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had hidden fees. Sandler described independent brokers as "the whores of the world”, nonetheless by 2006 independent brokers generated 60 percent of World
Savings' loan business, and he claimed that he was compelled to do so because of brokers were a dominant force in the mortgage industry. World Savings was supposed to telephone applicants to ensure that they understood the terms of their loan, as a check on the representations that brokers made to borrowers, but these calls reached only about half of the borrowers.
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prohibiting such charges. The
Sandlers supported prepayment penalties, acknowledging that lenders used the penalties to lock borrowers into “absolutely awful” loans, but saying that his firm used the penalties to fend off unethical brokers who enticed borrowers with low-interest-rate loans that often
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Sandler and his wife have throughout their public life denounced predatory lenders and the poor underwriting practices of other lenders. However, the actual practices of their firm especially in the 2000s, undermined their conservative lending principles and reputations, especially in the wake of the
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in 1991, which has donated hundreds of millions of dollars to various causes, primarily focusing on scientific research, civil liberties, and social justice. In 2006, the
Sandlers made a contribution of $ 1.3 billion to the foundation, which was the second largest American charitable contribution of
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in the U.S. with assets of approximately $ 125 billion, deposits of $ 60 billion, and 12,000 employees. Under the
Sandlers' management, Golden West generated a 19 percent average annual compound growth in earnings per share over a 39-year period. The company was described as "one of the most
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The
Sandlers are credited with the invention of the "Pick-A-Pay" mortgage that allowed borrowers to pay less than the interest due on their loan each month—which increased the total amount owed by the borrower. Analysts place the blame on the near failure of
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In 1963, the
Sandlers created Golden West Financial Corporation, a savings and loan holding company, to acquire Golden West Savings and Loan Association, the predecessor to World Savings Bank. Since that time, Golden West grew into one of the largest
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and the acquisition was completed in
October 2006. The Sandlers owned about 10% of the company at the time of the sale, making their share of the sale price worth about $ 2.4 billion. Of this the Sandlers gave $ 1.3 billion to the
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magazine's annual list of the United States' most admired companies. The
Sandlers were also named "2004 CEOs of the Year" by Morningstar, Inc.
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notes that Golden West "instituted borrowing practices that were largely blamed for the housing market collapse".
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Herbert
Sandler was born on November 16, 1931, in New York City. He grew up in a Jewish family in the
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in the fall of 2008 on the "Pick-A-Pay" mortgage portfolio they acquired from the
Sandler's firm.
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130:. He died on June 4, 2019, at the age of 87. Golden West Financial's lending practices had
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437:"Fortune Magazine Names Golden West Financial Most Admired Mortgage Services Company"
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efficient and productive money machines on the planet", and was included 10 times in
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258:, a nonprofit, nonpartisan organization fighting predatory mortgage lending,
409:"Herbert Sandler, S&L magnate who also seeded ProPublica, dies at 87"
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The Sandlers helped found and are among the largest benefactors of the
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magazine include Sandler and his wife Marion in their list of the "
456:"Former Golden West CEO And Billionaire Marion Sandler Dead At 81"
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118:(November 16, 1931 – June 5, 2019) was a co-CEO (with his wife,
299:"Herb Sandler, Banker Who Financed ProPublica, Dies at 87"
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In an article on the death of Marion Sandler, Ryan Mac of
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American chief executives of financial services companies
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23:
574:"Once Trusted Mortgage Pioneers, Now Scrutinized"
316:Richard Tofel, Stephen Engelberg (June 5, 2019).
262:, and other products that prey on consumers; the
204:Golden West was sold in 2006 for $ 24 billion to
482:"Wachovia-Golden West: Another Deal From Hell?"
270:, an investigative reporting newsroom; and the
16:American banker and philanthropist (1931-2019)
343:"25 People to Blame for the Financial Crisis"
8:
138:25 People to Blame for the Financial Crisis
20:
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318:"The Man Who Made ProPublica Possible"
659:21st-century American philanthropists
654:20th-century American philanthropists
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572:Moss, Michael (December 4, 2008).
237:Martin Eakes, the director of the
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124:Golden West Financial Corporation
509:"America's most generous donors"
480:Moore, Heidi N. (July 8, 2008).
217:Role in subprime mortgage crisis
679:City College of New York alumni
613:"The 2006 Slate 60: Donations"
256:Center for Responsible Lending
239:Center for Responsible Lending
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593:Nocera, Joe (March 9, 2008).
550:Foust, Dean (June 30, 2008).
529:Nocera, Joe (March 9, 2008).
277:The Sandlers established the
266:, a progressive think tank;
264:Center for American Progress
599:The New York Times Magazine
595:"Self-Made Philanthropists"
536:The New York Times Magazine
531:"Self-Made Philanthropists"
168:in 1951. He graduated from
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684:Columbia Law School alumni
516:February 20, 2009, at the
454:Mac, Ryan (June 4, 2012).
394:Herbert Sandler Obituary,
272:American Asthma Foundation
552:"Pick-A-Pay Goes Away..."
164:in New York City and the
689:Subprime mortgage crisis
166:City College of New York
84:City College of New York
487:The Wall Street Journal
396:San Francisco Chronicle
160:Sandler graduated from
162:Stuyvesant High School
669:American billionaires
224:housing crash in 2008
286:References and notes
619:. February 21, 2007
351:. February 11, 2009
305:on August 18, 2020.
170:Columbia Law School
93:Columbia University
579:The New York Times
279:Sandler Foundation
211:Sandler Foundation
128:World Savings Bank
371:"Herbert Sandler"
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41:November 16, 1931
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664:American bankers
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621:. Retrieved
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303:the original
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250:Philanthropy
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108:Marion Osher
62:(2019-06-05)
60:June 5, 2019
25:Herb Sandler
18:
649:2019 deaths
644:1931 births
465:January 22,
282:that year.
638:Categories
322:ProPublica
268:ProPublica
144:Early life
72:California
37:1931-11-16
172:in 1954.
156:Education
80:Education
623:June 24,
514:Archived
380:June 24,
232:Wachovia
49:New York
443:. 2006.
355:June 5,
327:June 5,
189:Fortune
183:thrifts
460:Forbes
198:Forbes
176:Career
104:Spouse
74:, U.S.
51:, U.S.
617:Slate
150:Bronx
122:) of
625:2024
495:2008
467:2019
382:2024
357:2019
348:Time
329:2019
133:Time
126:and
57:Died
31:Born
140:".
97:LLB
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