/05 dLtGr System WSJ 09/29/05 bMdBl News FT 09/29/05 cDkBl Lending WSJ 09/29/05 eMdGr Investor FT 09/29/05 fDkGr Consumer LAT 09/30/05 dLtGr System NYT 09/30/05 dLtGr System FT 10/02/05 fDkGr Consumer NYT 10/06/05 dLtGr System FT 10/06/05 dLtGr System WSJ 10/10/05 aLtBl Wall Street BW 10/10/05 dLtGr System LAT 10/16/05 cDkBl Lending NYT 10/17/05 dLtGr System Forbes 10/17/05 fDkGr Consumer BW 10/21/05 dLtGr System FT 10/24/05 eMdGr Investor Fortune 10/24/05 gRed Investigative LAT 10/31/05 eMdGr Investor Fortune 10/31/05 fDkGr Consumer LAT 11/02/05 dLtGr System FT 11/03/05 dLtGr System WSJ 11/13/05 fDkGr Consumer LAT 11/15/05 cDkBl Lending WSJ 11/16/05 dLtGr System WSJ 11/16/05 fDkGr Consumer WSJ 11/27/05 eMdGr Investor NYT 11/30/05 cDkBl Lending WSJ 12/06/05 fDkGr Consumer WP 12/12/05 dLtGr System WSJ 12/20/05 aLtBl Wall Street WSJ 12/23/05 dLtGr System WSJ 12/25/05 eMdGr Investor Fortune 12/26/05 eMdGr Investor BW 01/03/06 dLtGr System WSJ 01/06/06 aLtBl Wall Street NYT 01/09/06 aLtBl Wall Street Forbes 01/09/06 cDkBl Lending BW 01/16/06 cDkBl Lending WSJ 01/19/06 dLtGr System WSJ 01/21/06 bMdBl News NYT 01/21/06 fDkGr Consumer LAT 01/21/06 fDkGr Consumer WP 01/29/06 fDkGr Consumer WP 01/31/06 cDkBl Lending WSJ 01/31/06 fDkGr Consumer LAT 02/04/06 fDkGr Consumer WSJ 02/16/06 aLtBl Wall Street WSJ 02/20/06 aLtBl Wall Street BW 02/22/06 fDkGr Consumer NYT 02/23/06 dLtGr System WSJ 02/24/06 bMdBl News WP 02/27/06 cDkBl Lending BW 03/01/06 cDkBl Lending WSJ 03/04/06 cDkBl Lending WSJ 03/06/06 aLtBl Wall Street Fortune 03/08/06 dLtGr System WSJ 03/11/06 fDkGr Consumer WSJ 03/13/06 dLtGr System Forbes 03/20/06 dLtGr System BW 03/24/06 dLtGr System FT 03/31/06 fDkGr Consumer WSJ 04/03/06 cDkBl Lending BW 04/03/06 dLtGr System WSJ 04/07/06 dLtGr System NYT 04/10/06 aLtBl Wall Street BW 04/10/06 eMdGr Investor BW 04/17/06 aLtBl Wall Street Fortune 04/19/06 dLtGr System WSJ 04/19/06 fDkGr Consumer WSJ 04/24/06 eMdGr Investor BW 04/27/06 fDkGr Consumer WSJ 05/08/06 cDkBl Lending WSJ 05/09/06 aLtBl Wall Street Fortune 05/09/06 cDkBl Lending NYT 05/15/06 dLtGr System BW 05/15/06 dLtGr System BW 05/15/06 eMdGr Investor Fortune 05/18/06 cDkBl Lending WSJ 05/18/06 dLtGr System FT 05/20/06 dLtGr System FT 05/30/06 cDkBl Lending WSJ 06/03/06 fDkGr Consumer WP 06/05/06 dLtGr System BN 06/12/06 eMdGr Investor BW 06/12/06 eMdGr Investor BW 06/13/06 aLtBl Wall Street NYT 06/17/06 fDkGr Consumer WP 06/26/06 eMdGr Investor BW 07/06/06 cDkBl Lending WSJ 07/11/06 dLtGr System FT 07/11/06 dLtGr System FT 07/14/06 dLtGr System BN 07/17/06 bMdBl News WSJ 07/21/06 dLtGr System FT 07/22/06 fDkGr Consumer WSJ 07/23/06 fDkGr Consumer NYT 08/07/06 dLtGr System WSJ 08/08/06 cDkBl Lending WSJ 08/10/06 bMdBl News WSJ 08/10/06 cDkBl Lending WSJ 08/15/06 fDkGr Consumer WSJ 08/22/06 fDkGr Consumer WSJ 08/23/06 eMdGr Investor WSJ 08/26/06 eMdGr Investor LAT 08/28/06 eMdGr Investor Fortune 08/30/06 eMdGr Investor WSJ 09/04/06 dLtGr System BW 09/06/06 bMdBl News LAT 09/06/06 dLtGr System NYT 09/11/06 eMdGr Investor BW 09/11/06 gRed Investigative BW 09/16/06 dLtGr System WSJ 09/20/06 dLtGr System FT 09/25/06 dLtGr System BW 09/25/06 fDkGr Consumer WSJ 09/26/06 dLtGr System FT 09/28/06 fDkGr Consumer WSJ 10/01/06 fDkGr Consumer WP 10/02/06 cDkBl Lending BW 10/02/06 dLtGr System FT 10/09/06 cDkBl Lending WSJ 10/13/06 aLtBl Wall Street WSJ 10/13/06 dLtGr System FT 10/16/06 aLtBl Wall Street BW 10/16/06 dLtGr System Forbes 10/17/06 bMdBl News BN 10/19/06 cDkBl Lending WSJ 10/20/06 dLtGr System FT 10/23/06 dLtGr System BW 10/26/06 fDkGr Consumer WSJ 10/30/06 dLtGr System BW 10/30/06 gRed Investigative WSJ 11/03/06 cDkBl Lending BN 11/03/06 dLtGr System FT 11/06/06 eMdGr Investor BW 11/08/06 fDkGr Consumer WSJ 11/13/06 eMdGr Investor BW 11/13/06 eMdGr Investor BW 11/13/06 eMdGr Investor Fortune 11/18/06 bMdBl News FT 11/20/06 cDkBl Lending BN 11/20/06 fDkGr Consumer BW 11/22/06 bMdBl News WSJ 11/28/06 cDkBl Lending WSJ 12/01/06 dLtGr System FT 12/02/06 fDkGr Consumer WSJ 12/05/06 cDkBl Lending WSJ 12/05/06 dLtGr System FT 12/05/06 eMdGr Investor LAT 12/05/06 eMdGr Investor WSJ 12/06/06 bMdBl News WSJ 12/06/06 dLtGr System FT 12/06/06 eMdGr Investor NYT 12/06/06 fDkGr Consumer NYT 12/07/06 dLtGr System FT 12/08/06 dLtGr System FT 12/08/06 eMdGr Investor WSJ 12/09/06 dLtGr System LAT 12/11/06 bMdBl News BN 12/11/06 bMdBl News Forbes 12/11/06 fDkGr Consumer BW 12/12/06 cDkBl Lending WSJ 12/13/06 cDkBl Lending WSJ 12/15/06 aLtBl Wall Street WSJ 12/19/06 eMdGr Investor BN 12/25/06 eMdGr Investor Forbes 12/25/06 eMdGr Investor Fortune 12/25/06 gRed Investigative BW 12/26/06 fDkGr Consumer WSJ 12/27/06 bMdBl News WSJ 01/08/07 cDkBl Lending WSJ 01/10/07 dLtGr System FT 01/11/07 dLtGr System FT 01/14/07 dLtGr System FT 01/15/07 dLtGr System FT 01/15/07 fDkGr Consumer BW 01/23/07 cDkBl Lending WSJ 01/24/07 aLtBl Wall Street WSJ 01/24/07 aLtBl Wall Street WSJ 01/24/07 cDkBl Lending WSJ 01/26/07 cDkBl Lending NYT 01/29/07 aLtBl Wall Street Forbes 01/30/07 dLtGr System FT 02/02/07 cDkBl Lending FT 02/08/07 cDkBl Lending WSJ 02/08/07 dLtGr System FT 02/08/07 eMdGr Investor Fortune 02/08/07 eMdGr Investor WSJ 02/09/07 cDkBl Lending LAT 02/09/07 eMdGr Investor WSJ 02/12/07 dLtGr System FT 02/12/07 fDkGr Consumer BW 02/12/07 gRed Investigative BN 02/13/07 bMdBl News FT 02/14/07 eMdGr Investor WSJ 02/18/07 dLtGr System NYT 02/19/07 dLtGr System BW 02/19/07 eMdGr Investor FT 02/20/07 dLtGr System FT 02/23/07 dLtGr System FT 02/23/07 eMdGr Investor NYT 02/24/07 cDkBl Lending LAT 02/24/07 dLtGr System WSJ 02/24/07 eMdGr Investor WSJ 02/26/07 eMdGr Investor WSJ 02/27/07 eMdGr Investor WSJ 02/28/07 cDkBl Lending LAT 03/01/07 cDkBl Lending LAT 03/01/07 eMdGr Investor WSJ 03/01/07 fDkGr Consumer WSJ 03/03/07 bMdBl News FT 03/03/07 cDkBl Lending LAT 03/03/07 cDkBl Lending NYT 03/04/07 bMdBl News FT 03/04/07 dLtGr System NYT 03/05/07 dLtGr System NYT 03/06/07 bMdBl News LAT 03/06/07 dLtGr System WSJ 03/07/07 eMdGr Investor WP 03/08/07 cDkBl Lending WSJ 03/09/07 cDkBl Lending FT 03/09/07 cDkBl Lending LAT 03/09/07 cDkBl Lending WSJ 03/10/07 cDkBl Lending LAT 03/11/07 dLtGr System NYT 03/12/07 aLtBl Wall Street FT 03/12/07 cDkBl Lending WSJ 03/12/07 fDkGr Consumer WSJ 03/13/07 eMdGr Investor Fortune 03/13/07 eMdGr Investor LAT 03/13/07 fDkGr Consumer WSJ 03/14/07 bMdBl News LAT 03/14/07 bMdBl News NYT 03/14/07 bMdBl News WSJ 03/14/07 cDkBl Lending WSJ 03/15/07 bMdBl News LAT 03/15/07 eMdGr Investor FT 03/15/07 fDkGr Consumer LAT 03/15/07 fDkGr Consumer WP 03/16/07 cDkBl Lending LAT 03/16/07 dLtGr System FT 03/16/07 fDkGr Consumer LAT 03/17/07 cDkBl Lending LAT 03/17/07 fDkGr Consumer NYT 03/18/07 dLtGr System FT 03/18/07 fDkGr Consumer FT 03/18/07 fDkGr Consumer LAT 03/19/07 eMdGr Investor BW 03/19/07 eMdGr Investor Fortune 03/20/07 cDkBl Lending LAT 03/20/07 cDkBl Lending WSJ 03/21/07 cDkBl Lending LAT 03/22/07 cDkBl Lending LAT 03/22/07 dLtGr System FT 03/22/07 fDkGr Consumer LAT 03/22/07 fDkGr Consumer LAT 03/22/07 fDkGr Consumer WSJ 03/23/07 bMdBl News WP 03/23/07 fDkGr Consumer NYT 03/26/07 cDkBl Lending BN 03/26/07 cDkBl Lending BW 03/26/07 cDkBl Lending LAT 03/26/07 fDkGr Consumer BW 03/27/07 dLtGr System FT 03/27/07 fDkGr Consumer LAT 03/30/07 eMdGr Investor FT 04/01/07 fDkGr Consumer NYT 04/02/07 aLtBl Wall Street WSJ 04/03/07 bMdBl News LAT 04/03/07 cDkBl Lending FT 04/04/07 cDkBl Lending LAT 04/06/07 cDkBl Lending LAT 04/08/07 fDkGr Consumer NYT 04/11/07 fDkGr Consumer WSJ 04/12/07 cDkBl Lending WP 04/15/07 aLtBl Wall Street Fortune 04/16/07 cDkBl Lending FT 04/17/07 cDkBl Lending LAT 04/17/07 fDkGr Consumer WSJ 04/18/07 cDkBl Lending FT 04/18/07 fDkGr Consumer WSJ 04/20/07 cDkBl Lending LAT 04/21/07 cDkBl Lending LAT 04/22/07 fDkGr Consumer WP 04/23/07 dLtGr System BN 04/24/07 dLtGr System BN 04/25/07 eMdGr Investor BN 04/25/07 eMdGr Investor WSJ 04/26/07 fDkGr Consumer LAT 04/26/07 fDkGr Consumer WSJ 04/30/07 dLtGr System WSJ 05/01/07 dLtGr System FT 05/03/07 eMdGr Investor BN 05/04/07 cDkBl Lending LAT 05/07/07 dLtGr System BW 05/07/07 dLtGr System BW 05/07/07 Consumer WP fDkGr 05/11/07 aLtBl Wall Street BW 05/11/07 gRed Investigative BN 05/14/07 bMdBl News Fortune 05/15/07 fDkGr Consumer WSJ 05/17/07 dLtGr System FT 05/17/07 dLtGr System FT 05/19/07 aLtBl Wall Street WSJ 05/21/07 gRed Investigative BW 05/22/07 cDkBl Lending FT 05/23/07 bMdBl News WSJ 05/24/07 fDkGr Consumer WSJ 05/25/07 dLtGr System FT 05/29/07 aLtBl Wall Street WSJ 05/29/07 dLtGr System WSJ 05/30/07 fDkGr Consumer WSJ 05/31/07 eMdGr Investor BN 05/31/07 gRed Investigative BN 06/01/07 gRed Investigative BN 06/04/07 bMdBl News BW 06/04/07 eMdGr Investor Forbes 06/06/07 fDkGr Consumer BN 06/09/07 eMdGr Investor WSJ 06/12/07 fDkGr Consumer NYT 06/14/07 dLtGr System FT 06/15/07 dLtGr System FT 06/16/07 gRed Investigative WSJ 06/18/07 eMdGr Investor BW 06/18/07 eMdGr Investor WSJ 06/20/07 dLtGr System WSJ 06/20/07 gRed Investigative WSJ 06/21/07 dLtGr System WSJ 06/21/07 gRed Investigative BN 06/22/07 dLtGr System BN 06/22/07 dLtGr System FT 06/23/07 dLtGr System LAT 06/23/07 dLtGr System WSJ 06/24/07 dLtGr System NYT 06/25/07 bMdBl News BN 06/25/07 bMdBl News BW 06/25/07 dLtGr System WSJ 06/25/07 eMdGr Investor BN 06/26/07 bMdBl News FT 06/26/07 dLtGr System FT 06/26/07 eMdGr Investor BN 06/26/07 eMdGr Investor WSJ 06/27/07 bMdBl News BN 06/27/07 dLtGr System BN 06/27/07 dLtGr System BN 06/27/07 dLtGr System FT 06/27/07 dLtGr System FT 06/27/07 gRed Investigative WSJ 06/28/07 bMdBl News BN 06/28/07 bMdBl News BN 06/28/07 bMdBl News BN 06/29/07 dLtGr System BN 06/29/07 gRed Investigative BN 727 SIGNIFICANT STORIES PUBLISHED BY MAJOR BUSINESS-NEWS OUTLETS BEFORE THE FINANCIAL CR the business-press section of the Columbia Journalism Review. Design by Karen Oh and Dean Starkman s cover abusive mortgage-lenders and their Wall Street backers before the crash? We looked for the best pre-crisis stories during the critica or warnings. We found work that falls into three categories, ranging from investigative (here colored Red) to non-investigative but otherwise u non-warnings (three shades of Blue). See the second tab at the bottom for a more detailed explanation of the color legend. HEADLINE BYLINE Regulating Mortgage Brokers; Industry to Back National Registration Some Housing Markets Are Overheating --- Differences Exist From Periods Before Previous Busts Mortgaged Lives: Profiting From Fine Print With Wall Street's Help Diana B. Henriques with Lowell Bergman Taking on High-Cost Home Loans Diana B. Henriques Salomon is Target of Demonstration Community Group N/L Greenspan Targets Unfair Lending Troubled Lender Seeks Protection Diana B.Henriques Business of Selling Loans Loses Some Luster --- Firms in CMBS Market Face a Peter Grant Shakeout; Some Are Taking Bigger Risks Congress and Regulators Start Efforts to Crack Down on Deceptive Lending Practices Diana B. Henriques Fannie Mae and Freddie Mac circle the wagons Ameriquest Defends Its Loan Practices; Mortgages: Sub-prime lender, facing criticism Edmund Sanders from activists who allege predatory lending, says it has been fair. Easy Money: Subprime lenders make a killing catering to poorer Americans. Now Wall Dean Foust, et al. Street is getting in on the act Lehman Bros. Sued Over Ties to Sub-Prime Lender Edmund Sanders, Liz Pulliam Weston Is Wachovia's Plight a Warning? Debtor Nation --- A Circle of Debt: Many Borrowers Are Also Lenders Paul M. Sherer Loan Stars: Why Calls Are Rising To Clip Fannie Mae's, Freddie Mac's Wings --- The Patrick Barta Worry Is Economic Risk As They Buy Own Debt And Subprime Mortgages --- Hard to Argue With Success Citigroup steps further into sub-prime minefield Andrew Hill and Gary Silverman After a Hedge Fund's Fall, Is Wall Street the Wiser? Roger Lowenstein D.C. Targets 'Predatory' Mortgages; Mayor Proposes Tough Foreclosure Rules Sandra Fleishman FTC Files Lawsuit Against Mortgage Firm First Alliance; Courts: Agency joins several states in accusing Irvine firm of using deceptive practices. Company officials deny allegations. Along With a Lender, Is Citigroup Buying Trouble? Richard A. Oppel Jr. and Patrick McGeehan Deals & Deal Makers: Citigroup Faces Attacks on Loan Record Paul Beckett Fed Backs Rule on 'Subprime' Loan Protection Loan of Your Own: Maverick Lenders Try To Lure Home Buyers With Custom Pricing --- Mortgage Industry Follows Travel, Insurance, Autos I... Consumer Debt: A Bear Trap for the Bush Economy? David Henry Shake Some Savings out of Your Mortgage Take advantage of low rates and eager lenders How to Avoid Predatory Lenders Kenneth R. Harney Regulators, Bankers Differ on Curbing 'Predatory' Lending Liz Pulliam Weston Commentary: Is Citi Bleeding Its Weakest Borrowers? Heather Timmons Lenders Try to Fend Off Laws on Subprime Loans Richard A.Oppel Jr.and Patrick McGeehan Land Grab? Why Big Lenders Are So Frightened By Fannie and Freddie --- Mortgage Patrick Barta Giants' New Systems Could Cut the Middlemen Out of $5 Trillion Market --- `Guy Who Makes the Syrup' Troubled Waters; Consumer Groups Battle Lenders Over Borrowers' Costly Credit Sandra Fleishman Insurance Sandy Weill's Monster Carol J. Loomis An Inner-City Predator Needs a New Leash David Wessel The more Jackie Ward tried to ... Barbara Ruben Bank Roles: How Consolidation Alters the Field --- From Credit Cards To Loans, Giants Are Taking Control Trouble on the Home Front Heather Timmons Counseling Helps Borrowers: Study Suggests Upfront Advice Cuts Odds of Delinquency Sandra Fleishman Mortgage Lender Hit With State Lawsuit E. Scott Reckard Great Escape: How Fannie Mae Gave The Slip to Adversaries Seeking to Rein It In --- It Nicholas Kulish and Woos Legislators by Sharing The Credit for Funding Of Low-Income Housing --- Jacob M. Schlesinger Company: We Won on Merits Charging It: How American Express Got in Over Its Head With Risky Securities --- Gamble in a Minnesota Unit Surprises the New Boss As Ne... Debt Damage: Losses Spread On Specialized Bond Products Mitchell Pacelle and Gregory Zuckerman Home Bound: Nasty Surprise Haunts Some Folks' Mortgage: A Prepayment Penalty --- It John Hechinger Stalls Refinancings, Sales For Subprime Borrowers, An... `Subprime' Could Be Bad News for Banks --- Riskier Loans, Now Prevalent in Paul Beckett andJohn Industry, Show Problems Hechinger Have Banks Been "Giving Tequila to a Drunk"? Heather Timmons Banker Beware: As Economy Slows, `Subprime' Lending Looks Even Riskier --- Carrick Bank of America Bails Out, Citing Rising Uncertainty And Worries Over Image --- Mollenkamp,Paul Loans That Quickly Go Sour Beckett, Jathon Sapsford Treasury Official Is `Skeptical' Of Fannie Mae's Financing Role Citigroup Has Halted Business With 3,600 Mortgage Brokers Where The Money Is Bank of America's Ken Lewis has a chance to create more wealth than any other freshman CEO. Okay, no one says it'll be easy. A Housing Collapse Could Wound the Banks; Spreading the risk won't save lenders if the Heather Timmons price bubble bursts What If Housing Crashed? Stephane Fitch and Brandon Copple Citigroup Sets Accord to Settle Associates Probe Borrowers Pay Price of Predatory Lending; Loans: But lawmakers are proposing limits on Kathy M.Kristof practices, and some firms are revamping policies. Not Everybody Loves A ReFi Boom: U.S. mortgage servicers and their investors may be Heather Timmons at risk New Rules Pushing Lenders To Curtail Business in D.C Sandra Fleishman Extra Credit: Pinched Homeowners Are Finding Shelter In Modified Loans --- Softening Blow of Slowdown, Lenders Try Negotiation Rather Than Foreclosure --- Is It a Band-Aid or a Cure? Riding the Plunging Mortgage-Rate Curve to Savings Parallel Woes: Is the U.S. Economy At Risk of Emulating Japan's Long Swoon? --- In Jacob M. Schlesinger Both Countries, Rates Are Low, but Debt Is Heavy; America's Freer Markets --- One Burst and Peter Landers Bubble vs. Two When Refinancing, It's Hurry Up and Wait Derivatives Danger? Heather Timmons Area Borrowers Are Targets for Predatory Loans Benny L. Kass Pride, the Mortgage Refinancer's First Heady Sin With Lending Law Suspended, D.C. Officials Weigh Next Step Poor Borrowers Vulnerable to Predatory Loans E. Scott Reckard A Booming Business in Selling Money Best Interests: How Big Lenders Sell A Pricier Refinancing To Poor Homeowners --- John Hechinger People Give Up Low Rates To Pay Off Other Debts, Puttin... PMI Insures EU1.35 BIn of Mortgages in Swap With Commerzbank Lex: Risk Transfer N/L Has WaMu Been Buying Trouble? Washington Mutual is facing a pair of class actions Heather Timmons Mortgage Fanciers Are High on Hybrids --- An `Adjustable' Has Fixed-Rate Aspects Lehman Bros. Potentially Liable in Lending Case; Courts: Judge says firm provided E. Scott Reckard assistance to First Alliance, accused of 'predatory' mortgage lending practices. Credit Derivatives Lure Few Mutual Funds Allison Bisbey Colter Hard Decisions --- Should I Pay Down My Mortgage? Ruth Simon Facing Foreclosure; It's an Owner's Nightmare, but Not All Houses Go to Auction Sandra Fleishman Bank Regulators Examine `Securitizations' In Wake of Enron's Accounting Debacle... Susan Pulliam,Paul Beckett, Carrick Mollenkamp Don't Get Burned: You can't trust companies. Can't trust auditors. Can't trust analysts. So Shawn Tully getting the truth about earnings is up to you Lending Bill Set for Final Vote; With Showdown Tomorrow, Debate Still Rages Over Sandra Fleishman Predatory Loans in D.C. D.C. Lending Bill Passes; Second Effort on Predatory Loans Leaves Many Angry Covering Their Assets ; So you think you escaped Global Crossing and Enron? Surprise! Julie Creswell Banking's dastardly debt trick may leave you vulnerable Shock Absorbers: Lessons of Expansion Are Helping Economy Beat Recession, Too --- Greg Ip and Russell New Flexibility in Inventory, Debt and the Work F... Gold The homes keep selling Congress Again Tries to Tighten Derivative Rules a Bit Investors Come to the Defense of Securitization, Special-Purpose Entities Tainted by Christine Richard Enron's Fall A Home Lender in a Settlement for $60 Million A Wider Loan Pool Draws More Sharks Dennis Hevesi Is Housing the Next Bubble? ; Sure, there's some pretty scary stuff going on. But things Anna Bernasek aren't as crazy as the last time the property market heated up. Fannie Mae in Tiff Over Abusive Loans --- It Has Sought to Be Exempt From Predatory- Patrick Barta Loan Laws, Angering Housing Advocates Minorities More Likely to Receive Sub-Prime Loans E. Scott Reckard Wide Racial Disparities Found in Costs of Mortgages David Leonhardt Lenders Trying An Alternative To Foreclosure Guess Who Doesn't Back Fannie, Freddie And Farmer Alison Leigh Cowan Credit Window: Alternative Lenders Buoy the Economy But Also Pose Risk --- Greg Ip Manufacturers, Other Nonbanks Fund Ever More Business, Wit... Do You Have The Wrong Mortgage? --- In Puzzling Move, Homeowners Flock to Riskier Ruth Simon Variable Loans Instead of Locking in Low Rates System Failure Corporate America has lost its way. Here's a road map for restoring Joseph Nocera Jeremy confidence Kahn; David Rynecki; Clifton Leaf; Justin Fox; Katrina Brooker; Shawn Tully Reporter Associates Doris Burke and Noshua Watson A Housing Bubble? editorial A Subprime Maverick, Formerly With Citi, Is Turning the Tables John Hechinger Using Your Home As a Checkbook --- Banks Push Home-Equity Lending To Record Ruth Simon Levels, but Rate Increases Could Pose Risks to Borrowers Saturation Scenario: Will Fannie Mae, Freddie Mac Hit Limits on Growth? --- Someday, Rise in Their Share Of Mortgages Must Slow; Companies Say It's Far Off --- Competition From the `Flubs' Subprime Lending Stays Strong Despite Fed Warnings, Poll Finds Consumer credit: a crunch may be coming Peter Coy and Heather Timmons, et al. Mortgage Insurance Premiums Rise for Some Borrowers Kenneth R. Harney Firepower for financial corps Joseph Weber Everybody out of the risk pool? Heather Timmons Home Wrecker; William Aldinger says his Household International succeeds at lending to Bernard Condon bad credit risks by managing smarter. People suckered into his mortgages cite other reasons: lies and deceit. Crisis at Citi Foreclosures Hit Record Levels --- More Homeowners Fall Behind on Mortgages, Stoking Concerns About Housing Market Suddenly, Banks Are Acting a Lot Like Bond Markets --- Some Corporate Borrowers Find That Relationships Don't Matter as Muc... Explosion in Refinancing Leaves Lenders Swamped Surviving the Wild Mortgage Tsunami Bonds: Safe Harbor -- or treacherous waters Peter Coy, with Geoggrey Smith Home Mortgages: Where the money is easy -- too easy Marcia Vickers How Refinancing Affects Bond Volatility David Wessel Bad Guesses: Rocky Markets Foil Firms' Bets Based On `Risk Models' --- Historically Paul Beckett and Unlikely Patterns In Stocks or Bonds Waylay EDS, Cigna, Fannie Mae --- Double Trouble Henny Sender for Insurers The Breakdown in Banking: Trust is eroding and profits may follow as business models Emily Thornton, Peter falter Coy, and Heather Timmons The Housing Boom's Dark Side Scams and over-extended buyers threaten the market's Marcia Vickers and strength Heather Timmons Home Sick Gary Shilling Banks Make It Harder to Refinance --- As Applications Pour In, Lenders Keep Borrowers On Hold and Rates High; the Best Time to Call What's Wrong? --- The Deregulators: Did Washington Help Set Stage For Current Jacob M. Schlesinger Business Turmoil? --- Seeking Growth, Policy Makers Made Fre... Where the Risk Went: New financial tools shift some of the burden from banks to other Peter Coy and Heather institutions Timmons Is this house $1.2 worth million? No, we don't have a housing bubble yet. But if the frenzy Shawn Tully doesn't end soon, then we will Some Bets May Come Back to Haunt Insurers Christopher Oster and Henny Sender From Heroes To Bums? The boom may be over for mortgage funds New Curbs on Predatory Loans Friendly Watchdog: Federal Regulator Often Helps Banks Fighting Consumers --- Jess Bravin and Paul Dependent on Lenders' Fees, OCC Takes Their Side Against Local, State Laws --- Beckett Defending Uniform Rules H&R Block's Mortgage-Lending Business Could Be Taxing Joseph T. Hallinan CSFB Finds It Hard to Curb Risk Appetite --- Securities Firm Has Racked Up About $150 Henny Sender and Million in Losses From Asset-Backed Bond Deals Gregory Zuckerman Derivatives Are a Boon to Lenders --- Banks Use Them Actively, But Now Some Investors Michael Mackenzie and Claim They Take Advantage Christine Richard Banks Go from Powerhouses to Pariahs Jonathan Krim Conseco's Mobile-Home Mess Has a Tenant: Lehman Joseph T. Hallinan and Mitchell Pacelle The Cracks in Credit Scoring Heather Timmons In the Door: Buyers Get Free Down Payments On Homes, Paid for by Builders --- Gifts Patrick Barta and Funneled Via Charities Help Ownership but Draw Criticism as Default Risk --- Single Mom Queena Sook Kim Gets Her Chance Shaky Foundation: Rising Home Prices Cast Appraisers In a Harsh Light --- Inflated John Hechinger Valuations Figure In More Mortgage Fraud; Buyers, Banks Are Victims --- Nasty Surprise in the Poconos Good Deeds: Refinancing Boom Puts New Pressure On Title Industry --- An Obscure, Ruth Simon Lucrative Business Feels a Push to Lower Fees And Speed Up Processing --- Lobbying to Block Competition Mortgage Boom Takes a Breather --- Lenders Get More Aggressive, Even Cut Profits, In Bid to Keep Homeowners Borrowing Focus Turns to Derivatives Markets --- Wall Street Concentrates On Cost Cutting, Betting Michael Mackenzie On Fixed-Income Trading The Street's Risky Trading: More information, please Emily Thorton Casting a shadow on capitalism - Going off the Rails John Plender Banks Dangle Home-Loan Twofers --- As Mortgage Boom Slows, Lenders Push Combined Mortgage, Home-Equity Lines Bankers Opposing New State Curbs On Unfair Loans Diana B. Henriques Cash-Out Refinancing Gets Costly --- Fannie Mae, Freddie Mac Impose New Fees to Cover Transactions' Higher Risk Banks Vie for Europe's Consumers --- GE, Citigroup, BNP Paribas Scrap To Gain the Edge in Fertile Market For Credit Cards, Subprime Loans Take-Home Pay: The Refinancing Boom Spells Big Money for Mortgage Brokers --- Huge John Hechinger Fees Draw the Scrutiny Of Regulators and Spawn Lucrative... Mortgage Lenders' Accounting Questioned Jesus Sanchez Hedge funds vs. the SEC Gary Weiss Divided on Derivatives; Greenspan, Buffett at Odds on Risks of the Financial Instruments Bear Stearns Profit Surges 52% on Revenue from Bond Trades -- Results Suggest That Rivals With Similar Operations May Post Strong Earnings Distinct Culture at Bear Stearns Helps It Surmount a Grim Market A New Banking Model ; Washington Mutual is using a creative retail approach to turn the banking world upside down. Are derivatives dangerous? Peter Coy The SEC: This watchdog must sharpen its bite Gary Weiss Housing Booms Tend To Collapse --- Study Finds More Harm From Home-Price Busts Greg Ip Than Bursted Stock Bubbles The New Merrill Lynch: Stan O'Neal has made the firm leaner and meaner. Now, he's betting big on trading and other risky ventures Lehman Says No Links to Fraud; Attorney tells jurors the firm didn't know of misconduct at E. Scott Reckard defunct lender First Alliance. Citigroup Makes Deal with Subprime Critic Homeowners grab 10-year mortgages - as rates hit a new low, borrowers reduce their interest costs with ever-shorter loans The Hedge-Fund Confidence Game Mara Der Hovanesian, with Susan Rutledge Home Brew: As Housing Buoys Economy, It's No Surprise to Fed's Chairman --- Greg Ip Greenspan Has Spent a Career Gauging Economic Impact Of U.S. Residential Wealth --- More Clout Than Stock Gains Market Fears Are Spreading to Asset-Backed Securities Henny Sender Can Sallie Save Citi, Restore Sandy's Reputation, and Earn Her $30 Million Paycheck? High Anxiety For Banks The refi craze could backfire as rock-bottom rates cut into yields on mortgages--and profits Business Brief -- Citigroup Inc.: Mortgage-Lending Agreement Reached in Low-Income Sector Lehman Bros. Held Liable in Fraud Case; Verdict against lender's financial backer points E. Scott Reckard to new vulnerability for Wall Street firms. Lehman Aided in Loan Fraud, Jury Says Diana B. Henriques Lehman Faces New Charges; Florida officials contend that Wall St. firm knowingly E. Scott Reckerd finances lending at First Alliance The Scary Side of Low Rates: Will they spur growth before they inflict serious damage? Rich Miller and Peter Coy, with Michael Arndt Credit Swaps, Some `Toxic,' May Soar to $4.8 Trillion (Update1) David Evans Protesters Target Wells Fargo Loans; Advocacy Group Says Mortgage Firm Overcharges Those With Bad Credit Freddie Mac Attack Freddie's Enemies; Big banks may get hurt by Freddie Mac's fall Stephane Fitch with Erin Killian Mortgage Boom Spurs Complaints - Regulators Report Sharp Rise in Gripes About Ruth Simon Lenders; Lost Paperwork, Busted Locks Big Banks Post Solid Profit Growth --- Wells Fargo Net Rises 7.4%, While FleetBoston Swings Back to Black From the Red Rising Rates Alter Mortgage Choices - Bond Turmoil Makes ARMs More Attractive, Especially for Homeowners Who Move Often For GM, mortgages are the motor Mortgage deals collapse as rates rise - borrowers find promised loans are expiring before lenders "lock" them in; closing in time Mortgage Markets Are Out Of Control Gretchen Morgenson Leaner Bull: Merrill's O'Neal Walks Tightrope As He Revamps Firm's Mission --- Axing Low-Margin Lines And Senior People Carries Risks for Ties to Clients --- Fund Meets a Sudden End Treasurys Trading Is a New World --- Government Bonds Secure A Growing Mortgage Michael Mackenzie and Market; Bigger Transactions Abound Agnes T. Crane Bear Stearns Profit Surges 91%, Helped by Strong Bond Trading House Money -- Behind Freddie Mac's Troubles: A Strategy to Take On More Risk --- Patrick Barta, John D. U.S.-Chartered Middleman Of Mortgages Transformed Into Financial Highflier --- A Wall McKinnon and Gregory Street Desk in Virginia Zuckerman Huh? Goldman Missed Out on Bond Market The Home Loan That is Still Hot - As Interest Rates Slow Refinancings, Borrowers Turn to Home-Equity Lines; Assessing the Risks They’re opaque, complex and probably toxic - Guess where the risk ends up John Plender What's Squeezing Banks; They're loaded up on mortgage-backed securities--and the refi Mara Der Hovanesian boom is ending Branching Out: Bank of America Bets on Consumer --- Acquisition of FleetBoston For $43 Billion Signals Growing Industry Battle --- A Race to Find New Accounts Service Charge: As Banks Elbow for Consumers, Washington Mutual Thrives --- Its Bet on Branches Pays Off, And Others Follow Suit; Some Investors 'Carry' Baggage --- Borrowing at Short-Term Rates To Partake in Longer- Aaron Lucchetti Term Debt Isn't as Attractive as It Used to Be Citigroup Spends $1.25 Billion To Enlarge Subprime Presence --- Purchase of Finance Arm Of Washington Mutual Adds 409 U.S. Locations New Jersey Targets Predatory Loans; Lenders Cry Foul Fees on Fees Neil Weinberg Lending Patterns Remain Unequal --- African-Americans, Elderly Get Worse Mortgage Patrick Barta Terms Than Others, Study Finds Mortgage Slump? Bring It On; Countrywide plans to grab more of the market as the industry consolidates The new home economics Shawn Tully Banking: It'll Take More Than Free Toasters; >> With the mortgage boom over, bank profits could be less than half of last year's >> If M&A activity doesn't pick up, Wall Street may be in for a tough slog Lehman's New Street Smarts; Under CEO Fuld, the bond house has become a dealmaking power The Fed: Too soon for a victory lap? Rich Miller Feet in the Door: As Home Sales Cool, Ranks Of Realtors Grow Crowded --- Waves of Laid-Off Workers Enter Field, Threatening To Damp Commissions Four Big Banks Post Strong Results --- Citigroup, Wells Fargo, Bank One, U.S. Bancorp Gain on Consumer Lending Bank deals need close supervision. Gary Silverman Brits get into the swing of plastic Till Debt Do Us Part Bernard Condon England's great housing dilemma Martin Wolf Trends (A Special Report): Banking --- Size, Smiles and Scandals The stock market bubble, take two Bethany McLean The Deficit: America's credibility gap Shawn Tully Banks join hands with community activists Creative Mortgages Fuel Home Sales - Banks Push Variety of New Loans to Offset Rising Costs; the Price of a Missed Payment HSBC unit lends to people rejected by bank Putting The Muscle Back In The Bull Stan O'Neal may be the toughest- -some say the most ruthless--CEO in America. Merrill Lynch couldn't be luckier to have him. Mortgages: To Jumbo And Beyond Firms' Bond Stars Are Hot Commodity As U.S. Deficit Grows Gregory Zuckerman and Aaron Lucchetti ARMed And Dangerous? Adjustable-rate mortgages are pulling in new home buyers -- but Christopher Palmeri, the risks are high with Rich Miller Mortgages Rates are on the rise -inflation fears hit bond market and push long-term home loans over 6% Is Housing Headed for a Fall? Robert J. Samuelson As Household Debt Rises, New Risks in Higher Rates Edmund L. Andrews House Money: How One Executive Reignited Goldman's Appetite for Risk --- Outsider Mr. Blankfein Places Big Bets and Others Follow; Profiting With Firm's Cash --- Handling Trading Blow-Ups Apartment Lob: A Low-Income Housing Program Pays Dividends for Fannie Mae --- As John D. McKinnon Political Pressure Builds, Mortgage Giant Deploys `Partners' to Washington --- A Checklist for `Fire Drills' Hedge Fund Values: Stop the Fudging Mara Der Hovanesian The Housing Boom Hits the High End - Multimillion Dollar Homes, After Missing Out on the Hot market, Are Starting to Sell Briskly As Rates Rise, Borrowers Get Riskier Loans --- ARMs Now Account for 35% Of Mortgage Ruth Simon Applications, Highest Level in Nearly a Decade The Sleaziest Show On Earth Neil Weinberg Bernard Condon The unstoppable tide of credit swaps John Gapper Asset-Backed Securities Gain Favor --- Investors Become Defensive, With a Possible Bonanza For Consumer Borrowing Fed Assesses Citigroup Unit $70 Million in Loan Abuse Moving the Market: Citigroup Will Pay $70 Million To Settle Fed's Lending Charges Look Out Below, Lenders; The end of the mortgage boom is nigh--and it could get ugly Dean Foust, with for banks and thrifts Christopher Palmeri and David Welch A housing disaster in the making Martin Wolf The Sudden (In)Action on Wall Street --- As Bond-Trading Gains Decline, Securities Firms Will Scramble; Some of Them May Be Hit Hard Home Investments (A Special Report) --- Boom vs. Bust: The housing-price run-up can't last; The housing-price run-up will go on; Two experts debate the issue The Ever More Graspable, And Risky, American Dream Edmund L. Andrews Fighting a 'Subprime' Lender; Advocacy group says a couple were misled on rates and E. Scott Reckard and fees. Wells Fargo denies that. Susan Anasagasti Fine Print -- Growing Profit Source for Banks: Fees From Riskiest Card Holders --- Late Mitchell Pacelle Payers and Big Borrowers Are Becoming Cash Cows; How Interest Rates Balloon --- A Nasty Surprise on Page 54 Is a Housing Bubble About to Burst? As rising rates send mortgage payments higher, Peter Coy and Rich demand may cool Miller, et al. The Housing Bust: It Won't be Pretty Gretchen Morgenson Citigroup Courts A New Clientele: Mexican Workers --- Once Focused on the Ultrarich, It Now Eyes the `Unbanked'; Overcoming Fear of Debt --- Competing With Loan Sharks Luxury Home for Sale: 6 Bdrms, Dumpster Vu -- With Market Still Hot, Developers Start Building Near Undesirable Spots Mortgage-Backed Deals Are Taking a Novel Turn --- Bond Issuance Supported By Christine Richard and Unconventional Loans Is Rising on Wall Street David Feldheim Buyers Gain Power in Housing Market - As Inventories Rise, Sellers are Forced to Bend on Price; Free Vacation for Selling a Penthouse Indebted Consumers Reshape the Bond Market --- Betting on Americans' Ability To Pay Aaron Lucchetti Their Bills May Pose Risks If Interest Rates Move Higher Is the Housing Boom Over? Home prices have gone up for so long that people think Shawn Tully, et al. they'll never come down. But the fundamentals tell a different story--a scary one. House Play: After Big Run-Up in Real Estate, Some on Coasts Are Cashing Out Regulator Details a Wide Range Of Accounting Problems At Fannie James R. Hagerty, John D. McKinnon and Dawn Kopecki Mae Day: Fannie's Now at Mercy of Outsiders --- Board's Independent Directors Take the James R. Hagerty Lead With Regulators; Some Have Their Own Conflicts? House Alarm: In Fannie Mae Probe, Watchdog Has Started to Show Its Teeth --- Mortgage Giant Could Face Shake-Up After Report; Falling Rates Pose Problem --- Directors Consider Options Stock Market Quarterly Review: Bonds Prove a Winning Bet, Even as the Fed Raises Aaron Lucchetti Rates A Coming Nightmare of Homeownership? Gretchen Morgenson For These Mortgages, Downside Comes Later James R. Hagerty Erase Debt Now. (Lose Your House Later.) Michael Moss State Dominates Subprime Mortgage Lending in U.S. Trading Up: To Crack Wall Street's Top Tier, Lehman Gambles on Going Solo --- Firm Built on Bonds Expands Without Seeking a Merger; Investment Banking Is Key --- No New Gorilla for Mr. Fuld Homebuilders are Stretched Thin When Home Buying By the Poor Backfires; For many families, a house can be a bad Peter Coy investment Pushing Plastic: Combative Banker Faces State Suits Over Credit Cards --- In Low-End Mitchell Pacelle Lending, Officials Say, Mr. Abessinio's Firm Misled, Mistreated Clients --- He Says Cases Built on `Lies' Countrywide Fires Manager, Citing Ethics; The lender says he encouraged his staff to Annette Haddad steer borrowers to more costly sub-prime loans. Borrowers Find System Open to Conflicts, Manipulation Alec Klein Credit Raters' Power Leads to Abuses, Some Borrowers Say Alec Klein Asset-Backed Deals Drive Market: Insurance in 2004 May Top $800 Billion and is Poised to Surpass Corporate Bonds Investors Buy Real Estate At Record Pace --- Wary of Stocks, More Individuals Buy Ruth Simon Condos and Rental Property; REITs vs. Owning It Yourself State Probe of Wells Urged; Customers seek an investigation into the sales tactics of the bank's sub-prime lending unit. Damage Report: How Accounting Issue Crept Up On Fannie's Pugnacious Chief --- Amid John D. McKinnon and Multiple Investigations, SEC's Staff Ruling Puts Raines, Board on the Spot --- `I'll Hold James R. Hagerty Myself Accountable' Fannie's Fans Must Be In Denial Gretchen Morganson Countrywide Writes Mortgages for the Masses --- Dwarfed by Its Big-Bank Rivals, Company Manages to Grab Lead In White-Hot Home-Loan Market From Foreclosure to the Cleaners; Indebted Homeowners Say 'Rescue' Services Bilked Sandra Fleishman Them Protecting Yourself from a Housing Slump; Even if fears of a bubble are overblown, it's a Peter Coy good time to start thinking defensively The Mortgage Biz Has Lost Its Fizz: Goodbye, refi boom. Hello, sinking profits and industry consolidation Exclusive Club: Ex-Trader Creates Hot Hedge Fund, And a Traffic Jam --- Big Investors Gregory Zuckerman Clamor to Join Mr. Mindich's Operation, Despite Stringent Terms --- Elsewhere, Returns and Henny Sender Are Down House Money: Hidden Fees in Most Mortgages Bring Scrutiny to Fannie, Freddie --- John R. Wilke Regulator Calls Some Charges To Homeowners Too High... Home-Equity Loans Hit Record Levels --- Lenders Use Incentives, Discounts to Entice Homeowners; Free Maid Service for Six Months The fall of Fannie Mae Bethany McLean Workers Say Lender Ran 'Boiler Rooms' Mike Hudson, E. Scott Reckard Some Housing Markets Overheat --- More Than a Dozen Cities, Eight in California, Have James R. Hagerty Excessive Home Prices Fool's Paradise; We're awash with money. What happens when it dries up? Bernard Condon Teaser Rates On Mortgages Approach 0% --- As Lending Frenzy Slows, Banks Add Ruth Simon Twists to Lure Homeowners; Many of the Deals Have Pitfalls Comment & Analysis John Plender Officials Get Free Trip to Hawaii Nancy Vogel and Dan Morain Fannie, Freddie Holdings Under Fire --- Greenspan Moves Beyond Prior Warnings With Call For Cutting Size of Portfolio How Banks Pretty up the Profit Picture Amey Stone The unlikely case for fixed rate loans - downward drift of long-term mortgage rates Ruth Simon confounds experts and spurs refinancings Power Banking: Morgan Stanley Trades Energy Old-Fashioned Way: In Barrels --- Owning Physical Commodities Keeps Its Ear to a Market That's Robust These Days --- Barges, Pipelines, Tank Farms Revolving Door At WaMu Thrift Is Hurting Stock The Prepayment Trap: Lenders Put Penalties On Popular Mortgages Ruth Simon House Panel to Address Subprime Lending Home Loan Banks' Role Is Debated Fannie's shaky future Bethany McLean Trading Places: Real Estate Instead of Dot-Coms Motoko Rich Corporate America's New Achilles' Heel David Henry Doubt Is Cast on Loan Papers; Plaintiffs say identical entries for 3 different Ameriquest E. Scott Reckard and borrowers bolster claims of fraud. Mike Hudson Battle Ready: In Morgan Stanley Rebellion, Purcell Puts Up Tough Fight --- Favoring Dean Witter Veterans, CEO Inflames Tensions Left Over From Acquisition --- A Strong Grip on the Board Congress Draws A Bead On Predatory Lending The Fed Eyes Subprime Loans; New disclosure rules aim to flush out discriminatory rates After the Housing Boom; What the coming slowdown means for the economy -- and you. Beware black holes in global high finance: Complexity, opacity and the woes of AIG John Plender Disparities Found in Sub-Prime Lending; Data Show African Americans, Hispanics Pay Kirstin Downey More to Borrow for Home, Refinance Blacks Are Much More Likely To Get Subprime Mortgages --- Weaker Lender James R. Hagerty & Competition In Some Low-Income Areas Is Cited as Part of Problem Joseph T. Hallinan Globetrotter; Facing brutal competition in the U.S., giant Citigroup is reaching out to the burgeoning middle classes around the world. The New King of the Real Estate Boom: With housing sales soaring, homebuilders are the toast of this year's Fortune 500--and none is riding higher than luxury specialist Toll Brothers. But what happens when there's a slowdown? Clouds sighted off CDO asset pool Gillian Tett Innovative ways to repackage debt and spread risk have brought higher returns but have Gillian Tett yet to be tested through a full credit cycle. Spitzer Staff Probes Mortgage Fees --- Banks Including Citigroup, HSBC Are Asked for Data On Subprime Loan Practices Wells Fargo, Washington Mutual Contacted on Fees Spitzer Probes Sub-Prime Mortgages; New York's attorney general seeks data to assess whether lenders are targeting minorities. Citigroup Units Kept Making Loans That Violated Policy Eric Dash Hedge Fund Rumors Rattle Markets Riva D. Atlas et al. Searching for light in a murky debt pool Gillian Tett The Sky Darkens for Bondholders --- Backfiring Bets on Derivatives, Corporate Mark Whitehouse, Executives' Allegiances Are Among Worries Raising Risk Gregory Zuckerman, Henny Sender & Carrick Mollenkamp Ameriquest's Ties to Watchdog Group Are Tested Mike Hudson and E. Scott Reckard Taking Risk To Extremes; Will derivatives cause a major blowup in the world's credit markets? On the House: As Prices Rise, Homeowners Go Deep in Debt to Buy Real Estate --- James R. Hagerty and Economists Say Move to Tap Equity May Inflate Bubble; Ruth Simon New York Inquiry of Lending Bias Fuels Turf War Fixer-Upper: Housing Boom Starts to Transform Distressed Cities --- After Long Decline, Baltimore Sees New Investors Rush Into Poor Neighborhoods --- Gertrude Stein Lived Here Lenders Clamp Down On Inflated Appraisals --- Overly Aggressive Valuations Add Fuel to Housing Boom; Requiring a Second Opinion RBC sells loss-making Houston mortgage arm Riding the Boom They snap up real estate, flip it, then chase the next hot market.They're David Grainger et al. the new day traders--and they're dancing on the edge of a volcano. See A Bubble? Roger Lowenstein Sensitive Boundaries: Goldman Faces New Tensions In Trading, Serving Hedge Funds --- Salesmen Both Advised Clients Of Firm and Influenced Its Own Bets on Market --- Word of a Stock Sale Leaks Swan Song; For Edgar Bronfman Jr., the band must play on. Bernard Condon WaMu Has Deal To Buy Providian For $6.45 Billion Side Effects: In Treating U.S. After Bubble, Fed Helped Create New Threats --- Low Greg Ip Rates Bolstered Economy, But Housing, Foreign Debt Appear Out of Balance --- Greenspan's Legacy at Stake Treasure Hunt: Amid Low Rates, Home Prices Rise Across the Global Village --- Armed Jon E. Hilsenrath and With a `Saving Glut,' Investors Chase Returns; Londoners Buy in Bulgaria --- Bangkok Patrick Barta Market Is Hot -- Again The Trillion-Dollar Bet: Homeowners Take Risks in a Bid for Lower Mortgage Payments David Leonhardt and Motoko Rich Fannie Sees Higher Odds of Regional Housing Busts `Everything Is Starting to Sour'; With even the bond business faltering, bank earnings are Mara Der Hovanesian looking dismal Booming Local Housing Markets Weigh Heavily on Overall Sector Greg Ip Approval of Ameriquest Settlement Sought; The lender could pay borrowers $50 million E. Scott Reckard but lawyers in a separate case are seeking changes. Nominee Talk for Loan Exec; As Ameriquest wins a legal ruling, its founder is said to be a Josh Friedman and E. possible ambassador to Holland Scott Reckard The Mortgage Trap; Lenders are cranking out an ever-growing array of financing schemes and lowering standards to keep the boom going. Barclays Suitors Might Get a (Mr.) Diamond Too Much Money; A global savings glut is good for growth -- but risks are mounting Rich Miller et al Is it time to cash out? Shawn Tully When Martin Eakes Speaks, Citigroup Listens James R. Hagerty Housing gets even less afforable - creative mortgages, which have kept monthly payments down, start to lose steam Loose Reins on Galloping Loans; Efforts to Regulate Risky Mortgage Innovations Are So Edmund L. Andrews Far Ignored Easy Money: A Mortgage Salesman's Pitch --- Mr. Ray Touts Low Payments For the First George Anders Five Years; Interest Keeps Piling Up --- A Chance to Buy That Escalade CEO School: Flung Into Top Job, Sullivan of AIG Learns on the Fly --- He Must Both Handle Probes And Shift a Culture Shaped By Legendary Predecessor --- Rehearsing a Conference Call In at the Top Neil Weinberg Out of the dark - and into the clear? Bethany McLean Mortgage Lenders Loosen Standards --- Despite Growing Concerns, Banks Keep Ruth Simon Relaxing Credit-Score, Income and Debt-Load Rules Changing Face of Market Risk --- Report Looks at New Complexity Of Derivatives, Other Products; Making Sure the `Plumbing' Works Investors Fret Mortgage Balloons Will Burst Jesse Eisinger How rating agencies navigate the lucrative waters of structured finance Richard Beales and Gillian Tett Credit the US banks for the boom Gillian Tett Wall Street Finds a New Gusher --- Commercial-Mortgage Securities Are Headed Toward Christine Haughney a Record Year As Real-Estate Financing Shifts Bush Picks Ameriquest Owner as Ambassador; Firm's Lending Tactics Investigated Who owns your loan? Why Europe's businesses will face surprises if trouble hits Gillian Tett Global CDO issuance sees sharp upturn That Hissing Sound Paul Krugman HUD Agency May Insure Riskier Loans Jessica E. Vascellaro Rise in Supply of Homes for Sale Suggests Market Could Be Cooling James R. Hagerty &Kemba Dunham Steering Clear of Bubble Trouble; In a relentlessly inscrutable housing market, there are Peter Coy with Rich ways to minimize risk Miller and Dean Foust, Christopher P Jesse Eisinger Whither Subprime Mortgage Lenders? Answer Holds Housing Market Clues How Will Home Boom End? --- Even If Prices Don't Collapse, Some Owners Will Feel James R. Hagery Pain Wall St. Waits to See What Will Be Repaid; As the variations of adjustable-rate Tom Petruno mortgages rise, so do the risks for borrowers. Be Warned: Mr. Bubble's Worried Again David Leonhardt Piggy Bank - or House of Cards? Peter Coy Family Finance: Bankers' Group Issues a Caution on Home Loans Interest-Only Loans Soar in Commercial Market Housing-Bubble Talk Doesn't Scare Off Foreigners --- Global Investors Gobble Up Ruth Simon, James R. Mortgage-Backed Securities, Keeping Prices Strong Hagerty & James T. Areddy Fed, Banks Will Meet Over Derivatives Good News, Bad News: Your Loan's Approved Eduardo Porter Greenspan And The Bubble Paul Krugman Merrill and Citigroup top CDO field Betting on the Right Loan; Buyers Looking Only for the Lowest Payment Could Be Sandra Fleishman Gambling With Their Future Banker of America By ignoring his critics, Ken Lewis built the country's biggest retail bank. Look out, Citigroup. The Mortgage Maven; Sam Lieber says forget about bubbles bursting and get a piece of the housing boom. Slices of Risk: How a Formula Ignited Market That Burned Some Big Investors --- Credit Mark Whitehouse Derivatives Got a Boost From Clever Pricing Model; Hedge Funds Misused It --- Inspiration: Widowed Spouses Hedge Funds Neil Weinberg, Bernard Condon and Peter Lattman Putting The Squeeze On a Bubble Conrad de Aenlle Cheap Loans Are Under Fire; Mortgage companies are on the defensive for loosening Tom Petruno credit standards amid the housing boom. Be Warned: Mr. Bubble's Worried Again David Leonhardt Mortgage Risk: a Hot Export --- What if Home Loans Blow Up? Much of the Pain's Been James R. Hagerty & Sent Overseas Ruth Simon Credit derivative growth soars Mortgage Lenders Tighten Standards --- Amid Concern Over Rising Risk, Banks Make It Harder to Qualify for Certain Home Loans Restless investors begin to look again at CDO risk profiles Ivar Simensen and Jennifer Hughes Racial Gap in Loans Is High in State; A study finds that borrowers in minority communities Jonathan Peterson in the L.A. area are more than nine times more likely to get higher-cost mortgages. Will Bubbles Spoil Fed's Reputation? Floyd Norris JPMorgan network dominates the field Gillian Tett Holding Off Bankruptcy, But Draining Home Equity Ford Fessenden Global institutions: Sleepwalking into financial crisis Chris Giles Moving the Market: Mortgage-Backed Securities Become Riskier Christine Haughney A Bank in Bondage Risky 'Exotic' Loans Fostering a Refi Cycle; Many borrowers are trading in interest-only Annette Haddad mortgages to forestall higher payments. The Mortgage Maker Vs. The World Junk Gets Junkier; A new breed of financiers is driving rates on dicey corporate loans to Bernard Condon new lows. Living too Large in Exurbia Mark Morrison, with Paul Magnusson and Peter Coy Why more opacity is dangerous for financial markets Gillian Tett The king of real estate's cashing out Shawn Tully More Homeowners With Good Credit Getting Stuck With Higher-Rate Loans Mike Hudson and E. Scott Reckard I'm Tom Barrack* and I'm getting out *The world's best real estate investor has made Shawn Tully billions in the U.S. market. Now he's cashing out and buying overseas. Should you cash out too? Ameriquest's Ads Reach Beyond Bad-Credit Niche; Some criticize the lender's costly E. Scott Reckard promotion that omits the company's 'sub-prime' focus. Fast-growing CDO market suffers first teething problems Awash in Cash: Cheap Money, Growing Risks --- Stash Flow: Huge Flood of Capital to Greg Ip & Mark Invest Spurs World-Wide Risk Taking --- Corporate and... Whitehouse Fraud Comes Home With Easy Loans; Mortgage scams are plaguing Chicago's poor and David Jackson threaten to become a nationwide financial epidemic, the FBI says. Housing Market Shows Further Signs of Cooling Bonds Signal Challenges Ahead for Economy --- Rising Long-Term Rates May Mean Mark Whitehouse Headaches for Some Homeowners, But Market Has Been Wrong Is Getting a Home Loan Becoming Too Easy? --- Lenders Seek Fewer Documents To James R. Hagerty & Verify a Borrowers' Income; Homeowners, Investors at Risk Ruth Simon After the Debt Feast Comes the Heartburn Gretchen Morgenson Property Boom: How Big U.S. Home Builders Plan to Ride Out a Downturn -- D.R. Horton Keeps Costs Low As It Takes On Small Rivals In `Pickup-Truck' Markets --- Skepticism on Wall Street Ameriquest Dispute Holds Up Founder's Ambassadorship; States Negotiating Settlement Kirstin Downey Housing Bears Bet on Shaky Credit --- As Interest Rates Increase, Hedge Funds Are Mark Whitehouse & Profiting From Credit-Default Swaps Gregory Zuckerman Morgan Stanley Overhauls Itself (Now, the Stock?) Mortgage Bonds May Be Good Bet In '06, Pros Say Mark Whitehouse Fear of Falling; Have home prices peaked? Ellen Florian Kratz After The Housing Runup; Most of the big gains are behind us, but there are still pockets of value Year-End Review of Markets &Finance 2005 --- Bonds' Gravity-Defying Act --- Foreign Mark Whitehouse Investors' Demand Drives Buoyancy, but 2006 Could Be a Difficult Year A Good Year, for the Record Lehman Brothers So Many Lenders, So Few Takers; As housing slumps, the roof is falling in on the overbuilt mortgage industry Your Money Matters - Home Rundown: A look at the pros and cons of different types of mortgages - and which one may be best for you now Big Bond Rally Isn't in Bonds, But in the Raters --- Credit Firms S&P and Moody's Are Mark Whitehouse and Awash in New Business; `A Free Ride' of Growing Fees Liam Pleven Ameriquest to Pay $325 Million in a Settlement Over Lending Ameriquest Settles Claims; Accused of misleading borrowers with credit problems, the E. Scott Reckard mortgage company will overhaul its lending practices and pay $325 million Down Payments' Downward Trend Tomoeh Murakami Tse Taming the Predators Michelle Singletary Lenders Try to Keep Mortgage Boom Alive - Changing Course, Banks Push Borrowers to Swap Adjustable Loans for Fixed-Rate Ones More Mortgage Lenders Targeted; In the aftermath of Ameriquest, regulators say they're E. Scott Reckard and continuing to probe 'sub-prime' firms. Mike Hudson Getting Wise To Mortgages --- New Tools Help Decode Jargon, Sniff Out Deals; Avoiding James R. Hagerty and the Camel Market Ruth Simon Wall Street Is Cleaning Derivatives Mess Rewiring Chuck Prince; Citi’s chief hasn’t just stepped out of Sandy Weill’s shadow — he’s stepped out of his own as he strives to make himself into a leader with vision For Minorities, Signs of Trouble In Foreclosures Vikas Bajaj and Ron Nixon Simply Put: Accounting-Rule Makers May Change How to Book Derivatives James R. Hagerty and David Reilly Study Supports Lending Laws; Regulation Reduces Predatory Practices, Advocacy Group Says How to Ride a Housing Bubble; Golden West specializes in exotic mortgages -- and in surviving downturns For This Industry, A Rise in Foreclosures Is a Good Thing -- Obscure Profession Gears Up On Signs Housing Sector Could Be Cooling Down Buying the Returned Home - As More People Walk Away from Contracts, Some Builders Cut Prices; How to Spot Deals The Unlikely Revolutionary Critics are sniping and the stock is lagging, but Citigroup's Chuck Prince keeps charging ahead, blowing up business practices put in place by his famed mentor, Sandy Weill. Prime Brokers Get a Caution Flag --- Credit Watchers Are Wary Of a Crisis From... Serena Ng At the Doorstep: Millions Are Facing Monthly Squeeze On House Payments --- Many James R. Hagerty Adjustable-Rate Loans, Popular in Recent Years, Will Soon Be Reset Higher Private Inequity Neil Weinberg and Nathan Vardi Debt Valley Days David Henry The Dream Machine Gillian Tett States Shelter Risky Borrowers --- Legislatures Battle Predatory Lenders as Washington Christopher Conkey Debates Issue Coffee, Tea, or Mortgage? Banks are cozying up to customers while using high-tech tools to identify prospects Stock Market Quarterly Review: Merger Mania Abroad Boosts U.S. Firms --- Bankers Cite Susanne Craig Lower Costs, Less Bureaucracy, Strength Of Stock... Risky Forecast: This Time Is Different Floyd Norris Barclays: Anything But Stodgy; President Bob Diamond has turned the once-troubled investment banking unit into a powerhouse Buyer (And Seller) Beware; Is housing set to blow, or are there more gains ahead? Here's Peter Coy with Toddi how to navigate an anxious market Gutner and Timothy J. Mullaney The Improbable Power Broker: How Dick Fuld transformed Lehman from Wall Street also- ran to super-hot machine. Real-Estate Bonds Gain Popularity --- Institutions Are Willing To Take Plunge for Reward: Christine Haughney `More Investor Awareness' New Type of Mortgage Surges in Popularity - Fixed Rate Interest-Only Loans Lower Initial Ruth Simon Payments but Delay Debt Reduction Mortgage Lenders: Who's Most at Risk; As delinquency rates rise, red flags are flying Mara Der Hovanesian over some aggressive finance outfits Lenders Push Home-Equity Deals - With Rates at 5 Year High, Banks Seek to Keep Ruth Simon Consumers Borrowing Wachovia Strikes $26 Billion Deal For Golden West --- California S&L Will Give Acquisitive Giant Big Slice Of Mortgage-Loan Business Street Star: Citi's Sallie Krawcheck tells Geoffrey Colvin what it takes to be CFO of the world's largest bank. Chief Calls Deal a Dream For Wachovia KKR: Barbarians at Your Gate Roben Farzad Big Risk on Campus Anne Tergesen, with Roben Farzad Real Estate Survival Guide Late Payments On Mortgages Rise --- Studies Find Higher Loan Delinquencies Stemming From 2005's Lending Boom Revolution in a murky loan world Gillian Tett and Paul J Davies Investors are 'dangerously complacent' Gillian Tett Last Resort: Slower Home Sales Open Up a Market For Some Investors --- The Threat of Foreclosure Feeds a Real-Estate Niche That Thrives on Hard Luck Do You Know Your Loan?; Borrowers With Adjustable-Rate Mortgages Might Not Sandra Fleishman Understand What They've Got Pimco's Kiesel Says Housing Will Hurt Corporate Bonds (Update1) It Looks Like Fannie Had Some Help; Major players on the Street may be tied to the Dawn Kopecki with fiasco at the mortgage giant Mara Der Hovanesian Inside Wall Street's Culture Of Risk; Investment banks are placing bigger bets than ever Emily Thorton, with and beating the odds -- at least for now David Henry and Adrienne Carter Downturn? What Downturn? Lehman Profit Is Up 47% Study Finds Bias In Mortgage Process Kenneth R. Harney Bubble, Bubble, Who's in Trouble? Worried investors are hunting for safe havens. But Michael Mandel with with so many bubbles about, it's anyone's guess which way to turn. Peter Coy Cooling Home Markets Spurs Interest in Foreclosure Sales - Reliability is Often a Problem Among Web Sites That List Properties Seized by Lenders When passing the parcel ends Gillian Tett Credit Default Swaps Explained Gillian Tett Riskiest Mortgage Bonds May Underperform, Credit Suisse Says Mark Pittman Citigroup Beefs Up Credit-Derivatives Operation Loan world must go public to stop claims of dodgy dealing Gillian Tett New Headache for Homeowners: Inflated Appraisals James R. Hagerty and Ruth Simon Variable Loans Help to Put Off Mortgage Pain Vikas Bajaj and Ron Nixon As Data Point to Slowdown, Housing Market May Land Harder Than Economists Predict Mark Whitehouse Countrywide Pulls on the Reins --- CEO Adopts Cautious Stance: 'I've Never Seen a Soft Landing'; Rival Wells Fargo Is Riding On Morgan Stanley Agrees to Acquire Saxon Capital Homeowners Start to Feel the Pain of Rising Rates - Payments on Adjustable Loans Hit Overstretched Borrowers; 'Budgets are Out of Whack' Option ARMs Remain Popular In Spite of Risks Ruth Simon Stated Income' Home Mortgages Raise Red Flags Lingling Wei After the Boom: Housing Slump Proves Painful For Some Owners and Builders --- 'Hard James R. Hagerty & Landing' on the Coasts Jolts Those Who Must Sell; Ms. Guth Tries an Auction --- 'We're Michael Corkery Preparing for the Worst' Sub-Prime Lenders' Shares Fall; Purveyors of risky home loans are hit by fears of a E. Scott Reckard cooling housing market and higher default rates. Getting real about the real estate bubble Shawn Tully Mortgage Market Begins to See Cracks As Subprime-Loan Problems Emerging Jesse Eisinger Sign of an Apocalypse in Private Equity Roben Farzad Merrill Lynch to Acquire Lender for $1.3 Billion Mortgages Grow Riskier, and Investors Are Attracted Vikas Bajaj Phantom Profits Staff Nightmare Mortgages; They promise the American Dream: A home of your own -- with Mara Der Hovanesian ultra-low rates and payments anyone can afford. Now, the... Private Money: The New Financial Order --- The Hedge-Fund King Is Getting Nervous --- Susan Pulliam Inside billionaire Steven Cohen's hidden world of massive trading and lavish art; Is the party over? --- At home with Van Gogh, Gauguin and a skating rink Time to decode derivatives Gillian Tett Hopped Up on Hedge Funds Adrienne Carter Nightmare Mortgages; Our cover story on option ARMs struck a nerve with brokers, Mara Der Hovanesian bankers, and consumers Deals galore in a world awash with cheap money Gillian Tett Town's Residents Say They Were Targets of Big Mortgage Fraud James R. Hagerty and Michael Hudson FICO Rules, but Other Options Remain Sandra Fleishman Bad Blood Over Bad Loans; Mortgage defaults are rising. Wall Street thinks banks should mop up the mess After the wobbles, complacency creeps back in John Plender Whistling Past Housing's Graveyard? --- Bad Loans Draw Bad Blood Joining the Club -- Inside Goldman's Secret Rite: The Race to Become Partner --- For Candidates, a Grade of 'C' Means Prospects Are Dim; Avoiding the 'Land Mines' --- A Star's $40 Million Payday The credit business is more perilous than ever John Plender Cleaned Up But Falling Behind; Investors are carping about Citicorp's slow recovery. Can Chuck Prince pick up the pace? A Dangerous Game; Hedge funds have gotten rich from credit derivatives. Will they blow Daniel Fisher up? Home-Equity Loan Delinquencies Increase, Moody's Says More Home Loans Go Sour - Through New Data Show Rising Delinquencies, Lenders Continue to Loosen Mortgage Standards New instruments that call the tune Richard Beales Danger -- Explosive Loans; Collateralized loan obligations offer loads of cheap money. Staff But payback time may be coming Home Prices Keep Sliding; Buyers Sit Tight --- August and September Declines Were James R. Hagerty Largest in at Least 38 Years; Yanking a Listing in Naples, Fla. Gluttons at the Gate Emily Thorton Risk Management: As Home Owners Face Strains, Market Bets on Loan Defaults --- New Mark Whitehouse Derivatives Link Fates Of Investors and Borrowers In Vast 'Subprime' Sector --- 'These Are the Marginal Guys' Mortgage-Fraud Suspicion Reports Rise 35%; Treasury to Review Take care when the sweet taste of CDS starts to turn sour Gillian Tett Boom! Bust! Boom? Check the history of housing busts. Some areas bounce back more Peter Coy strongly than others Mortgages and New Homes: What to Do When a Builder Offers to Find You a Loan Ruth Simon Why Bankers Keep Seeing Bears Mara Der Hovanesian Mortgage Lenders Feel the Chill Mara Der Hovanesian Can the Economy Survive the Housing Bust? Jon Birger Derivatives market surges nearly 25% Sub-Prime Mortgage Defaults Jump 25%, Friedman Says Habitat for Hustlers; Freewheeling banks and lenders are preying on owners of the Mara Der Hovanesian, affordable homes with Greg Hafkin and Christopher Palmeri New York Fed Reports Progress On Derivatives Wall Street Leads Consolidation Of Subprime-Lending Business --- High-Risk Loan.. Financial wizards owe a debt to ratings agencies' magic Gillian Tett You Can Buy a House For $1,000 Today, But You'll Pay a Price --- Foreclosure-Auction James R. Hagerty Bargains Often Need Costly Work; Obscenities on the Wall Subprime Lenders Are Hard Sell Banks warned on extreme leverage Gillian Tett Wells Fargo buying more `sub-prime' mortgages E. Scott Reckard More Borrowers With Risky Loans Are Falling Behind --- Subprime Mortgages Surged As Ruth Simon and James Housing Market Soared; Now, Delinquencies Mount R. Hagerty Countrywide Settles With Spitzer --- Mortgage Bank Agrees To Changes Amid Probe Of Lending Disparities Un-American activities Andrew Hill Subprime Loans Going From Boon To Housing Bane; Minority Buyers Especially Hurt As Vikas Bajaj Interest Rates Adjust Higher Minority Buyers Especially Hurt As Interest Rates Adjust Higher Vikas Bajaj and Ron Nixon US subprime loans face trouble Saskia Scholtes, Michael Mackenzie and David Wighton US subprime loans face trouble Saskia Scholtes Mortgage Industry Starts to Roil Bond Markets Gregory Zuckerman and Michael Hudson Verdict against Lehman is upheld E. Scott Reckard Mortgage Bonds, CDOs to suffer next year, Fitch says Not-So-Fixed Income; Do the meager yields on Treasurys leave you cold? You can get an extra point of interest with mortgage-backed... A Farewell to ARMs? Not Quite Yet; New classes of lenders are jumping in to offer high- Mara Der Hovanesian risk mortgages Debt Investors' Double Burden --- Subprime Delinquencies Have Potential to Ripple, but It May Not Be Time to Panic First-Timers Begin Looking at Houses Again - Lower Prices, Mortgage Rates Lure Buyers off the Sidelines; Special Offers in Tampa, FL. Lehman Net Jumps but Disappoints; Bear Just Jumps Sub-Prime Mortgage Failures May Climb to 19 Percent Jody Shenn Bet The House; Don't believe talk that the worst of the real estate downturn is over. Too James Grant many funky loans are out there. Getting Real About Real Estate Ellen Florian Kratz The "Foreclosure Factories" Vise; The predatory tactics of some mortgage servicers are Mara Der Hovanesian squeezing homeowners Renters Gloat Over Housing Slump --- Some Who Missed the Boom Are Feeling James R. Hagerty and Vindicated Now; Resisting 'Nesting Instincts' George Anders Mortgage Bonds Could Continue Momentum in '07 Buyer's Remorse: Speculators Helped Fuel Florida's Housing Boom High-risk loans revealing shaky foundations Saskia Scholtes Central banks face challenge from structured finance explosion Gillian Tett Elaborate debt deals spread risk but distort the data Gillian Tett Should Atlas still shrug? The threat that lurks behind the growth of complex debt deals Gillian Tett Bankruptcy Boot Camp; How one man is training an army of lawyers to fight predatory Mara Der Hovanesian lenders Citigroup is Expanding Mortgage-Service Arm - Bank Moves to Acquire Some US Operations of ABN Amro Holding Tightening the Belt: In Citigroup Ouster, a Battle Over Expenses: Falling Behind Rivals, CEO Prince Confronts Executive's Spending Tightening the Belt: In Citigroup Ouster, A Battle Over Expenses --- Falling Behind Rivals, CEO Prince Confronts Executive's Spending Banks Move Earlier to Curb Foreclosures - As Mortgage Delinquincies Mount, Lenders Offer Free Refinancing, Debt Forgiveness for Selling Homes at a Loss More People with Weak Credit are Defaulting on Mortgages Sachs Appeal; Goldman Sachs has emerged from the market bust as a trading colossus. New Chief Lloyd Blankfein must fuel growth--and avoid an... After the flood: how central banks fret about failures once liquidity dries up John Plender Subprime lenders act to cut defaults Mortgage Refinancing Gets Tougher - As Adjustable Loans Reset at Higher Rates, Homeowners Find Themselves Stuck Due to Prepayment Penalties, Tighter Credit ‘Violent reaction’ to an increase in risk Richard Beales and Saskia Scholtes Can profits keep rising? Uncle Miltie said no Shawn Tully Faulty Assumptions: In Home-Lending Push, Banks Misjudged Risk --- HSBC Borrowers Carrick Mollenkamp Fall Behind on Payments; Hiring More Collectors Sub-prime loan market shaken up; Stocks are hit after two lenders report big losses from defaults. Some borrowers may suffer. Default Jitters Batter Shares Of Home Lenders --- Risky Mortgages Spark Concerns, James R. Hagerty and Uncertainty About Fallout on Bonds Ruth Simon Never mind the risk, feel the hefty subprime fees--Wall Street's finest in Panglossian John Plender mode ARMed and Dangerous Mara Der Hovanesian Merrill Loaded for Bear in Mortgage Market That Humiliated HSBC Bradley Keoun and Jody Shenn Fears grow over subprime loan market Home Lenders Cut the Flow of Risky Loans -More Defaults Prompt Cut in 'Piggyback' James R. Hagerty and Mortgages; Housing Market May Suffer Ruth Simon Will Other Mortgage Dominoes Fall? Gretchen Morgdenson It's a Low, Low, Low, Low-Rate World; Money is cheap. And some experts say it could Michael Mandel & stay that way for years. That's creating opportunity--and brand new risks David Henry, et al. Mortgage debt is not safe as houses Saskia Scholtes Lucrative market may yet prove house of cards Jane Croft Subprime sickness The Bankruptcy Development That Has Wall St. Worried Jenny Anderson Weighing restraints on loans; U.S. officials are mulling over proposals that would curb abuses in the `sub-prime' market. Mortgage-Bond Pioneer Dislikes What He Sees James R. Hagerty Home Lenders Pare Risky Loans --- More Defaults Prompt Cut In 'Piggyback' Mortgages James R. Hagerty and Ruth Simon Home Lenders Cut the Flow of Risky Loans - Default Fears Drain Subprime Pool, Adding Ruth Simon, James R. to Pressures on Prices Hagerty and Michael Corkery Subprime Game's Reckoning Day - Risky Lending Fallout Threatens to Spread; Uncertain Karen Richardson and About ARM Strength Gregory Zuckerman Sub-prime lending shakeout heats up; Freddie Mac says it won't handle certain loans. Ameriquest finds a potential partner. Ameriquest obtains funds from Citigroup; The sub-prime lender gives the banking giant options to buy some mortgage operations. Mortgage Defaults Start to Spread - New Data Show That Nontraditional Loans are Beginning to Haunt Borrowers with Midlevel Credit; Prime Still Fine Housing Glut Gives Buyers Upper Hand --- As Spring Home-Shopping Season Looms, James R. Hagerty and Supply Mounts And Prices Fall in Some Areas; Builders See Slow Recovery Ruth Simon Regulators plan tightening of subprime loans Troubles for sub-prime lenders grow; New Century discloses a federal criminal probe, and Fremont says it is exiting the business. Regulators propose stricter guidelines. Authorities Investigate Big Lender Scrutiny grows on US subprime lenders Mortgages May Be Messier Than You Think Gretchen Morgenson A Mortgage Crisis Begins to Spiral, and the Casualties Mount Julie Creswell and Vikas Bajaj Lending sector takes a major hit; The stocks of companies heavily involved in the sub- prime mortgage market fall steeply as backing from Wall Street tightens up. Subprime Wreckage Entices Bargain Hunters --- Some Wall Street Banks Bet Big on a Michael Hudson, Recovery In Risky-Loan Game James R. Hagerty and Kate Kelly Policymakers' Approach to Risk: 'What, Me Worry?' Steven Pearlstein Debating Standards for Mortgage Lenders - Subprime Defaults Prompt Calls for New Rules Ensuring that Loans Suit Borrowers On Wall Street: Subprime loans come home to roost Saskia Scholtes New Century, strapped for cash, halts home lending Second-Biggest Subprime Lenders Halts New Loans - New Century Move Feeds Bankruptcy Speculation; Funding Crunch Widens Loan turmoil closes doors for buyers; Mortgage terms are tightening as more sub-prime borrowers default and lenders reel. Crisis Looms In Mortgages Gretchen Morgenson Wall St braced for subprime collateral damage Countrywide Ends No-Money-Down Loans Home Stretch: At a Mortgage Lender, Rapid Rise, Faster Fall --- Wall Street Fueled James R. Hagerty, Growth at New Century; A Party-Hard Culture Ruth Simon, Michael Corkery and Gregory Zuckerman Big profits = danger ahead Shawn Tully Home Price Worry Rises As Mortgage Woes Grow; Big Irvine- based lender to risky David Streitfeld; E. borrowers nears bankruptcy in wake of mounting defaults.; WALL STREET PULLS Scott Reckard FUNDS Banks Go on Subprime Offensive --- HSBC, Others Try to Force Struggling Smaller Carrick Mollenkamp, Players To Buy Back Their Loans James R. Hagerty and Randall Smith Lending crisis ignites broad economic fears; Stocks dive as data show more home loans in delinquency and new foreclosures at a record. Bad Loans Put Wall St. in a Swoon Subprime Fears Spread, Sending Dow Down 1.97% --- Weak Data Fuel Concern About a Wider Malaise; GM Ponies Up $1 Billion Bargain Basement: Foreclosure Rise Brings Business To One Investor --- Mr. Barnes Buys Dregs From Worried Lenders; A Dozen for $35,250 GM profit in '07 likely to be hit by home-loan woes; The carmaker must contribute $1 billion to bolster lending affiliate GMAC under terms of a majority-stake sale. How a fiasco of easy home loans has tripped up America FT Reporters Q&A | Sub-Prime Lending; Borrowers don't lack options, experts say Kathy M. Kristof Where the Wolf Comes Knocking; Areas Already in Economic Distress Feel Rise in David Cho and Nell Housing Foreclosures Most Henderson The Mortgage Meltdown; Ameriquest fires big part of workforce; The parent company also shuts six centers in an effort to survive the sub-prime shakeout. Spectre of income inequality haunts investment bankers John Authers A town right on the default line; Foreclosure notices are painfully common in Perris, where David Streitfeld sub-prime loans built a suburb. The Mortgage Meltdown; 2 lenders gain breathing room Rising Trouble With Mortgages Clouds Dream of Owning Home Eduardo Porter and Vikas Bajaj Spain, Ireland and threats to the property boom Wolfgang Munchau The wrong way to lend to the poor John Gapper Easy mortgages put Irvine lender in a house of straw E. Scott Reckard; Kim Christensen Who Will Get Shredded? As the subprime business tanks, the pain is spreading to a wide Mara Der Hovanesian swath of investors and Matthew Goldstein, with Spencer E. Ante The dangers of investing in subprime debt Bethany McLean Mortgage Meltdown; More layoffs in sub-prime loan sector; Fremont tells many on staff to expect pink slips. Ameriquest's name comes off a stadium. New Century CEO, A Crisis Survivor, Faces Another One Sub-prime lender Accredited gets loan; It receives a $200- million infusion. Also, Wells says hundreds have been let go at its unit. Woes deepen at New Century. Fremont in deal to $4 billion in sub- prime loans; The troubled lender says it expects to lose about $140 million on the transaction, less than had been feared. US housing market The Mortgage Meltdown; A dubious title won by default; Colorado led the U.S. in P.J. Huffstutter foreclosures most of last year. The mood is grim in once- bustling Greeley. The Mortgage Meltdown; Regulators accused of lax loan oversight Jonathan Peterson Lending Oversight: Regulators Scrutinized In Mortgage Meltdown —- States, Federal Greg Ip and Damian Agencies Clashed on Subprimes As Market Ballooned Paletta Fed Faulted For Inaction On Mortgages; 'Pattern of Neglect' Fostered Subprime Ills, Senators Say Automated Underwriting Software Helped Fuel a Mortgage Boom Lynnley Browning Home Equity' Late Payments Rise Most Since 1996, Moody's Says Inside the Mortgage Crisis The Mortgage Meltdown; Sub-prime risk is less for big banks; Wells Fargo and others are taking less of a hit from bad loans, thanks to their diversification. Making Sense of the Mortgage Mess Mara Der Hovanesian, Peter Coy and Matthew Goldstein, with David Henry Left in the dark on debt obligations Saskia Scholtes The Mortgage Meltdown; State regulator calling for ban on stated- income loans; He says Marc Lifsher borrowers who overstated their means, and their lenders, have contributed to the sub- prime collapse. Wall St banks chase risky lenders Saskia Scholtes and Ben White Borrowing Trouble Gretchen Morgenson and Julie Creswell Wall street Firms Vie to Expand Trading Floors - Goldman Sets Off race for Space that Adds to Office-Market Frenzy The Mortgage Meltdown; Top lender files bankruptcy, lays off 3,200; New Century's fall hastens a sub-prime shakeout. Diversified firms are seen as stable. Subprime rescue 2 sub-prime lenders lose their auditor; Grant Thornton quits working with Fremont General and Accredited Home Lenders in what amounts to a vote of no-confidence. Pink slips litter loan industry; The turmoil in the sub-prime mortgage sector hits some workers as hard as borrowers. Home Loans: A Nightmare Grows Darker Gretchen Morgenson Digging out of Delinquency - More Borrowers Fall Behind on Home Loans, Complicating Ruth Simon Efforts to Work out Solutions $1 Billion Pledged to Help Fend Off Foreclosures; Advocacy Group to Refinance Mortgages of Those Stung by Subprime Loans A profit gusher of epic proportions The Short View: Panic over Fremont General finds buyer for sub-prime loans WaMu Leads in Risky Type of Lending - Analysis Shows Thrift Makes Frequent Loans for James R. Hagerty and Investment Homes Ann Carrns Finger-pointing won’t fix the subprime fiasco Option-ARMs Emerge As Home-Loan Worry James R. Hagerty and Ruth Simon GE mortgage unit to trim 771 more jobs; Burbank-based WMC cut more than 460 in March. Citigroup's chief slams `aggressive' loans from independent firms. H&R Block to sell mortgage unit; Cerberus Capital agrees to take over troubled sub-prime lender Option One for an amount to be set. Can't Pay The Loan but Won't Pick Up the Phone Michelle Singletary Merrill, GE Units' Bonds Led in Two Subprime Risks Jody Shenn Subprime Bondholders May Lose $75 Billion from Slump Mark Pittman Subprime 'Liar Loans' Fuel Bust with $1 Billion Fraud Bob Ivry House Prices Slide As Property Glut Grows --- Buyers Gain Bargaining Power In Busy James R. Hagerty Spring Selling Season; Auctions in Palm Springs Fremont workers sue over losses; Employees of the sub-prime lender accuse its board of E. Scott Reckard violating federal pension law. Home Equity Stalls - As Housing Market Cools and Rates Rise, Owners Grow Wary of Ruth Simon Tapping Lines of Credit; How Banks Are Courting Borrowersq Outer Limits: As Funds Leverage Up, Fears of Reckoning Rise --- Fed and SEC Question Randall Smith and Wall Street on Policies; 'A Mockery' of Margin Susan Pulliam Risks and rewards of the world economy’s golden era Martin Wolf Moody's, S&P Understate Subprime Risk, Study Says Mark Pittman Mortgagese; Sub-prime lender on the brink; New Century lays off 2,000 -- most of its remaining staff -- after failing to sell its loan- making unit. How the Bad News Could Get Worst David Henry Why This Slump is Different; Foreclosures are rising fast, investors are sweating, and Christopher Palmeri lenders are now bending over backwards to keep bad loans alive and Dawn Kopecki, with Mara Der Hovanesian Pressure at Mortgage Firm Led To Mass Approval of Bad Loans David Cho Bear Stearns' Subprime IPO Bear Stearns Funds Own 67 Percent Stake in Everquest (Update3) Jody Shenn Business is Back Lenders Get Tougher - Qualifying for a Mortgage Becomes Harder, Even for Applicants Ruth Simon With Good Credit, as Banks Probe Deeper into Personal Finances The effect of collateralised debt should not be underplayed Gillian Tett Failing grades? Why regulators fear credit rating agencies may be out of their depth Richard Beales, Saskia Scholtes and Gillian Tett Did Merrill, Morgan Stanley Overpay? --- Both Spent Big Money On Subprime Lenders Just Before Slowdown") The Poverty Business Brian Gow, Keith Epstein A stretched credit cycle, a more savage downturn Buying Long: Why Market Optimists Say this Bull Has Legs - They See Decade of Gain Fed by Global Growth; Skeptics Cite Big Doubts Mortgage Brokers: Friends or Foes? --- Amid Mounting Defaults, State and U.S. James R. Hagerty Lawmakers Weigh Measures to Make Profession More Accountable to Borrowers Growth brings loss of oversight Gillian Tett Comeback Plan: At Morgan Stanley, A Game of Catch-Up To Regain Firm's Perch, CEO Mack Pushes Big Bets, Big Deals Private Equity: Is Deal Frenzy Nearing End? --- Big Firms Split in Views Over Pace of Henny Sender Buying; Stock Prices May Suffer Debt Bomb: Inside The 'Subprime' Mortgage Debacle --- Day of Reckoning -- 'Subprime' Mark Whitehouse Aftermath: Losing the Family Home --- Mortgages Bolstered Detroit's Middle Class -- Until Money Ran Out Short-Seller Chanos Says Moody's is Warren Buffet's 'Mistake' Nick Baker and Daniel Hauck CDO Boom Masks Subprime Losses, Abetted by S&P, Moody's, Fitch Richard Tomlinson and David Evans Banks Sell 'Toxic Waste' CDOs to Calpers, Texas Teachers Fund David Evans The Market's Mixed Signals Easy Money Nathan Vardi Securitization Group Seeks U.S. Law on Mortgage Abuse Jody Shenn Ripple Effect: Economists See Housing Slump Enduring Longer --- Downturn Is Expected James R. Hagerty, To Keep Growth Tepid; Retailers Feel the Pinch Jonathan Karp and Mark Whitehouse Effort to Advise On Risky Loans Runs Into Snag Vikas Bajaj Credit ratings cynicism rises as confidence in CDOs falls Gillian Tett Confidence in CDO rating system showing signs of strain Gillian Tett A "Subprime" Fund is on the Brink Kate Kelly This Investment Could Turn Ugly David Henry with Matthew Goldstein Ills Deepen in Subprime-Bond Arena --- More Downgrades Seen As Foreclosures Ripple Serena Ng and Kate Kelly Long-Term Rate Rise Prompts Strategy Shift - As Yield Curve Returns to 'Normal,' Jane J. Kim and Ruth Investors Start to Ditch Short-Term Bonds, While Home Buyers Reconsider Options Simon Two Big Funds At Bear Stearns Face Shutdown --- As Rescue Plan Falters Amid Kate Kelly, Serena Ng Subprime Woes, Merrill Asserts Claims and David Reilly Bear's Woes Test Markets' Mettle - Despite Scant Demand for Subprime Isssues, is Justin Lahart, Serena Rebound on Horizon? Ng, Gregory Zuckerman Bear Stearns Fund Collapse Sends Shock Through CDOs Mark Pittman Fitch, S&P Warn Investors About Subprime Mortgage CDOs, Bonds Darrell Hassler Edwards runs risk his investments will hit political capital Alex Barker Worries rise as fund crashes; Bear Stearns pledges $3.2 billion to shore up mortgage E. Scott Reckard; Kathy investments. M. Kristof Center of a Storm: How CDOs Work David Reilly When Models Misbehave Gretchen Morgenson Cheyne Capital Fund Posts Loss on Mortgage Slump Any Subprime Surprises? Most bond funds--but not all--saw the trouble coming Wall Street Fears Bear Stearns is Tip of an Iceberg -- Near-Collapse of Funds Stokes Justin Lahart and Broader Concerns Over Murky Investments Aaron Lucchetti Perceived Subprime-Loan Risk on Payment Data Jody Shenn SEC asks for Bear funds data Subprime shock spreads across Atlantic Gillian Tett and Joanna Chung CDOs in 'Hooker Heels' Fool Moody's, S&P, Gross Says Caroline Salas Easy Money: Behind Buyout Surge, A Debt Market Booms --- CLOs Spark Worries Of Serena Ng and Henny Volatility and Risk; Loan Standards Loosen Sender Merrill's, Goldman CEOs See Few Debt-Market Risks When CDOs Trump Paris Hilton, There's a Problem Caroline Baum McManus, Strategist, Says Housing Downturn May Last For Years Worries grow about the true value of repackaged debt Saskia Scholtes and Gillian Tett Subprime gloom weighs on European CDS trading Gillian Tett Debt Bomb --- Lending a Hand: How Wall Street Stoked The Mortgage Meltdown --- Michael Hudson Lehman and Others Transformed the Market For Riskiest Borrowers Bitsberger Calls Subprime Crisis 'Contained' Subprime CDOs Rated AAA May Be a Good Buy, Morgan Stanley Says Steel of Treasury Says Financial Crisis Concerns Are Unfounded Bear Stearns Loan Debacle Reveals the Bigger Fools David Pauly S&P, Moody's Mask $200 Billion of Subprime Bond Risk Mark Pittman S BEFORE THE FINANCIAL CRISIS e best pre-crisis stories during the critical period of 2000 to mid-2007, after Red) to non-investigative but otherwise useful service pieces (three shades of ion of the color legend. WORD PAGE NUMBER COUNT Excerpt CJR's Comments G1 1574 Presents self-regulation as viable option. A2 1502 A1 6145 "William J. Ahearn, a spokesman for Landmark probe of Lehman/subprime Lehman, said the firm's role in selling connection; predatory lending firm bonds backed by subprime loans, closed shortly afterwards. Nothing like known in the financial world as this will appear again for seven years. underwriting, includes a careful review to make sure investors have the facts they need. He said that Lehman officials were fully aware of First Alliance's legal problems and believed that the company had stepped up its efforts the last 18 months to prevent abuses. Lehman, he said, is an 'underwriter, not a regulator.''' A31 923 Fine consumer piece N/L 258 Activists get (a little) space E1 866 Important clue for journalists A1 1352 Journalism's impact; First Alliance goes down. B14 1202 A25 1327 N/L 1073 N/L 1650 107 3211 Explores Wall St./subprime nexus N/L N/L Dogging an important case N/L 662 C1 1005 A1 2575 N/L 748 A1 2477 Warns about limits of financial models A1 2181 Bird-dogs the story N/L 829 A1 3686 A fine investigation of a notorious subprime outfit. C19 673 Underdone C4 N/L A1 2456 40 684 120 761 H1 821 C1 989 94 753 C1 1585 A1 2096 H1 2935 A consumer service piece that transcends the genre, looking more broadly at how the subprime industry exploits low-income borrowers. 106 5239 A1 919 H1 1286 One of many WP stories trying to help people make informed decisions about loans. C1 1969 122 1098 E2 652 N/L N/L Good drumbeat coverage from LAT A1 2727 A1 2816 A post-mortem documenting eerily similar crash on much smaller scale -- a $400m loss; problem was repackaged corporate bonds. C1 2099 "The scope of the CDO problem has Another case of deja-vu; read the emerged only in recent days, as excerpt. companies have mentioned the losses in their second-quarter earnings." A1 2167 Predatory practices under the microscope. A1 1265 Bank perspective 746 A1 1993 Banks-eye view A2 437 C14 390 Good PR for Citi 3225 34 755 2245 "It's bad enough that the stock market's Wins first-place in bubble-calling wealth effect is disappearing. What contest happens to the economy if that other prop, home equity, starts to wobble?" A3 798 C1 Good policy coverage; goes easy on Citi and BOA. 35 790 E12 1288 A1 2282 C1 1354 A1 3156 Much focus on Fan, Fred, but does raise the specter of big risks. H1 1786 108 362 On Enron fallout. H1 1527 Based on ACORN study; explains the relationship between predatory and subprime lending. E1 1019 E1 1309 C2 196 "One-third of these so-called sub-prime Study summary. Connects predatory loans may be predatory--involving lending and subprime. misrepresentations or excessive fees and interest rates, the study by the California Reinvestment Committee found." R1 2914 A1 2561 0% government loans become 11% private ones; Mentions Citigroup, Countrywide. N/L 261 262 "But the suspicion remains that the risk Short but on point. will simply have ended up in the hands of those least able to analyse it, and least constrained by their regulators to price it correctly." 54 727 Hints at problems C1 1224 C1 N/L Bird-dogging of key case C17 1092 R10 1671 H1 2159 C1 1314 In the ballpark; gives word of need for more scrutiny. 88 2119 E1 2729 E1 1160 28 611 A1 2856 A bit sanguine on securitization. 26 1976 C7 1091 C15 1071 A1 1185 A1 3582 2183 Early bubble talk. A1 1546 N/L N/L A23 891 A1 1709 C1 1355 "Certainly, Fannie and Freddie are Explores U.S. government/GSE ties. already so large that some argue the government could no more let them fail than Chrysler, which got federal help in 1980. 'The issue is what would the government do here, and I'd argue there is an implicit guarantee with Citigroup, J. P. Morgan Chase, General Electric' as well, Mr. Miller [an analyst] said. 'The government cannot allow any of these big institutions to fail.'" A1 2518 D1 1049 62 5444 A22 831 Early bubble talk. C1 1441 Nice profile of ex-Citi executive working to undo bad Citi loans. D1 1273 A1 2418 D2 356 32 1228 H1 894 N/L 1052 Calls for SEC overhaul. 86 1465 62 1947 "Household pressed its agents A fine expose. relentlessly for growth, raising targets several times in three years. 'It was a pressure cooker,' says Seth Callen, a former branch manager in Colorado. At times this led to deceptive tactics, former loan agents say." 34 4227 D1 1238 A1 2288 Esoteric look at changing bank/corporate-borrower relationships. E1 700 H1 1899 40 1004 44 723 A2 963 A1 2398 40 1842 Sound familiar? Decrying imprudent bank lending post-Glass-Steagall repeal. 120 2731 230 857 D1 1202 A1 4453 A fine story, though lamenting bad regulation is an after-crash perennial. A surprise: it includes the Brooksley Born incident. 98 1796 Good story, early, though doesn't mention mortgages N/L 3820 C1 1524 138 756 "Refinancing is great for borrowers but Narrowly focused a problem for mortgage funds." R1 3472 Close look at a new state law. A1 2849 "The OCC's solicitousness toward the Strong probe of compromised regulator businesses it oversees stems in part from its need to compete for their loyalty. In an uncommon arrangement, banks can choose either a state or federal regulator, and the selection has financial consequences: The OCC and state banking departments subsist entirely on fees paid by the institutions they regulate." C1 1491 "Mr. Dubrish says Block stopped Nice micro look at broader issues, if lending to people with FICO scores from an investor perspective. below 500 some two years ago and says he is puzzled as to why those with scores below 500 still appear in the company's loan pools. " C1 1146 C15 1172 Good story, buried A1 4211 Another cause of deja vu; Reviews bank abuses during previous crash. C1 1248 136 1430 A1 2698 A1 2490 Good probe of conflicts in the appraisal business. A1 1986 D1 1137 C14 920 Buried, underdone. 84 763 14 1606 D1 1456 C1 1528 Drum-beat coverage of an important issue. D2 1038 C1 1496 A1 2340 A look at broker fees (though worse abuses in the business came later). N/L N/L 110 1402 E1 1290 An important dispute; wish there had been more on this. C9 527 C1 2094 "There is a spring to Mr. Cayne's step Excerpt gives the flavor. that belies his age. Unlike many Wall Street executives, he tends to be involved in the intricate areas of the bank's work. He once landed an investment banking deal in China over a hand of bridge." 102 2173 90 704 92 793 A2 681 80 3120 Personality-driven Wall St. coverage C2 N/L Good drumbeat trial coverage. C3 166 Rather short given the subject. D1 1271 N/L 1942 A1 2007 This one doesn't hold up well in hindsight. C1 1812 68 4140 112 964 C13 155 More needed. C1 N/L Ditto. C1 1232 Important follow up. C4 N/L This, too. 28 1496 Good idea. N/L 3813 A deep, early look; mentions CDOs near the end. E2 476 34 1424 50 577 D1 1030 A2 1028 Just the beginning for bank profits; numbers are huge and will only get bigger. D1 1080 36 751 D1 1267 C1 662 Not as promising as the headline, but does warn that the mortgage market had become larger than Treasuries. A1 2551 C15 1213 Underplayed story offers clues about explosion in mortgage market. C5 549 The beginning of massive Wall St. earnings propelled by mortgages. A1 2998 C1 1476 D1 1050 24 433 122 1276 A helpful early look. A1 2697 A1 2203 C1 1622 C12 387 Clue to Citi's central role in subprime machine. A2 788 186 1391 "Wall Street is trying to convince small Helpful investor story investors that pools of hedge funds are a good idea. A good idea for Wall Street, maybe." A2 710 94 1091 102 2101 124 1189 Worries about bank profits. 62 1789 32 714 A1 2220 C3 1090 11 769 N/L 677 48 910 Useful look at New Century, though basically a stock analysis. 17 809 “An Englishman's house is his piggy bank.” A1 2888 36 806 132 3256 30 348 Misses the point; Actually banks coopted important activist groups. D1 1423 20 454 Doesn’t reflect problems associated with subprime. 162 3325 One of several similar stories on Merrill. R1 2389 C1 1344 82 1296 Good, early consumer warning. D1 1272 A25 916 Not uncommon by now, a bubble warning N/L 1411 A1 2480 Mentions a mortgage bet in passing A1 2180 Strong look at Fannie lobbying clout. 106 770 D1 1254 D1 1428 Good consumer warning 30 3129 "Hedge funds will suck in $100 billion Hedge fund expose; not on mortgage this year from an ever-broader swath of point helpful industry-wide look. investors. Pretty good for a business rife with exorbitant fees, phony numbers and outright thievery." 17 951 “Credit default swaps have brought fresh investors and more liquidity to the market for corporate credit; hedge funds, investment banks and borrowers have all gained as a result. The market has equally become a place where short-term sentiment matters and a company can suddenly find its liquidity under threat. That is the nature of the beast.” C5 1014 C1 1115 The Fed does something for once; a missed clue for the press. C3 474 Useful clue of predatory behavior at largest bank; 474 words is not enough. 118 1048 Bank-centric 19 843 “How plausible is this report's On U.K. market. pessimism? Rather more than I would like, is the answer. As I argued two weeks ago, past stability may have encouraged not just households but even the government to assume more risk.” C1 1286 R8 3177 C1 1876 A fine consumer piece. C1 N/L Hard-hitting service piece. A1 2288 Superb consumer story on predatory credit card practices. 35 1382 N/L N/L Another bubble call A1 2362 D1 1246 C17 1157 A key idea, buried. D1 1786 C1 1635 90 5304 Strong bubble warning A1 2209 A1 1576 C1 1441 A1 2851 C12 1173 C1 2149 Not quite what the headline suggests, but a good look at Fannie. C1 1033 Good, underplayed C1 3285 "The most likely outcome is far less Excellent service piece but strangely dire. If job growth accelerates and doesn't mention specific lenders. mortgage rates don't climb above 8%, real estate will muddle through. " C2 327 A1 2431 1119 1625 A good housing policy story A1 2171 Though not about mortgages, an excellent takedown of scuzzy small bank C1 815 "Countrywide Financial Corp. said A bit puzzling today since Countrywide Friday that it fired a mid-level executive did this systematically, but the story at one of its mortgage units after he tracks an important issue. encouraged loan officers in a memo to downgrade borrowers' credit ratings in order to steer them into more expensive loans." A1 2711 "Dozens of current and former rating Fine look at rating agency conflicts, officials, financial advisers and Wall abuses, though not about MBS Street traders and investors interviewed by The Washington Post say the rating system has proved vulnerable to subjective judgment, manipulation and pressure from borrowers. They say the big three are so dominant they can keep their rating processes secret, force clients to pay higher fees and fend off complaints about their mistakes." A1 2769 Continues WP series: good story on rating agency bullying corporations N/L 701 Useful clues here D1 1536 C2 481 More needed A1 3690 C1 1248 C1 1308 A1 2060 126 1367 35 1045 A1 2099 A1 2176 D1 1365 122 8603 A1 3313 Exposes a market leader as a predatory institution; the exception that proves the rule. D2 788 44 1070 Good if technical story on banks' interest-rate bets. D1 1310 2551 “Banks have spread their lending Warns of bank derivative holdings. exposure but are holding more derivatives, while the wide range of brokerage services they supply to hedge funds is even being described as the ’crack cocaine of global finance’, writes John Plender.” B1 655 Useful coverage of lender influence- peddling. A2 886 681 D1 1090 A1 1268 / C1 D1 1292 Looks at an important component of predatory mortgages. E2 776 C1 1039 830 A1 2172 Raises important analogy; even quotes Schiller 1227 C3 2368 "The three plaintiffs contend in court Reveals systemic forgery at a market papers that Ameriquest had an "art leader. After the crash, such practices department" in a Tampa office where are found at Countrywide, WaMu, New loan documents were altered. In Century and lenders across the board. interviews with The Times, they've shown stacks of what they say are internal Ameriquest files proving their allegation." A1 2379 Chronicling titans. 598 Congress is concerned 923 The Fed is concerned. 2570 519 854 Good look at newly available data; underplayed. A2 1081 Ditto 3225 124 4199 Standard profile of huge housing player. Lengthy Lengthy Good look at potential CDO problems. A3 953 Spitzer is concerned. B2 328 C2 523 Calif., NY are concerned. C9 788 Buried, underdone. 1406 Warning on CDOs. 1343 C1 1608 Great story on how a lender coopts critics. 1589 "Downgrades could have a disastrous Good look at systemic threats. effect on the latest flavors of CDOs. As demand soared, Wall Street created ever- more-complex varieties. The latest: CDOs cubed -- or derivatives that invest in derivatives of derivative. " A1 2332 A focus on housing speculators. A2 561 A1 2132 D1 1475 In hindsight, turns out this wasn't the case ...to New Century. 6148 More on small speculators; these stories illustrate froth in the market. 1919 Meanders for a while, then offers some nice warnings about derivatives. An interesting story many non-business- press readers will find estoric and narrow. 681 Talks about a peak in the buyout business. 1046 A credit-card lender with checkered past C1 1972 "American homeowners have made a trillion-dollar bet that mortgage rates will remain near record lows for at least a few more years. But with some interest rates already rising, economists worry that the bet could turn bad." A8 727 801 On bank earnings; notes that GM derivatives blew up. A1 1580 C1 842 C1 649 Close coverage of Ameriquest's Arnall. 1637 Important consumer story. 1041 4011 2370 C1 1114 Smart profile of leading advocate. D1 1565 C1 2095 "For two months now, federal banking General talk of risks. regulators have signaled their discomfort about the explosive rise in risky mortgage loans. " A1 2581 Great look at boiler-room culture of small brokerage; a pleasure to read. An fine story showing Sullivan didn't understand his own company. 869 "Public pensions are rushing into real estate the way they rushed into tech in the late 1990s." 839 Tracks debate over regulating GSEs. D1 1632 C1 1074 C1 1092 "First they issued new 'guidance' to banks about home-equity loans, warning against letting homeowners borrow too much against their houses. Then they expressed worry about the surge in no-money-down mortgages, interest-only loans and 'liar's loans' that require no proof of a borrower's income." Lengthy Raises good questions about raters' conflicts. Very short but on the right topic. C1 961 719 "The impact so far? Almost nil." Impact of lending abuse allegations, that is; Arnall's appointment was the pinnacle of mortgage-era decadence. A European take on the increasing systemic risk 877 B1 1312 Important look at the relationship between the FHA and the subprime industry; says the government gives better deals, but private lenders' aggressive marketing pushed the agency to the margins. A1 1198 42 1087 C1 833 Smart, early. B1 1037 C1 C3 2053 644 D3 500 B4 623 A1 1438 1047 "According to the International Swaps Eye-popping numbers in the excerpt. and Derivatives Association, the notional value of credit-default swaps outstanding reached $8.4 trillion at the end of 2004, a ninefold increase in just three years." C1 2288 Mentions predator First Franklin, later bought by Merrill. 798 F1 2099 3186 1404 A1 3292 Exceptionally smart look at risk models underpinning synthetic CDOs. 277 Summary of hedge fund structural problems and conflicts. 742 C1 2085 2053 1100 1398 C1 965 702 A good question. Short but interesting piece on JP Morgan and the creation of derivatives. See Tett’s long 3/24/06 piece “The Dream Machine” for more. 14WC 2154 'When you're living in a place with Excellent story talks of distress of home values up 50 percent, you have middle class what Alan Greenspan calls a piggy bank,'' said Elizabeth Warren, a Harvard law professor and an author of ''The Fragile Middle Class'' (Yale University Press, 2000), a study of bankruptcy. ''The bubble has operated like wreckage from the Titanic -- you could climb on and float along for a while. The question is for how long.'' C3 785 835 Under kinky headline, worries about Lehman's future profits C1 1121 2684 "But as profits climbed, so did the A profile of Mozilo who is portrayed as complexity, and potentially the risk, of pugnacious; the focus is on profitability. Countrywide's operation. " 562 Talks about low rates on corporate loans, signaling froth. 1997 Lengthy Strongly warns that the rise of derivatives represents an unprecedented situation, and we don't know the risks. 771 A1 "Freddie Mac, the government- Reveals the "boiler-room effect," sponsored mortgage finance giant, people fooled into wrong product; the estimates that more than 20% of actual figure is later found to be 60 people who get these so-called sub- percent in 2006. prime loans could have qualified for more-conventional prime loans." 4235 Couldn't be clearer for investors. C1 1040 Says CDOs might not be so safe. 2663 A17 Targets borrower fraud A1 1550 C1 1049 1186 1013 A1 2362 1495 1048 922 C1 1083 2567 Also asks: "Or is there still life in one of the greatest equity booms ever?" R3 1699 C7 897 187 Short stock analysis; highly positive. 1313 "Applications for purchase mortgages On overbuilt lending industry in early November fell below their 2004 level for the first time in six months -- after a 5% drop from September to October, according to the Mortgage Bankers Assn. (MBA). By late December, applications had plunged to June, 2002 levels. The MBA expects mortgage originations to fall by 18.6% in 2006." R4 1954 C1 1115 Good but nothing like WaPo's 11/22/04 blockbuster. 344 A1 957 LAT dogged Ameriquest 1001 1115 D1 1530 C1 B1 1534 A2 1311 A1 2104 "But hidden behind such success Good service piece, though not about stories lies a disturbing trend: in the predatory lending. last several years, neighborhoods with large poor and minority populations in places like Cleveland, Chicago, Philadelphia and Atlanta have experienced a sharp rise in foreclosures, in some cases more than a doubling, according to an analysis of court filings and other housing data by The New York Times and academic researchers. " C1 1043 D2 694 742 A1 1197 Feature on people who maintain foreclosed homes. B1 1632 4810 C5 775 A1 1659 3428 "Driven by greed and fearlessness, Not on mortgage point, but hard-hitting rivate equity firms are the new power on private equity on Wall Street. Investors beware…" 1209 On heavy borrowing by tech companies 4675 Interesting look at JP Morgan and the creation of derivatives. 1072 "With Congress divided over federal Note how active states are vis a vis legislation to combat predatory predatory lending. mortgage lending -- the practice of persuading borrowers into taking on fee-laden loans they often can't afford -- more than half the states have passed laws designed to protect riskier-than- average borrowers, and others are contemplating action to curb abuse." 48 1468 C10 1831 C1 623 1223 Titan chronicles. 68 3519 3132 "Fuld's magic has in part been to No worse than others, but has been ignore doomsday predictions that cited as example of Wall Street Lehman was too focused on bonds. " coverage that was off the point, at best. B9 991 D1 1487 855 D1 1903 1617 2721 Citi was also one of the largest predators. C1 1037 747 Warns vs. KKR IPO, a sign of froth. 1161 Talks of risks to endowments. 3515 D1 1427 Lengthy Announces, then underplays, derivatives warnings. A1 2325 F1 2205 36 1244 4132 C2 874 Wall St. profits through the roof. F1 833 34 1503 D1 1788 844 “A ruling that led to a near Dollars 9m loss for Deutsche Bank has wider implications for the booming credit derivatives market” 832 Good use of study 594 A1 1582 A1 1792 A2 1140 C1 1125 C4 388 One of many missed signs of Wall St.'s direct involvement in subprime lending. 1912 800 D2 1047 2467 C1 743 Part of close LAT coverage of subprime beat 1081 C1 1062 689 C3 Late purchase of First Franklin; shows Wall St. in subprime frenzy. C1 1494 80 624 4653 Cover Hits long and hard at brand names. “Morley's tale is being echoed, behind Links derivative demand to low central the scenes, at other traditional asset bank rates. managers, as the investment industry scurries to find ways to generate attractive returns for pensions - at a time of low yields. While this shift delights investment bankers, and is helping to drive the expansion of instruments such as credit derivatives, it leaves the industry facing a challenge.” 46 761 79 1295 Lengthy A1 1945 An unusual scam that defrauded both borrowers and lenders. R6 1174 754 22 866 "Throughout history, financial Warns on financial "innovation." innovation has been a double-edged sword. It has been a boon to those with access to the financial system. But where there has been innovation, risk has often been mispriced, causing systemic blow-ups." C1 1305 A1 2084 "Questioners are provided with a white binder containing the candidate's color photo, his or her performance review -- which includes feedback from peers, subordinates and bosses -- and a list of partners who know the candidate. Often, the questioner has never even met the prospective partner." 775 38 2176 40 1323 "But if you want to fret over the next Good, though it doesn't mention financial catastrophes, turn your gaze mortgages. away from energy futures and focus on something far more obscure: credit default swaps. Hedge funds are neck- deep in these derivatives, and if something goes wrong, the pain will be widespread." 591 1163 “Derivatives and structured instruments Explainer from the FT’s “Financial have evolved particularly quickly Wizardry” series. across the capital markets, especially in the worlds of credit, equities and commodities. Many of these innovations benefit the financial system because they help disperse risk more widely, analysts and regulators say. But there are concerns as they have come at a time of economic growth, low interest rates and low volatility.” 89 1931 "But while financial innovations fuel Interestingly, worries about corporate booms, they also tend to worsen busts. loans, not mortgages Wall Street's lack of willpower is legendary. The pattern goes like this: Come up with a brilliant idea, nurture it until it catches on, then flog it until it breaks." D1 1717 58 4007 About private equity A1 2636 Links lowly borrower to Wall St. titans. 376 823 66 1605 D1 1039 851 78 586 2415 477 1041 366 C3 830 A1 1379 C5 359 C1 662 "Wells' push into sub-prime lending comes as many companies are retreating from the business," 1698 B10 415 Points to subprime problem, here at HSBC, although interested mainly in effect on financial institutions. C1 2148 2148 Contains rare mention of IndyMac Subprime again seen as a problem for financial institutions, here Ownit and Merrill. Right, if vague. 523 C1 556 "A federal appeals court on Friday 9th Circuit affirms Lehman's deep upheld a jury's decision that Wall Street involvement in predatory lending. giant Lehman Bros. Holdings Inc. was liable for aiding and abetting a carefully scripted fraud committed against elderly and financially strapped homeowners by a now-defunct Irvine mortgage firm." 596 1195 "Says William Bartlett, who was the High yields are actually a clue of mortgage specialist for institutional problems. sales at Lehman Brothers and Salomon Smith Barney: 'If you expect stable interest rates, then mortgage- backed securities will perform very well for you....' " 786 995 In hindsight, it was time to panic. D1 1362 756 632 good drumbeat. 888 4345 37 2029 Welcome return of "predatory" in a headline. D1 1550 1054 Or not A1 1922 "The problem was that for some home buyers last year, it had become too easy to get a mortgage." 760 Long Explainer 1905 786 C2 469 A1 1999 "In recent months, some Citigroup Bartiromo, Robert Redford, etc. executives advised Mr. Thomson to Personalities on parade. reduce his contact with Ms. Bartiromo, a person familiar with the matter says." 1999 D1 1505 C1 1875 Cover story 3290 "Some of its old-world gentility remains: Excerpt gives the flavor. Goldman agreed to talk for this story only reluctantly, wary of looking like a braggart." “Since the emergence of complex derivatives, the global financial system has suffered only isolated collapses. But, asks John Plender, how much of that can be explained by cheap and easy credit?” “The giant US subprime mortgage As excerpt shows, the story is off base. business is displaying a new-found caution with lenders tightening loan standards and cutting ties to overly aggressive brokers, delegates to an industry conference were told this week.” D1 1460 “…also potentially exposed is a raft of Makes Wall Stree/ subprime investment banks including Lehman connection. Brothers, Morgan Stanley, Merrill Lynch and Barclays Capital. They have bought sub-prime lenders partly to feed their securitisation businesses.” 1561 A1 2445 C1 807 A1 1216 401 “Every now and then, Dr Pangloss, the At 400 words, it barely gets started. sunny optimist of Voltaire's satirical novel, Candide, comes to Wall Street. Last year he was omnipresent. Yet nowhere was the Panglossian belief that all is for the best in the best of all possible worlds more apparent than in subprime mortgages." 66 723 1917 Uh oh “Concerns over risky US mortgage All indexes, measures now flashing lending mounted on Tuesday as a key red. indicator of credit problems hovered at record levels, another small mortgage lender failed and a big homebuilder admitted borrowers’ difficulties could damage its business.” A3 1139 C1 1425 2182 True as far as it goes A short story “From the filing for bankruptcy of Reflects lingering hopes that crisis California-based ResMAE Mortgage, to would be contained, but admits picture the near-record levels for the derivative is dire. index that tracks the credit risk of high- risk mortgage bonds, the message could scarcely be more downbeat. In spite of this, there are plenty of reasons to believe that the fallout can largely be confined to the sector.” A5 936 C1 1280 B1 1091 A3 1139 C1 1096 C1 1016 E. Scott Reckard 925 C2 387 "David Olson of Wholesale Access Ameriquest going down. Inc., a consulting firm, expressed surprise at the deal, saying Citigroup's own research showed Ameriquest and Argent loans had high default rates." D1 1316 D1 2134 Regulators closing the barn door. C1 1223 1 983 About the execrable New Century Too late, of course. 1112 True enough 1842 Good alarm C4 679 C1 1398 Investment banks getting further into subprime this late. 1114 D1 1433 “Now, the risks, such as patchy credit, Explainer zero down-payments and scarcity of proof of income, are coming home to roost amid a surge in missed payments and a slowing housing market.” C3 510 "If New Century survives, it could Wall Street/subprime links are visible. become part of its benefactor, which Howlett identified as Morgan Stanley & Co." A1 1280 C1 1222 2759 Important alarm “Investment banks over the last several This is usual information; the issue is years have become among the biggest timing. buyers of subprime loans and sellers of high-yielding securities backed by those loans. Lehman, Bear Stearns, Morgan Stanley and Merrill Lynch also increasingly originate subprime loans themselves and retain some residual interest in those loans even after they have sold them on to investors.” 223 A1 2778 Important look at a failed bucket shop 451 A1 1255 A3 1260 Walter Hamilton; A1 E. Scott Reckard; 1200 Molly Hennessy- Fiske 1 1352 A1 1499 A1 2412 C4 544 Lengthy Connects subprime to "ordinary Americans," although the primary focus is financial institutions and the economy. C1 704 1153 C1 702 908 “But the risk is plain. If subprime losses Raises the issue of class structure, eventually lead to losses by big banks, generally ignored in the business and for the investors who hold press. securities ultimately backed by subprime loans, the troubles of “poor America” could yet have a dire effect on the finances of the wealthy. Karl Marx’s theories will not be necessary – if it happens this way, capitalism will have done the job.” A1 1921 C2 523 1926 Subprime in Europe Includes honorably honest, admission by the columnist: “I had never heard of subprime mortgages until recently.” A1 1639 1366 711 C1 1151 B1 1066 Odd,flattering profille. C6 695 C4 306 “For now, the risk of a vicious circle for the broader US market remains small. The main caveat is that many of the causes of subprime woes are not limited to that category.” C1 1588 Strong feature story. C1 1075 Attention turns to regulators A1 2707 A fine story on regulatory failure; after- the-fact, but early as these things go. 897 1375 Doesn't blame software but contextualizes it 405 764 Unremarkable interview with Mozilo C1 1007 34 1488 Longish piece linking CDOs and subprime, and explaining CDOs C10 707 “The legal action comes as Wall Street Wall St. sues its former subprime seeks to limit damage from the partners subprime collapse. Banks including Credit Suisse, Bear Stearns and Lehman Brothers helped fuel the boom in subprime lending, providing billions of dollars to lenders as they bought mortgage loans to sell to yield-hungry investors." C1 2282 "But at the closing, the Shermans were A fine probe of predatory Novastar handed loan documents for an Financial. adjustable-rate mortgage with a higher initial rate, of 8.625 percent, that would reset in two years. " A1 1999 Real estate feature story. C1 1188 "Diversified firms are seen as stable." Doesn't yet see how bad the situation is. “Room to breathe. That is the best way A predator's-eye view. to describe hedge fund Farallon’s $200m loan to Accredited Home Lenders, the US subprime mortgage company. That, in turn, has allowed Accredited to get its ducks in a row, securing a new credit facility and renewing an old one.” C3 510 C1 1076 1228 Another important alarm D1 1358 D1 1078 Casts Citi in a sympathetic light. "The big gorilla--labor--has stayed Not really a Wall St. story, but this remarkably tame in the new century." celebration of a "golden age" of corporate profits can be profitably deconstructed for hours. The headline is not ironic. Demonstrates the problem with the "short view." C4 489 A8 618 Good story, underplayed “A situation where blame is spread so It’s everybody’s fault. widely – from the needy to the greedy, from borrowers to investors to the regulators who stood by while they got themselves into so much trouble” A8 1021 C3 492 C2 352 1047 821 Et tu, GE? A sign of the times. 1818 1479 D1 1357 C3 584 Among many good workaday stories that document subprime collapse in real time D1 1332 “The most obvious reason for taking today’s euphoria with a barrel of salt is that nobody ever expects shocks. That is what makes them shocks.” Closing in on the wild overrating of mortgage bonds C1 700 611 33 1168 A1 2216 Another good probe of New Century, though, again, obviously after-the-fact. 937 860 Important because the Bear funds were trying to offload their risk on to the stock market. When that failed, the funds went kablooey. Cover 3388 This story defies categorization D1 1451 1970 B1 1008 Answer: Yes Cover 5201 "Inside U.S. companies' audacious The subheadline in the excerpt could drive to extract more profits from the describe the entire subprime crisis. nation's working poor." 717 “High finance has never been more Borrowers as "deadbeats." sophisticated. Bankers have never been more clever...Yet in the US subprime lending boom, banks fell over themselves to advance 100 per cent loan-to-value mortgages to out-of- pocket deadbeats.” A1 2116 Sometimes the herd is correct. D1 1295 A1 2284 Poignant look at subprime fallout among Detroit's middle class. ` 4448 Important probe of raters. 2357 Good look at Wall St. dumping on clients. 905 492 "As the housing market sinks, billions and billions are still going into risky mortgages. Who's minding the bank?" 457 A1 1695 1562 685 B1 812 The unofficial unveiling of the mortgage crisis; a huge, huge scoop. 677 1244 D1 1468 1817 Again, a major alarm bell for the world A1 1294 1100 Important follow 881 John, that is. A bit of an outlier, but it shows how deep subprime's roots went. C1 832 A1 1015 Useful explainer 953 Smart look at model problems. 556 738 A1 1744 832 774 A1 2284 Looks at corporate loans Grimly amusing 1069 Long “The CDO emperor may turn out to Good CDO warning have no clothes” A1 3025 An exemplary examination of the subprime/Wall Street connection. Interestingly, it cites documents from the same case that underpinned the NYT's fine story on 3/15/00. 4581 Nonsense from Freddie Mac's former Treasurer 551 Or maybe not Undersecretary Robert Steel shows why he never made it to the top job. 600 Hugely important story about credit ratings that set off cascade of downgrades. imilar stories on Merrill. The LIST: Legend Color Category Red Investigative Dark Green Consumer Medium Green Investor Light Green System Dark Blue Lending Medium Blue News Light Blue Wall St Description Note: See also the last column in The LIST for CJR's comments Investigative stories that probed predatory lenders and/or their Wall Street backers, as well as stories we found exceptional for other reasons. Stories that reported on defective mortgage products or otherwise helped consumers. Stories that reported on the housing bubble or otherwise helped investors. Stories that reported on risks to the financial system. General coverage of the mortgage lending industry. Bits of context of what was happening on the finance beat. Stories about specific Wall Street firms that weren't warnings.
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