25 Lenders Made $1 Trillion In Subprime Loans
From the Center for Public Integrity via HuffPo.
Read the full report here.
“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,” write John Dunbar and David Donald.
“The banks made huge profits and executives collected handsome bonuses until the bottom fell out of the real estate market.”
According to their analysis, 21 of the top 25 subprime lenders were either owned or partly financed by one or more of the top bailed-out banks.
Among those banks: Lehman Brothers, Merrill Lynch, JP Morgan, Citigroup, Goldman Sachs.
