Tag: subprime mortgage crisis

Things are getting worse. Major banks and mortgage companies yesterday sharply accelerated an industry consolidation that is set to change the landscape of American lending, while a convergence of events exposed fresh worries about the U.S. economy. New indications emerged yesterday that the spiraling subprime mortgage crisis is spreading from home loans to credit cards, […]

While people are losing their homes, the CEO of Country Wide is getting ready for a big payday: Angelo Mozilo, the co-founder and public face of troubled mortgage giant Countrywide, is eligible for tens if not hundreds of millions in compensation and perks on the sale of the company to Bank of America. During calendar […]