A Quote by Lisa Madigan

Investigating some of the largest subprime lenders - Wells Fargo, Countrywide, Ameriquest, Household Finance - I've seen how their terrible, toxic loans were closed by any means necessary and eventually packaged, sold as securities, and bet upon until they exploded and decimated our economy.

Lisa Madigan

Quote Topics

Finance Any Bet Closed Economy Eventually Fargo Household How Investigating Largest Lenders Loans Means Necessary Our Securities Seen Sold Some Terrible Toxic Until Wells Wells Fargo Were

Quote Author

Lisa Madigan
American - Public Servant
Born: July 30, 1966

I've repeatedly seen unscrupulous lenders use every con in the book to charm and lie to homeowners. Lenders actually paid brokers a premium to put people in higher-priced loans with toxic features, such as adjustable rates and prepayment penalties.

Lisa Madigan

These settlements [Justice Department with lenders] include requirements that banks lend to minorities at below-market rates and, in effect, dish out cash to politically favored 'community groups.' It's a good bet that many of these loans will eventually go bad.

Mary Kissel

Much of the blame for the Great Recession lies with abuses in the housing market - namely the creation of risky and unsustainable home loans that were packaged and sold as quality investments around the globe.

Lisa Madigan

We never did these kinds of loans that really started this mess, the subprime loans. We just never got into that business. We were enticed a lot of times to do so by a lot of Wall Street-type players, but I, frankly, never understood some of this stuff.

Dan Gilbert

A number of former Wells Fargo employees have described their work environment characterized by intense pressure to meet aggressive and unrealistic sales goals. In a 2010 letter to shareholders, Mr. Stumpf wrote that Wells Fargo's goal was eight products per customer because eight rhymed with great.

Richard Shelby

Wells Fargo's internal review only covers unauthorized accounts dating back to 2011. News reports and court documents suggest these problems might have existed long before then. The 2013 'Los Angeles Times' articles led to the L.A. city attorney's office investigation into Wells Fargo's sales practices.

Richard Shelby

I had begun to worry about the housing market back in 2003, when lenders first resurrected interest-only mortgages, loosening their credit standards to generate a greater volume of loans. Throughout 2004, I had watched as these mortgages were offered to more and more subprime borrowers - those with the weakest credit.

Michael Burry

The '90s was a great period for the fans that were collecting at that time. Comics sold at an all-time high and reached the largest audience in our modern age, and the energy in our business was fantastic. Any bad feelings from fans of that era were a result of the poor delivery of the product we sold them.

Rob Liefeld

We want freedom by any means necessary. We want justice by any means necessary. We want equality by any means necessary. We don't feel that in 1964, living in a country that is supposedly based upon freedom, and supposedly the leader of the free world, we don't think that we should have to sit around and wait for some segregationist congressmen and senators and a President from Texas in Washington, D.C., to make up their minds that our people are due now some degree of civil rights. No, we want it now or we don't think anybody should have it.

Malcolm X

If you really think about the fabric of the United States, or the finance of any economy, finance is a true underpinning of what makes the economy great - if it can be done successfully, responsibly, and with a client orientation.

Adena Friedman

I think what we need is better understanding of how to do risk analysis of a CDO, but that they still can perform a very valuable function because they can aggregate these risks and pass them around so that mortgages or other kinds of loans can be packaged and sold to investors all over the world, who in most times, would justify a small amount of each one.

Robert F. Engle

In the subprime mortgage industry, bankers handed out iffy loans like candy at a parade because such loans meant revenue and, hence, bonuses for executives in the here-and-now.

Thomas Frank

If banks anticipate government will come to the rescue should the credit market go badly awry, they may make loans that would otherwise be imprudent, e.g. subprime loans with little prospect of repayment.

Eric Maskin

Housetops were covered with 'gazers'; all wharves that offered a view were jammed with people ... As British officers happily reminded one another, it was the largest fleet ever seen in American waters. In fact it was the largest expeditionary force of the 18th century, the largest, most powerful force ever sent forth by Britain or any other nation.

David McCullough

They have a new CEO in Wells Fargo . I don't know much about him. The lady who was involved to some degree in the shenanigans along with the CEO are gone. So I need to see where things stand before we go any farther at this point.