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What Makes You Mad? Sky-high interest on loan 9:18 PM

Pressure At Mortgage Firm Led To Mass Approval Of Bad Loans

Maggie Hardiman cringed as she heard the salesmen knocking the sides of desks with a baseball bat as they walked through her office. Bang! Bang!

" 'You cut my [expletive] deal!' " she recalls one man yelling at her. " 'You can't do that.' " Bang! The bat whacked the top of her desk. As an appraiser for a company called New Century Financial, Hardiman was supposed to weed out bad mortgage applications. Most of the mortgage applications Hardiman reviewed had problems, she said.

But "you didn't want to turn away a loan because all hell would break loose," she recounted in interviews. When she did, her bosses often overruled her and found another appraiser to sign off on it.

Hardiman's account is one of several from former employees of New Century that shed fresh light on an unfolding disaster in the mortgage industry, one that could cost as many as 2 million American families their homes and threatens to spill over into the broader economy.

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Infrormation on Loans

Sterling Financial Unearths Fraud in Equipment Finance Unit - BankNet 360

Fri, 25 May 2007 12:44:55 GMT

Sterling Financial Unearths Fraud in Equipment Finance Unit BankNet 360, NY - 24 minutes ago ticker: SLFI] announced it found fraud in its Equipment Finance LLC unit that will cause the banking company to take an after-tax charge of $145 million to ...

Former Endeavor president accused of covering up loans (WKBT La Crosse)

Fri, 25 May 2007 11:34:32 GMT
ENDEAVOR, Wis. (AP) - The former president of Endeavor is accused of secretly taking out loans on behalf of the village. A prosecutor says Arlene Stahmer brokered more than $$300,000 in loans without the knowledge of the village board and then hid thousands of pages of documents to cover it up.


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