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sequestration is killing that momentum
Why the Government Is Suing Standard & Poor's - Rick Newman (usnews.com)
The problem developed when mortgage lenders began granting loans to unqualified borrowers who should not have gotten them. When home values started to fall, the home equity many of those borrowers had been counting on evaporated, and default rates skyrocketed.
The system failed because nobody accounted for the high proportion of risky loans that ended up rolled into mortgage-related securities, a huge asset class that amounted to at least $3 trillion worth of investments by 2007. Brokers earned fees for each loan they originated, which gave them an incentive to ignore underwriting standards and write as many loans as possible, and even commit fraud.
Banks that made the loans became accustomed to selling them off as investments, reducing their own interest in validating the quality of the loan, since they'd no longer be holding it if something went wrong.
SEC Votes for Final Rules Defining How Banks Can Be Securities BrokersEight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.
remember
broker rules dude not insider trading remember?
It's against the law for brokers to commit insider trading. Remember?
and as merged entities what were the broker rules for these new banking and securities mixes?
lets not forget there were no exsisting broker rules for banks because they were banned from this activity.
Now why did the BUSH SEC make sure it stayed that way for nearly a decade?
There was new regulation being created almost every week. You're going to have to be more specific.
then you should be able to provide at least some of these rules and their dates and who wrote them huh?
so this fella never did come here and offer any proof as I requested.
why wont anyone post a link to what broker rules did exsist for these new banks while the Bush SEC held back the broker rules in GLBact for 8+ years.
why can NO claimed expert right left or center explain and prove what was going on with brokers in banks during these years?
I have been asking someone to do it for years now
prove they did
The GrammLeachBliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106102, 113 Stat. 1338, enacted November 12, 1999)
George W. Bush
43rd President of the United States
In office
January 20, 2001 January 20, 2009
"Debating" TM is like roping retards in a rodeo....
SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.
In addition, the Commission also voted to issue
Thanks for the you-tubes, Intense.Why the Government Is Suing Standard & Poor's - Rick Newman (usnews.com)
The problem developed when mortgage lenders began granting loans to unqualified borrowers who should not have gotten them. When home values started to fall, the home equity many of those borrowers had been counting on evaporated, and default rates skyrocketed.
The system failed because nobody accounted for the high proportion of risky loans that ended up rolled into mortgage-related securities, a huge asset class that amounted to at least $3 trillion worth of investments by 2007. Brokers earned fees for each loan they originated, which gave them an incentive to ignore underwriting standards and write as many loans as possible, and even commit fraud.
Banks that made the loans became accustomed to selling them off as investments, reducing their own interest in validating the quality of the loan, since they'd no longer be holding it if something went wrong.
[ame="http://www.youtube.com/watch?v=9TWOPDN5Va0"]1998: Sec. Andrew Cuomo Defends Affirmative Action Mortgage Policy - YouTube[/ame]
[ame="http://www.youtube.com/watch?v=Lr1M1T2Y314"]How The Democrats Caused The Financial Crisis: Starring Bill Clinton's HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter - YouTube[/ame]
Robin Hood is above the law, Rattie. The people they steal from can't get their money back.I wonder why the Clinton SEC held back the broker rules in the GLB act for 14 long months?
having it held back for 8+ years was absurd
