A unit of the Royal Bank of Scotland will pay more than $150m in charges to settle allegations that it misled investors in the US subprime mortgage
market which collapsed in 2008.
By 2006, S&P was well aware that the subprime mortgage
market was collapsing, the government said, even though S&P didn't issue a mass downgrade of subprime-backed securities until 2007.
NEW YORK: Citigroup agreed on Wednesday to pay $590 million to settle a class-action lawsuit brought by investors alleging that the New York bank failed to disclose its exposure to toxic subprime mortgage
At the peak of the recent housing boom, subprime mortgage
companies were loaning $600 billion per year to homebuyers with poor credit histories.
Summary: Goldman Sachs has agreed to pay $550 million to settle civil fraud charges over how it marketed a subprime mortgage
Dr Rae likened the ConDems' policy of NHS privatisation to the subprime mortgage
New York has been relatively unscathed by the subprime mortgage
crisis, but certain areas of Long Island are leading the state in terms of distressed mortgages -- by far.
He began his career at Salomon Brothers, where he spent 11 years working on the mortgage trading desk, the last six years in the mortgage finance group covering subprime mortgage
While Goldman wasn't alone in the offshore deal making, it was the only big Wall Street investment bank to exit the subprime mortgage
market safely, and it played a pivotal role, hedging its bets earlier and with more parties than any of its rivals did.
"Comparing the Prime and Subprime Mortgage
Markets." Chicago Fed Letter, Federal Reserve Bank of Chicago, Number 241.
The myth that subprime loans went only to those with bad credit arises from overlooking the complexity of the subprime mortgage
market and the fact that subprime mortgages
are defined in a number of ways--not just by the credit quality of borrowers.
current subprime mortgage
and credit crisis would have been avoided, or