We’re Paying WHOM to Fix Subprime Mortgages?

Why, subprime lenders, of course.

Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.


The Treasury Department has allocated $75 billion to entice lenders to let beleaguered borrowers stay in their homes. And the companies getting most of that money—well, they’re the same companies that got the borrowers into this mess. At least 21 of the top 25 recipients in the Home Affordable Modification Program were major subprime lenders, according to the Center for Public Integrity. Meanwhile, not even 1 in 5 homeowners eligible for the program has gotten help.

LENDER (PARENT COMPANY)

SUBPRIME LOANS
(MINIMUM, 2005-2007)

HAMP FUNDS
AVAILABLE

Countrywide Financial
(Bank of America)

$97.2 billion

$4.5 billion

National City (PNC)

$68 billion

$610 million

Option One Mortgage (formerly H&R Block,
now American Home Mortgage Servicing)

$64.7 billion

$1.2 billion*

Wells Fargo

$51.8 billion

$2.5 billion

BNC Mortgage/Aurora Loan Services
(Lehman Brothers)

$47.6 billion

$448 million

Chase Home Finance/EMC Mortgage
(JPMorgan Chase)

$30 billion

$3.4 billion

IndyMac (OneWest)

$26.4 billion

$814 million*

Citigroup

$26.3 billion

$2.1 billion

EquiFirst/HomeEq (Barclays)

$24.4 billion

$553 million

Wachovia (Wells Fargo)

$17.6 billion

$1.4 billion

GMAC (Cerberus Capital)

$17.2 billion

$3.6 billion

* Funds available to parent companySources: Center for Public Integrity; Treasury Department

This chart is part of Mother Jones’ coverage of the financial crisis, one year later.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate