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The top subprime lenders whose loans are largely blamed for triggering the global economic meltdown were owned or bankrolled by banks now collecting billions of dollars in bailout money — including several that have paid huge fines to settle predatory lending charges.
These big institutions were not only unwitting victims of an unforeseen financial collapse, as they have sometimes portrayed themselves, but enablers that bankrolled the type of lending that has threatened the financial system.
These are among the findings of a Center for Public Integrity analysis of government data on nearly 7.2 million “high-interest” or subprime loans made from 2005 through 2007, a period that marks the peak and collapse of the subprime boom. The computer-assisted analysis also reveals the top 25 originators of high-interest loans, accounting for nearly $1 trillion, or about 72 percent of such loans made during that period.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Amount of trash left in New York City’s Central Park by people attending Earth Day festivities, in tons:
High ocean acidity from rising sea temperatures was causing the ears of baby damselfish to develop improperly; without ears, baby damselfish cannot hear (and thus locate) the reefs where they are meant to grow up.
Colombian author and Nobel Laureate Gabriel García Márquez died at age 87. “You’d be at a bordello,” said the journalist Francisco Goldman, “and the woman would have one book by her bed and it would be Gabo’s.”
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The retail giant’s unlikely romance with small farmers