the american economy
DESCRIPTION
This presentations deals with the American economy. It involves the foreclosures over the US, the failed banks, Angelo Mozilo, ... Enjoy!TRANSCRIPT
The American
ECONOMY
Jan VAN RENTERGEM
Index• Foreclosures• Banks are failing all over the US• Worst recession?• Angelo Mozilo• US sub-prime mortgage collapse• Countrywide• Conclusion
Foreclosures
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
Foreclosures
• The Bank of America• Extended their freeze to all 50 states
• Review foreclosures’ acts
Banks are failing all over the US
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
Banks are failing all over the US• Georgia
• 46 failed banks
• Florida• 43 failed banks
Worst recession?
534
Angelo Mozilo• Former chairman & chief executive of Countrywide• Highest-profile defendant to face trial for risky business practices• Housing collapse
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
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
Countrywide• Shares collapsed by 80% in 2007 • Saved from bankruptcy by the Bank of America
Conclusion• American economy ≠ steady
• Failing banks• Foreclosures = doubtful
• Joint investigation
• US recession• Not the worst (yet)• Partly responsible men (ex-Countrywide)
• Punishments (penalties)
The End
•Jan Van Rentergem• Student finance & insurance (2FV2)