I dont get it. First we bail them out; then we sue them. Nothing makes any sense anymore.
Feds sue banks over mortgage fraud - Tim Mak - POLITICO.com
Feds sue banks over mortgage fraud - Tim Mak - POLITICO.com
Big Banks Sued Over Mortgage Failure / Fraud
- Thread starter Rusky
- Start date
Nothing ever makes sense in this world.
Train & arm the Taliban, then invade them. Sell arms to Iran, then declare them an enemy. And so on, and so on...
Train & arm the Taliban, then invade them. Sell arms to Iran, then declare them an enemy. And so on, and so on...
correct me if i'm wrong, but... shouldn't the first culprits to blame be the federal reserve for printing money and keeping interest rates low in early 2000 in response to the .com burst, thereby creating an unrealistic/unsustainable market, which led banks to make these bad mortgages?
We're in the wrong business boys.
Huge billion dollar investment scandals, money laundering, mexican drug cartel lending, gold shortsellings etc. and the FTC barely blinks at it before they spend the rest of their day staring at testimonials on our websites.
Huge billion dollar investment scandals, money laundering, mexican drug cartel lending, gold shortsellings etc. and the FTC barely blinks at it before they spend the rest of their day staring at testimonials on our websites.
QFT.
Maybe if we started laundering our money into investment funds and using testimonials from drug dealers they'd leave us alone.
Bloomberg ran this too.
It will make the world lose even more confidence in the US than they already have somehow for the US government to Sue the very same banks we bailed out over this exact same issue.
It will also totally negate the bailout, causing these banks to likely go under.
Clearly this cannot come to pass. I'm really suprised bloomberg was allowed to report on it at all.
It will make the world lose even more confidence in the US than they already have somehow for the US government to Sue the very same banks we bailed out over this exact same issue.
It will also totally negate the bailout, causing these banks to likely go under.
Clearly this cannot come to pass. I'm really suprised bloomberg was allowed to report on it at all.
The banks should have already gone under. They've been insolvent this entire time. The government merely hid it. By now, we could have passed through the worst of the storm of them collapsing into bankruptcy and could have begun to rebuild.
Although mortgage fraud was absolutely rampant in the runup to 2008, I highly doubt there will be a genuine effort(by the feds, at least) to prosecute them. This rabbit hole goes far and deep. This could be something to placate the masses, it could be somebody rogue, I would be surprised if anyone in the Obama administration approves any large-scale prosecution of the banks unless there is an ulterior motive such as a power/industry grab.
And dreamache is right, this all started with the federal government FORCING the banks to make these loans and then buying them with Freddie/Fannie.
Although mortgage fraud was absolutely rampant in the runup to 2008, I highly doubt there will be a genuine effort(by the feds, at least) to prosecute them. This rabbit hole goes far and deep. This could be something to placate the masses, it could be somebody rogue, I would be surprised if anyone in the Obama administration approves any large-scale prosecution of the banks unless there is an ulterior motive such as a power/industry grab.
And dreamache is right, this all started with the federal government FORCING the banks to make these loans and then buying them with Freddie/Fannie.
Everybody is talking about the banks and mortgage companies what about the credit rating agencies? They gave those mortgage backed securities AAA ratings and Pension funds and Banks went "all in."
While everybody is mad at the banks and shit Buffet buys up some Bank of America preferred on the cheap and says "The rich aren't paying enough in taxes" What a nice guy.
Meanwhile guess who the majority shareholder of Moody's credit rating company is:
Berkshire Hathaway(Buffet) Now that's Pimpin!
"The greatest trick the devil pulled was convincing the world he didn't exist."
While everybody is mad at the banks and shit Buffet buys up some Bank of America preferred on the cheap and says "The rich aren't paying enough in taxes" What a nice guy.
Meanwhile guess who the majority shareholder of Moody's credit rating company is:
Berkshire Hathaway(Buffet) Now that's Pimpin!
"The greatest trick the devil pulled was convincing the world he didn't exist."
Not only did we bail them out, but it was congress' own laws that made banks lend to unqualified borrowers.
^^ Agreed. S&P, Moody and one other whose name escapes me was responsible for evaluating the bonds and CDOs and gave them the trip A ratings, they should be the ones on the defendant's side of a lawsuit. If some investors were able to sniff out the bad bonds and short them then the rating agencies should have too and rated them accordingly. But if we went after S&P now it would look like petty retribution for the downgrade of the US credit rating.
People will see a conspiracy where they want to, but simple greed and ignorance at scale are enough to fuck everything up.
2004 - Democrats defending the GSE Fannie and Freddie - I love at 0:51 when she talks about the outstanding leasdership of Franklin Raines. Good Stuff.
[ame="http://www.youtube.com/watch?v=y4A0RuXhnQA&feature=player_detailpage"]Democrats Fighting Regulation of Freddie & Fannie - YouTube[/ame]
Do not forget in addition to the contribution to the crises of low interest rates, from the .com bust but more so from the 0/11 attacks. But also the Clinton Era
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000
That made all of the fancy securitization of loans possible.
[ame="http://www.youtube.com/watch?v=y4A0RuXhnQA&feature=player_detailpage"]Democrats Fighting Regulation of Freddie & Fannie - YouTube[/ame]
Do not forget in addition to the contribution to the crises of low interest rates, from the .com bust but more so from the 0/11 attacks. But also the Clinton Era
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000
That made all of the fancy securitization of loans possible.
^^ LOL at Republicans calling for bigger government and more regulation with Dems playing it off. Like Dylan sang, "The Times They Are A Changing'".
(all politicians are scumbags)
(all politicians are scumbags)
The credit rating agencies weren't blameless, they made HUGE money in fees "assessing" mortgage packages.
But all the financial firms hired ex-Moody/S&P/Fitch people to recreate their models, so they knew exactly what mix of mortgages(subprime, prime, etc) to submit in order to receive a specific rating. At that point, it wasn't a rating process anymore, they were simply gaming the system.
It goes deeper than that. Ratings agencies were/still are literally dictating portfolio selection strategies to firms according to their investment requirements under the auspices of their supposedly objective position as assessors.
Furthermore the government made them issue alot of their loans, they created the sub prime industry. They insured most of those loans as well.
Pieces of shit lol
Its called political posturing people. Its not that complicated. Its nothing new. Warren Buffet's wealth is not going anywhere. Lolz.