U.S. Is Set to Sue a Dozen Big Banks Over Mortgages

[hellofromwarsaw]

How many times can you post that irrelevant NYT from 1997? Over 80% of loans were not F+F 2003-6, MORONS. Now F+F are SUING the A-Holes. Yes, gov't encouraged crappe loans- BOOOOSH gov't. JFC- read a paper and turn off the BS...and NOT Rev Moon's or Murdoch's...IDIOCY

 

[8537]

Explosive Audio Unearthed: After the Sub Prime Crisis already started in 2007 Obama says Sub Prime Mortgages that gave houses to people WHO COULDN'T AFFORD THEM was a GOOD IDEA!! - YouTube

So then, you can't dispute the facts? So you turn to an edited youtube video?

You can't dispute that the GSE's repackaged loans were less likely to default?
That the CRA-regulated banks were pushed out of the subprime market by the unregulated ones?

OK then.

I don't need to dispute the truth. GSE repackaged loans were less likely to default.

Only thing is CRA was forcing banks to give bad loans while using GSE's to buy them out, covering up for it, then they were cooking books and lying that everything is OK.

Except....Loans issued by CRA-regulated institutions account for less than 20% of the defaulting subprimes.

The CRA can't force Ameriquest or nondepository branches of Countrywide to even comply with basic lending standards (nevermind the fact that no bank was ever forced to make a loan - in fact, the banks were begging the GSE's to allow them to make loans.)

 

[kwc57]

No federal government office ever forced any bank to give a loan to anyone who couldn't afford it. Ever.

That's why most of the toxic subprimes were offered by nondepository institutions outside the reach of the FDIC and the CRA.

REALLY--

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

The Federal Government is as much to blame--they wrote the policy--thereby opening the door for fraud--they pressured banks to lower their lending standards--no collateral--no down payment--and less than a desirable credit rating. A tenant--renting a residence would have had more to lose under these policies. They would have at least lost their deposit when they walked. Robert Rubin and Allan Greenspan fully supported and defended the use of sub-prime lending--and all of this right under the nose of congressional and senate banking boards--who completely IGNORED all warning of an imminent collapse.

As I said. Wonder if they will be going after the Clowns in Congress who were supposed to be oversite??

Like I said earlier, the banks should countersue the government or individuals directly involved in creating the policies that created this nightmare.

 

[Mustang]

'Bout friggin' time!

 

[Mustang]

No federal government office ever forced any bank to give a loan to anyone who couldn't afford it. Ever.

That is a patently false statement. You are either ignorant or lying. The federal government, as well as activist groups like ACORN, very much pressured banks to give mortgages to people who otherwise wouldn't qualify in order to boost minority home ownership. They were threatened with accusations of redlining if they didn't do it.

This does not mean the banks are without fault, of course, but the federal government caused the problem in the first place and they've done everything they can to point their fingers at everyone else just typical politicians.

Yup.

I wonder if they are going to go after those members of Congress who were supposed to be oversite for the banking industry??

How about any of those looking to buy homes who lied on their applications??

They'd need bigger jails.

Bankers are supposed to verify applicants' income claims. If they just approve a loan without verifying the information, whose fault is that?

 

[8537]

REALLY--

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

The Federal Government is as much to blame--they wrote the policy--thereby opening the door for fraud--they pressured banks to lower their lending standards--no collateral--no down payment--and less than a desirable credit rating. A tenant--renting a residence would have had more to lose under these policies. They would have at least lost their deposit when they walked. Robert Rubin and Allan Greenspan fully supported and defended the use of sub-prime lending--and all of this right under the nose of congressional and senate banking boards--who completely IGNORED all warning of an imminent collapse.

As I said. Wonder if they will be going after the Clowns in Congress who were supposed to be oversite??

Like I said earlier, the banks should countersue the government or individuals directly involved in creating the policies that created this nightmare.

I don't know if the Republican party has the money to fight that suit right now.

 

[Claudette]

Don't think the Dems have the money either.

 

[8537]

Don't think the Dems have the money either.

The Dems hadn't controlled congress for 12 years when the housing market peaked.

 

[Mad Scientist]

Mish's Global Economic Trend Analysis: Fannie, Freddie Overseer Set to File Suit Against Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank

 

[kwc57]

As I said. Wonder if they will be going after the Clowns in Congress who were supposed to be oversite??

Like I said earlier, the banks should countersue the government or individuals directly involved in creating the policies that created this nightmare.

I don't know if the Republican party has the money to fight that suit right now.

I don't know if they would either, but it wouldn't matter because the suit would be against the US government and the then elected Dems and Repubs who were responsible.

 

[kwc57]

That is a patently false statement. You are either ignorant or lying. The federal government, as well as activist groups like ACORN, very much pressured banks to give mortgages to people who otherwise wouldn't qualify in order to boost minority home ownership. They were threatened with accusations of redlining if they didn't do it.

This does not mean the banks are without fault, of course, but the federal government caused the problem in the first place and they've done everything they can to point their fingers at everyone else just typical politicians.

Yup.

I wonder if they are going to go after those members of Congress who were supposed to be oversite for the banking industry??

How about any of those looking to buy homes who lied on their applications??

They'd need bigger jails.

Bankers are supposed to verify applicants' income claims. If they just approve a loan without verifying the information, whose fault is that?

Being one of the most heavily regulated industries in the nation, they do. However, when the feds change the regulations and threaten banks with fines if they don't provide loans that a bank would normally shun, there's your problem. Seems a lot of activist types whined and bitched that people with less money weren't able to have what people with money have and got the gubmint to force banks to lend to them. See the problem? Then when it wnet to hell in a hand basket, the same government wants to sue the banks for doing their bidding. Like I said, I hope the banks countersue.

 

[Mustang]

Yup.

I wonder if they are going to go after those members of Congress who were supposed to be oversite for the banking industry??

How about any of those looking to buy homes who lied on their applications??

They'd need bigger jails.

Bankers are supposed to verify applicants' income claims. If they just approve a loan without verifying the information, whose fault is that?

Being one of the most heavily regulated industries in the nation, they do. However, when the feds change the regulations and threaten banks with fines if they don't provide loans that a bank would normally shun, there's your problem. Seems a lot of activist types whined and bitched that people with less money weren't able to have what people with money have and got the gubmint to force banks to lend to them. See the problem? Then when it wnet to hell in a hand basket, the same government wants to sue the banks for doing their bidding. Like I said, I hope the banks countersue.

You haven't read through this thread, have you?

 

[8537]

Yup.

I wonder if they are going to go after those members of Congress who were supposed to be oversite for the banking industry??

How about any of those looking to buy homes who lied on their applications??

They'd need bigger jails.

Bankers are supposed to verify applicants' income claims. If they just approve a loan without verifying the information, whose fault is that?

Being one of the most heavily regulated industries in the nation, they do.

Except the mortgage origination business is one of the least regulated industries in the country.

 

[Intense]

No federal government office ever forced any bank to give a loan to anyone. Ever.

Not by law but by pressure.

I suggest you listen to cuomo's rant on the topic. He bragged about it. Killing what you are trying to imply.

Have a nice day.............................................

Extortion by any name....

 

[yidnar]

Finally.

These ***** wanna continue to play their chickenshit games?

Well it's going to cost.

the community re investment act ,fanny and freddie,the CBC,acorn,and left wing pandering to minorities are the main causes for the banking crises!! i am not going to take the time to explain to liberal faggots how all of this ties together...if you want to know look it up and study!!

 

[8537]

Finally.

These ***** wanna continue to play their chickenshit games?

Well it's going to cost.

the community re investment act ,fanny and freddie,the CBC,acorn,and left wing pandering to minorities are the main causes for the banking crises!! i am not going to take the time to explain to liberal faggots how all of this ties together...if you want to know look it up and study!!

Congrats! You've learned well from the rightwing radio (though I'm not sure where the gay slur came from).

 

[yidnar]

Finally.

These ***** wanna continue to play their chickenshit games?

Well it's going to cost.

the community re investment act ,fanny and freddie,the CBC,acorn,and left wing pandering to minorities are the main causes for the banking crises!! i am not going to take the time to explain to liberal faggots how all of this ties together...if you want to know look it up and study!!

Congrats! You've learned well from the rightwing radio (though I'm not sure where the gay slur came from).

the ****** left promotes same sex marriage !!and liberal males are more feminine than real men!!

 

[BDBoop]

Is this the right thread for this article?

US sues biggest banks over risky mortgages - CSMonitor.com

Government lawsuit claims 17 banks, including Bank of America, Citigroup, and JP Morgan, misrepresented the value of $196 billion worth of mortgage-backed securities when it sold them to Fannie Mae and Freddie Mac.

 

[Intense]

[ame=http://www.youtube.com/watch?v=ivmL-lXNy64]EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!! - YouTube[/ame]
EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make

 

[Intense]

[ame=http://www.youtube.com/watch?v=xaX8YCaS-as]Economic Crisis Created By The Democrats To Give Poor People Home Loans They Could Not Afford To Buy Their Votes - YouTube[/ame]
Economic Crisis Created By The Democrats To Give Poor People Home Loans They Could Not Afford To