These top 25 lenders were responsible for nearly $1 trillion of subprime loans, according to a Center for Public Integrity analysis of 7.2 million “high interest” loans made from 2005 through 2007. Together, the companies account for about 72 percent of high-priced loans reported to the government at the peak of the subprime market. Securities created from subprime loans have been blamed for the economic collapse from which the world’s economies have yet to recover.
Who’s Behind the Financial Meltdown?
STORIES IN THIS SERIES
- Ginnie Mae’s troubling endorsements
- You broke it? You fix it.
- Meltdown 101
- Commentary: The mega-banks behind the meltdown
- A roundup of investigations in the three years since the last market crash
- More mortgage fraud reporting?
- Subprime loans were big business for struggling lender CIT
- Mortgage companies and the new regulatory regime
- Leaders of the nation’s No. 1 subprime lender charged by the SEC
- Subprime loans may have sunk BankUnited FSB
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Countrywide Financial Corp.
Amount of Subprime Loans: At least $97.2 billion -
Ameriquest Mortgage Co./ACC Capital Holdings Corp.
Amount of Subprime Loans: At least $80.6 billion -
New Century Financial Corp.
Amount of Subprime Loans: At least $75.9 billion -
First Franklin Corp./National City Corp./Merrill Lynch & Co.
Amount of Subprime Loans: At least $68 billion -
Long Beach Mortgage Co./Washington Mutual
Amount of Subprime Loans: At least $65.2 billion -
Option One Mortgage Corp./H&R Block Inc.
Amount of Subprime Loans: At least $64.7 billion -
Fremont Investment & Loan/Fremont General Corp.
Amount of Subprime Loans: At least $61.7 billion -
Wells Fargo Financial/Wells Fargo & Co.
Amount of Subprime Loans: At least $51.8 billion -
HSBC Finance Corp./HSBC Holdings plc
Amount of Subprime Loans: At least $50.3 billion *** -
WMC Mortgage Corp./General Electric Co.
Amount of Subprime Loans: At least $49.6 billion -
BNC Mortgage Inc./Lehman Brothers
Amount of Subprime Loans: At least $47.6 billion *** -
Chase Home Finance/JPMorgan Chase & Co.
Amount of Subprime Loans: At least $30 billion -
Accredited Home Lenders Inc./Lone Star Funds V
Amount of Subprime Loans: At least $29.0 billion -
IndyMac Bancorp, Inc.
Amount of Subprime Loans: At least $26.4 billion -
CitiFinancial / Citigroup Inc.
Amount of Subprime Loans: At least $26.3 billion -
EquiFirst Corp./Regions Financial Corp./Barclays Bank plc
Amount of Subprime Loans: At least $24.4 billion -
Encore Credit Corp./ ECC Capital Corp./Bear Stearns Cos. Inc.
Amount of Subprime Loans: At least $22.3 billion -
American General Finance Inc./American International Group Inc. (AIG)
Amount of Subprime Loans: At least $21.8 billion *** -
Wachovia Corp.
Amount of Subprime Loans: At least $17.6 billion. -
GMAC LLC/Cerberus Capital Management
Amount of Subprime Loans: At least $17.2 billion *** -
NovaStar Financial Inc.
Amount of Subprime Loans: At least $16 billion -
American Home Mortgage Investment Corp.
Amount of Subprime Loans: At least $15.3 billion -
GreenPoint Mortgage Funding Inc./Capital One Financial Corp.
Amount of Subprime Loans: At least $13.1 billion -
ResMAE Mortgage Corp./Citadel Investment Group
Amount of Subprime Loans: At least $13 billion -
Aegis Mortgage Corp./Cerberus Capital Management
Amount of Subprime Loans: At least $11.5 billion
***Total includes subsidiaries