Posts Tagged ‘SEC’

Subprime Mortgage Blues Spread to Prime Loans

Written by Timothy Blake on July 28, 2007 under Archives, Root Causes

On July 25, 2007 US stocks slumped the most since March after Countrywide Financial Corporation, which accounts for almost a fifth of US mortgages, said second-quarter net income tumbled 33 per cent. Stocks fell further on July 26th and 27th. But what caught my eye is that Countrywide accounts for 20 percent of the US mortgage market and their profits were down by one-third.

KPMG Auditing Company for New Century Mortgage

Written by Timothy Blake on July 28, 2007 under Archives, Economic Impact

KPMG was the auditing company for New Century Mortgage. Were the buy backs of unacceptable or defaulted mortgages so well hidden by New Century Mortgage that one of the most influential auditing companies in the world could not find the discrepancies? The Public Company Accounting Oversight Board is looking into the practice and faulted KPMG LLP for some deficiencies in its audits of public companies, citing three instances in which the firm failed to obtain sufficient competent evidence to support its audit opinions. The name of the public companies was not included in the information, and neither were the deficiencies.

When a house is not a home

Written by Timothy Blake on July 28, 2007 under Analysis, Archives, Statistics

Roger Miller (see) released a song called “When a house is not a home”, and it is was recently re-released by talented musician Bobby Flores on his CD called “Too Many Rivers.” What is my point?

HSBC Singing The Blues Over Mortgages

Written by Timothy Blake on July 28, 2007 under Archives, Lenders

As I work on my article about failed and bankrupt mortgage companies I found one that is very much alive but singing the mortgage blues. HSBC bought predatory lender Household International almost five years ago.

Mortgages are no threat to the economy

Written by Timothy Blake on July 28, 2007 under Government Positions, Opinion

It is late July as I prepare this article. So far 104 mortgage lenders have gone out of business, declared bankruptcy in hopes of starting over, or stopped subprime lending. Economics and the ripple effect tells us for every job lost we see an effect on four others. Communities feel the effects. I personally think what we are seeing, referred to as subprime, is actually a broader issue which touches prime mortgage lending and mainstream America. Some experts think otherwise, or at least that is what they tell the general public.

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