Clinton campaign manager was director for failed subprime lender

Hillary Rodham Clinton’s campaign manager, Maggie Williams, earned about $200,000 on the board of a Long Island subprime lender that charged prepayment penalties — a practice that Clinton, a critic of the subprime industry, now seeks to eliminate. Williams, who took over the reins of Clinton’s campaign in early February, served as a director on …

Paulson wants state help as court blocks state enforcement? Really?

While Treasury Secretary Henry Paulson was speaking, a federal appeals court shut the door to state enforcement of federally charted banks. Now Paulson wants help from the states. What in the world is going on? Didn’t the court render the states powerless to seek documents and enforce predatory lending laws, while Paulson is asking stes …

Advocates publish open letter to HSBC and Knight Vinke

Consumer advocate and watchdog organization Household – HSBC Watch published an open letter to HSBC, activist organization Knight-Vinke, and HSBC Chairman Stephen Green. The letter as published today, November 14, 2007. The long but insightful narrative gives some history about the watchdog organization, Household International, and predatory lending. You can read it here. The letter …

Federal Reserve Knew of Serious Subprime Problems In 2006

This may come as a shocking revelation to many of our readers. The Federal Reserve, and specifically the Federal Reserve Bank of Boston, already had data about subprime mortages. That data did not look good at all. Executives from specific lenders were called to testify before the Senate Committee on Banking, Housing, and Urban Affairs …