The banks played fast and loose

[Truthmatters]

BofA's `Sloppy' Prime Mortgages Add to Pressure for Buybacks - Bloomberg


Overdue prime mortgages set a record this year, opening more loans to scrutiny for defects that could entitle investors to a buyback. The Congressional Oversight Panel said last month that too many repurchases could rattle the financial system, and Bank of America’s stock dropped 27 percent this year through yesterday, partly on concern that $4.4 billion of reserves stockpiled to cover such costs won’t be enough.

“It was just a very sloppy process” that wasn’t confined to subprime loans, said David Havens, an analyst at Nomura Holdings Inc. in New York. “Overlooking bits and pieces of the underwriting process can come back to hurt you, because investors sold a faulty bill of goods want to recover losses.”

 

[Truthmatters]

Next month when wikileaks releases the major bank internal docs you people wont be able to lie about what caused this mess.

It was assholes like the people working at this bank who fudged the numbers even in prime loans to make a quick buck that fucked us all.

 

[william the wie]

This is news? The FBI was presumably told to STFU back in 2003 after they announced they wanted to investigate widespread mortgage fraud. At least I didn't hear of big cases being made and I do believe from state investigations that 1994-2008 saw the most wide open financial crime wave in at least 70 years and probably longer.

 

[B. Kidd]

The days of the robber barons have returned.

 

[Truthmatters]

This is news? The FBI was presumably told to STFU back in 2003 after they announced they wanted to investigate widespread mortgage fraud. At least I didn't hear of big cases being made and I do believe from state investigations that 1994-2008 saw the most wide open financial crime wave in at least 70 years and probably longer.

Its why spitzer got pegged for political distruction

 

[DiveCon]

where was TM bitching when the banks were being bailed out?

 

[cocolove]

The FBI was presumably told to STFU back in 2003 after they announced they wanted to investigate widespread mortgage fraud. At least I didn't hear of big cases being made and I do believe from state investigations that 1994-2008 saw the most wide open financial crime wave in at least 70 years and probably longer.

 

[Truthmatters]

Yeap its why they went after spitzer, he was going after them on the state level.

The bank bailout was a needed evil.

The country would have sunk into a deep depression and taken the worlds economy with it.

The way Paulson set it up the banks got everything they wanted and none of the curtailments that could have been easily out in the bailout.

The US could haved made bank and helped all of the people fucked by the banks on this one.

 

[DiveCon]

Yeap its why they went after spitzer, he was going after them on the state level.

The bank bailout was a needed evil.

The country would have sunk into a deep depression and taken the worlds economy with it.

The way Paulson set it up the banks got everything they wanted and none of the curtailments that could have been easily out in the bailout.

The US could haved made bank and helped all of the people fucked by the banks on this one.

yeah, poor Spitzer
he did nothing wrong, isnt that right TneverM?

 

[william the wie]

Yeap its why they went after spitzer, he was going after them on the state level.

The bank bailout was a needed evil.

The country would have sunk into a deep depression and taken the worlds economy with it.

The way Paulson set it up the banks got everything they wanted and none of the curtailments that could have been easily out in the bailout.

The US could haved made bank and helped all of the people fucked by the banks on this one.

Don't want this to inadvertently degenerate into a pissing match but it was Geithner and Bernancke who led the charge on the mess we ended up in. Their hirings by Obama was seen as mistake at the time and is still seen as a problem. Paulson was inept but the out and out insanity and stupidity came from the Fed.

 

[Mad Scientist]

The bank bailout was a needed evil.

Read "The Creature from Jekyll Island" and then get back to us.

 

[loosecannon]

The bank bailout was a needed evil.

Read "The Creature from Jekyll Island" and then get back to us.

Exactly. The same folks who literally couldn't imagine that a systemic meltdown was possible did a 180 and suddenly they were convinced it was imminent and would happen within a week if we didn't pass the TARP leg..

It never did happen and yet most Americans are convinced it would have just because.

I might add that those same people have yet to engineer any substantive economic recovery or even get their own banking cartel to resume lending.

Why would anybody believe anything those people say?

 

[Truthmatters]

Yeap its why they went after spitzer, he was going after them on the state level.

The bank bailout was a needed evil.

The country would have sunk into a deep depression and taken the worlds economy with it.

The way Paulson set it up the banks got everything they wanted and none of the curtailments that could have been easily out in the bailout.

The US could haved made bank and helped all of the people fucked by the banks on this one.

Don't want this to inadvertently degenerate into a pissing match but it was Geithner and Bernancke who led the charge on the mess we ended up in. Their hirings by Obama was seen as mistake at the time and is still seen as a problem. Paulson was inept but the out and out insanity and stupidity came from the Fed.

Paulson did it on purpose.

He was the corporate lackey.

Obama is looking like he is a corporate lacky too.

Black as coal was a fine poster who warned me that Obama was a lackey when he hired giether and summer and I hoped it wasnt true.

Im begining to think he is a lackey.

Even so he would have been better than McCain whos chief economic advisor was Phil Gramm who is not a lackey but a full blown participant.

 

[Zoom-boing]

Yeap its why they went after spitzer, he was going after them on the state level.

The bank bailout was a needed evil.

The country would have sunk into a deep depression and taken the worlds economy with it.

The way Paulson set it up the banks got everything they wanted and none of the curtailments that could have been easily out in the bailout.

The US could haved made bank and helped all of the people fucked by the banks on this one.

Don't want this to inadvertently degenerate into a pissing match but it was Geithner and Bernancke who led the charge on the mess we ended up in. Their hirings by Obama was seen as mistake at the time and is still seen as a problem. Paulson was inept but the out and out insanity and stupidity came from the Fed.

Paulson did it on purpose.

He was the corporate lackey.

Obama is looking like he is a corporate lacky too.

Black as coal was a fine poster who warned me that Obama was a lackey when he hired giether and summer and I hoped it wasnt true.

Im begining to think he is a lackey.

Even so he would have been better than McCain whos chief economic advisor was Phil Gramm who is not a lackey but a full blown participant.

I see you turned the page on your 'word of the day' calendar.

 

[Mad Scientist]

Black as coal was a fine poster who warned me that Obama was a lackey when he hired giether and summer and I hoped it wasnt true.

Im begining to think he is a lackey.

Even so he would have been better than McCain whos chief economic advisor was Phil Gramm who is not a lackey but a full blown participant.

They're all lackeys. Don't let the labels "D" or "R" fool you.