Tag:
New Century
Latest Headlines
Latest Headlines
Morgan Stanley pays for New Century sins
While it looks increasingly unlikely that we'll see a big blockbuster, era-defining, criminal case against an elite Wall Street firm and executives, we are seeing some little victories scored by regulators. The latest: Morgan Stanley ( MS ) has agreed to pay up to $102 million to settle charges
Holding big banks accountable for mortgage woes
When it comes to the abusive mortgage practices that fueled the recent boom-bust, the most ire has been reserved for those wacky, near-Mafioso mortgage companies that cropped up quickly and then died out--firms such as New Century, NovaStar and others. But so far, the big banks that in many ways e
Where were the auditors?
The credit crunch has tarnished the reputations of many executives and directors, who are regularly castigated by employees, shareholders and politicians. Surprisingly, auditors have attracted little criticism.
But Patrick Richard, head of litigation at Nossaman LLP--which has represente
Countrywide on the hot seat
Countrywide has no choice but to promise to do better. As the people increasingly question the wisdom of Bank of America's plans to purchase it, it faces criticism in other areas that get to internal control issues. At a congressional hearing, the mortgage giant said it will hire an independent a
The mortgage mess and KPMG
We've noted that a damning report by an independent Justice Department had little good to say about KPMG's roles in the meltdown of New Century, which in many ways ignited the mortgage meltdown. But it is important to note that nowhere does the report indicate that KPMG helped manipulate earn
KPMG liable for mortgage lender implosion
Once again, we can ask: Wasn't Sarbanes-Oxley supposed to prevent this? Mortgage fraud has been front-page news. A 581-page report by a bankruptcy court examiner has found that New Century--a
