Word: mortgagee
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The SEC alleged on Friday that Goldman misrepresented to investors, including financial institutions IKB and ACA Capital, the involvement of a major hedge fund in assembling a portfolio of mortgage-backed securities that the fund later bet against.
Paulson has become well-known in financial circles for his negative outlook on the real estate market at the peak of the housing bubble and earned billions in 2007 in part by betting against mortgage-backed securities. IKB and ACA suffered significant losses on the portfolio.
The irony is overpowering, says Lowenstein. "Less than a generation after the fall of the Berlin Wall, when prevailing orthodoxy held that the free market could govern itself, and when financial regulation seemed destined for near irrelevancy, the United States was compelled to socialize lending and mortgage risk, and even...
Lowenstein is terrific at walking the reader through complex economic events, and he artfully traces the development of the subprime-mortgage disaster. It sounds like a lofty ideal when Angelo Mozilo, a co-founder of Countrywide, says in a speech in 2003, "Expanding the American dream of homeownership must continue...
Most of the spotlight on reform has focused on the up-or-down question of an independent consumer agency, a fairly simple issue even for nonexperts. But reasonable reformers can and do disagree about how much power to give the Federal Reserve, how to wind down failing banks without bailouts...