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The American economy
- 1. The American ECONOMY Jan VAN RENTERGEM
- 2. Index • Foreclosures • Banks are failing all over the US • Worst recession? • Angelo Mozilo • US sub-prime mortgage collapse • Countrywide • Conclusion
- 3. Foreclosures
- 4. Foreclosures • Obama administration rejects nationwide moratorium on home foreclosures • Uncertainty in the housing market • Joint investigation • Potentially faulty foreclosures • Largest banks • Mortgage firms • Signing court documents without accurate information
- 5. Foreclosures • The Bank of America • Extended their freeze to all 50 states • Review foreclosures’ acts
- 6. Banks are failing all over the US
- 7. Banks are failing all over the US • Equivalent $2000 (debt) for every man, woman and child in the US • 138 US failed banks in 2010 • US midterm elections • High unemployment • Recovery hasn’t been materialized
- 8. Banks are failing all over the US • Georgia • 46 failed banks • Florida • 43 failed banks
- 10. Angelo Mozilo • Former chairman & chief executive of Countrywide • Highest-profile defendant to face trial for risky business practices • Housing collapse
- 11. US sub-prime mortgage collapse • Angelo Mozilo • $67.5m • Civil penalty of $22.5m • Investors $45m • Permanent ban as a director of a public firm • David Sambol (Countrywide’s former President) • $5.5m • Eric Sieracki (former chief financial officer) • $130,000
- 12. US sub-prime mortgage collapse • The Securities and Exchange Commission • Misleading shareholders • Quality of the loans on Countrywide's books • Angelo Mozilo • Inside knowledge • Reaping more than $139m
- 13. Countrywide • Shares collapsed by 80% in 2007 • Saved from bankruptcy by the Bank of America
- 14. Conclusion • American economy ≠ steady • Failing banks • Foreclosures = doubtful • Joint investigation • US recession • Not the worst (yet) • Partly responsible men (ex-Countrywide) • Punishments (penalties)
- 15. The End •Jan Van Rentergem • Student finance & insurance (2FV2)