Creates a new independent consumer protection watchdog to ensure that consumers purchasing mortgages and using credit cards get accurate information.
The company purchased various mortgages of George Croghan between 1768 and 1770.
Those funds are in turn used to purchase mortgages from originating banks.
Since 2008 the bank has been purchasing mortgages.
It purchases mortgages either to hold in its portfolio or repackage as mortgage-backed securities.
In addition, there are a large number of independent investors, who purchase seller-financed mortgages from the seller - at a discount, of course.
Even worse, because investors around the world had purchased subprime mortgages as securities, the whole global economy suffered from the American subprime fallout.
The U.S. entities do much more than provide mortgage insurance, and use their own huge balance sheets to purchase mortgages.
It has also purchased additional mortgages and credit-card accounts, among other assets.
Residential Funding built its portfolio mainly by purchasing mortgages from other lenders and packaging them into mortgage-backed securities, which are sold to institutional investors.