Deepwater Horizon, the name given to the oil spill from the British Petroleum (BP)-run Macondo Prospect in the Gulf of Mexico, occurred between April and September 2010. Macondo Prospect is a large area off the coast of the Louisiana that...
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On April 20, 2010, an explosion of high pressure methane gas sank British Petroleum (BP)'s Deepwater Horizon drilling rig, causing a leak that became one of the largest oil spills in history. The leak continued until the well was officially...
JPMorgan Chase & Co. Settlements with the US Department of Justice The US Department of Justice announced on November 19, 2013 that JPMorgan Chase & Co. had agreed to a record-setting $13 billion settlement over its risky mortgage practices that...
The ongoing saga of major bank settlements with the Department of Justice, Fannie Mae and Freddie Mac is mostly the result of the economic crisis of 2007-2008. Prior to this time, Bank of America and JPMorgan Chase & Co. sold...
Sub-prime loan practices began in the mid-1980s as lawmakers sought to increase housing opportunities. Prior to this, many Americans were unable to purchase a home due to credit scores below 550. Census data compiled by the Federal Reserve shows that...
The 2008 financial crisis cost investors, consumers and businesses alike. Sub-prime lending practices devolved into a riskier regime from their time of inception to address disproportionate ratios in racial borrowing power in the 1980s to the housing bubble of the...
On July 18, 2013, the city of Detroit, Michigan filed a petition declaring Chapter 9 bankruptcy in the United States Bankruptcy Court for the Eastern District of Michigan, Southern Division. Detroit's attempt to declare bankruptcy briefly came to a halt...
Detroit's population was over 1.8 million residents in 1950, and it held the fifth spot on the list of America's most populous cities. That was the peak of the city's population. In fact its population has seen a decline in...
Bankruptcy is a process through which a person who is unable to pay his or her debts is granted relief from the courts by undergoing a supervised step-by-step repayment plan; many debts are partially paid as fairly as possible with...
Detroit, Michigan, the historic epicenter of US automotive manufacturing, was once a beacon of industrial prosperity. The "Motor City" was synonymous with automative giants, such as GM, Ford and Chrysler. In recent decades, however, Detroit has seen significant decreases in...
