Monday, December 21, 2009


David Heath, HuffPo Investigative Fund

At Top Subprime Mortgage Lender, Policies Were Invitation to Fraud

First of two articles about the roots of the subprime lending bubble
Bad loans ultimately led to the collapse of Long Beach Mortgage and its owner, Washington Mutual, in the biggest bank failure in history.

An inside look at Long Beach Mortgage – many of whose lending practices were common among subprime loan companies – adds another dark chapter to the evolving narrative of the financial crisis.
read more ...

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William K. Black is a former senior deputy chief counsel at the federal Office of Thrift Supervision. During the savings and loan crisis of the late 1980s Black investigated accounting fraud. He spoke with Huffington Post Senior Reporter David Heath about how fraud can infiltrate entire corporations.

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