Wells Fargo ghetto loans and mud people

Two former Wells Fargo subprime-loan officers say bank employees targeted predominantly black ZIP codes and churches and deceptively steered prime borrowers into subprime loans. Selling the most profitable product is, by itself, not a crime. Mortgage brokers across the United States did the same thing. In Baltimore, the city filed suit against Wells Fargo. The …

Final IndyMac depositor losses tallied, FDIC hammered

The Federal Deposit Insurance Corp. said late Thursday it will not pay any more money to people who had deposits with IndyMac Bank above the FDIC insurance limits in effect when the bank was seized last year. For money above insurance limits, the FDIC paid 50 cents on the dollar. The FDIC sold all remaining …

The ghost of Household International is dead

As mortgage blues continue, one more lender is gone from the American landscape. That lender is HSBC Finance, formerly known as predatory lender Household International. Household was sold to HSBC in 2003, following Household’s $484 million predatory lending settlement. After HSBC purchased the company the name was changed to HSBC Finance Corp., but little if …