Total high-interest loans 2005-2007:
At least $29.0 billion
Federal bailout money received:
- Status: STOPPED LENDING. The lender stopped originating loans in 2007, according to published reports.
- History: Accredited Home Lenders, Inc. quickly grew into a national subprime lender. In 2003, it had its initial public offering, a year after being named one of Inc.’s 500 fastest-growing privately held companies. Accredited acquired Aames Investment Corp., another large subprime lender, effective October 1, 2006. Aames originated $5.2 billion in high-priced loans in 2005. Lone Star Funds V, a private equity firm, promised to buy the lender just as the subprime market was crashing. Lone Star tried to back out of the deal and eventually bought Accredited for a much lower price in October 2007.
- Parent/subsidiary companies: Home Funds Direct (subsidiary)
- CEO: Chairman/CEO: James A. Konrath
- Most recent salary: 2005 – salary, $411,410; bonus, $514,263
- Location: San Diego
- Year founded: 1990
- Backers: When Accredited announced cash problems in 2007, it had lines of credit totaling more than $4 billion with Goldman Sachs, Merrill Lynch, Morgan Stanley, IXIS Real Estate, and Lehman Brothers, among others. Accredited sold loans to companies such as Lehman, Morgan Stanley, JPMorgan Chase, GMAC RFC and Goldman Sachs.
- Lobbying: None found **
- Total Contributions: At least $21,950 *
- Top Recipients:
1. Former Representative Robert Ney, R-Ohio $7,950
2. National Home Equity Mortgage Association PAC $7,000
3. Former Governor Mitt Romney, R-Massachusetts $2,000
4. Ohio Association of Mortgage Brokers PAC $1,200 (tie)
5. George W. Bush $1,000 (tie) 5. Republican National Committee $1,000
** Lobbying totals calculated by the Center for Public Integrity using data from the Senate Office of Public Records.
* Contribution grand total includes employee and soft money contributions from the lender and its subsidiaries. Top recipient totals include employee and political action committee contributions. Data provided by CQ Money Line, analysis by the Center for Public Integrity.
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