more corrupt bank news

[Robert A Whit]

Once again, aboutime and RSR prove they are braindead jackasses who only consider one point of view:



From the start, Bush embraced a governing philosophy of deregulation. That trickled down to federal oversight agencies, which in turn eased off on banks and mortgage brokers.
Bush did push early on for tighter controls over Fannie Mae and Freddie Mac, but he failed to move Congress.
After the Enron scandal, Bush backed and signed the aggressively regulatory Sarbanes-Oxley Act. But SEC head William Donaldson tried to boost regulation of mutual and hedge funds, he was blocked by Bush's advisers at the White House as well as other powerful Republicans and quit.
Plus, let's face it, the meltdown happened on Bush's watch.





http://www.time.com/time/specials/pa...877320,00.html

I don't recognize the Time hit piece authors, but as to the mortgage industry, I can assure all posters that blaming Bush is utter nonsense. Worse, it is all lies.

We were not deregulated. Hedge funds are not mortgage companies. It is possible that a company can do both, but Most in the mortgage industry work hard and are dedicated to honesty. A few bad apples does not mean we are bad.

You left wingers sit on your thumb as Obama enriches the very rich. With all he has done for the very rich, it probably is smart for those on the right to not defend the Rich.

But for one fact of course. They have been overtaxed and but for Obama making them all richer, they can pay more taxes.

Look at the stock market. I hear that the rich home builders are slowly coming back to life. Dodd Frank is an economy killer.

[aboutime]

Once again, aboutime and RSR prove they are braindead jackasses who only consider one point of view:




http://www.time.com/time/specials/pa...877320,00.html

Tell us more gabby. I really do enjoy the laughs.

[Robert A Whit]

You are correct - it was not the black guy

It was the Southern guy. The sexual predator, the guy who sexually assaulted many women, and committed perjury while President

It all began right here Gabby

I am backing you up 100 percent on what FNMA did. When it happened, I still got daily FAX flyers with many many lenders packages shown in detail. They were marked as not for public use.

It happened on Clinton's watch but in defense of him, it started in TX where a bank was sued by negroes who claimed their bad credit should qualify them for a loan. A court ruled for them thus the court takes the blame vs Clinton. Cleiton had no desire to defy the court. But the nonsense if is my fault or even the wholesale companies fault when we all know the rules came from FNMA should end but left wingers live to tell lies.

[fj1200]

Once again, aboutime and RSR prove they are braindead jackasses who only consider one point of view:

Plus, let's face it, the meltdown happened on Bush's watch.

http://www.time.com/time/specials/pa...877320,00.html

When it gets right down to it, that's really all they've got. Timing. Yet it happened within two years of the Dems taking over Congress; Coincidence?

[gabosaurus]

Tell us more gabby. I really do enjoy the laughs.

The feeling is mutual. I get a lot of laughs out of your bullshit posts as well. There is a lot of sickness evident in all the right-wing blogs out there. Along with bitterness and dismay.

[red states rule]

Once again, aboutime and RSR prove they are braindead jackasses who only consider one point of view:




http://www.time.com/time/specials/pa...877320,00.html

Gabby, here is the timeline where Bush tried to warn Dems on reforming Fannie and Freddie - but Dems said no




and here are Dems in their own words - mostly playing the race card over R's not wanting low income people to own a home.





NO you may now run away from this thread Gabby as the facts are way to much for you to handle

[aboutime]

The feeling is mutual. I get a lot of laughs out of your bullshit posts as well. There is a lot of sickness evident in all the right-wing blogs out there. Along with bitterness and dismay.

We love it when you talk that way. It saves us the trouble of providing proof about what most of us have seen, and heard from you.

Please continue Gabby. If we create bullshit posts. It proves your training is worth EMULATING.

[red states rule]

Libs like Obama NEVER learn from their past errors - and Gabby will blame Republicans when we get the same results

Please note the date

Obama administration pushes banks to make home loans to people with weaker credit

By Zachary A. Goldfarb,April 02, 2013


The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.


President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.


In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default.

Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.

Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps.


Obama pledged in his State of the Union address to do more to make sure more Americans can enjoy the benefits of the housing recovery, but critics say encouraging banks to lend as broadly as the administration hopes will sow the seeds of another housing disaster and endanger taxpayer dollars.


“If that were to come to pass, that would open the floodgates to highly excessive risk and would send us right back on the same path we were just trying to recover from,” said Ed Pinto, a resident fellow at the American Enterprise Institute and former top executive at mortgage giant Fannie Mae.


Administration officials say they are looking only to allay unnecessary hesi*ta*tion among banks and encourage safe lending to borrowers who have the financial wherewithal to pay.


“There’s always a tension that you have to take seriously between providing clarity and rules of the road and not giving any opportunity to restart the kind of irresponsible lending that we saw in the mid-2000s,” said a senior administration official who was not authorized to speak on the record.

http://articles.washingtonpost.com/2...sing-officials

[revelarts]

US bank JP Morgan has agreed to a record $13bn (£8bn) settlement with US regulators for misleading investors during the housing crisis.

It is the largest settlement ever between the US government and a corporation.
The bank acknowledged it made “serious misrepresentations to the public”, but said it did not violate US laws.
“We are pleased to have concluded this extensive agreement,” said JP Morgan boss Jaime Dimon in a statement.
About $4bn of the settlement is to go to homeowners hurt by JP Morgan’s practices.

But Jaime Dimon and none of the other multi billion dollar fraudsters are in jail yet though are they?
have the stock holders and the corp pay the fine and the directors and people who did the deeds go home without a scratch.
If i stole a tank of gas from the 7-11 I'm likely to get in more trouble than these lying trillon dollar economy wrecking thieves.


http://www.bbc.co.uk/news/business-25009683

[red states rule]

But Jaime Dimon and none of the other multi billion dollar fraudsters are in jail yet though are they?
have the stock holders and the corp pay the fine and the directors and people who did the deeds go home without a scratch.
If i stole a tank of gas from the 7-11 I'm likely to get in more trouble than these lying trillon dollar economy wrecking thieves.


http://www.bbc.co.uk/news/business-25009683

Rev please tell me what fraud took place here. The banks did what the Feds ordered them to do - make as many loans to people as possible. Since when is it fraud to give people money?

The Feds mandated banks make these loans - now the Feds blame them for the mess the government created

What is the solution Rev? Do you really think Dodd-Frank will really fix anything? With the new regs kicking in on 1/1/14 the situation will only get worse. More costs to the bank means more fees for YOU. Hell, I have seen where most banks will charge their customers a fee to merely deposit their money into their account

It is going to get very interesting Rev watching how banks respond to more intrusiveness by the Feds

[logroller]

Rev please tell me what fraud took place here. The banks did what the Feds ordered them to do - make as many loans to people as possible. Since when is it fraud to give people money?

The Feds mandated banks make these loans - now the Feds blame them for the mess the government created

What is the solution Rev? Do you really think Dodd-Frank will really fix anything? With the new regs kicking in on 1/1/14 the situation will only get worse. More costs to the bank means more fees for YOU. Hell, I have seen where most banks will charge their customers a fee to merely deposit their money into their account

It is going to get very interesting Rev watching how banks respond to more intrusiveness by the Feds

I think the fraud occurred in not disclosing the toxicity of traded securities.

[fj1200]

But Jaime Dimon and none of the other multi billion dollar fraudsters are in jail yet though are they?
have the stock holders and the corp pay the fine and the directors and people who did the deeds go home without a scratch.
If i stole a tank of gas from the 7-11 I'm likely to get in more trouble than these lying trillon dollar economy wrecking thieves.

http://www.bbc.co.uk/news/business-25009683

Perhaps this answers why no one is in jail:

Although the settlement effectively concludes the US government's civil investigation into the bank, a criminal investigation by the Department of Justice is continuing.

Although I'm not sure there isn't some 20/20 hindsight here.

The bank has been under investigation for selling low-quality mortgage-backed securities to investors who were unaware that the securities often contained faulty mortgage products.

It is great though that they finally exonerate Bush.

"The conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown," said Attorney General Eric Holder in a statement.

Not forgetting that I generally disagree with your premise above.

[red states rule]

I think the fraud occurred in not disclosing the toxicity of traded securities.

LR everyone involved in that process saw what was coming and what the securities were really worth. These were the top investors the nation had and they were not rookies or day traders

What the real issue was that the Feds were not reporting accurate numbers as far as the n umber of sub prime loans that were being handed out. As most of those were bought by Freddie and Fannie when the bottom fell out of the subprime market that dragged everyone down with them

The banks were doing what the Feds ordered them to do. Go back a few posts and listen to Dems denying there was ANY problem and see how Bush tried to change things before the crap hit the fan

As usual, Dems dismissed what R's wanted to do because they were racist and did not want blacks folks to own a home

BTW any idea where that money from JP Morgan will go. NOT to the investors or homeowners like we are being told. More money for the DOJ if anything

[logroller]

I agree, Credit markets are a sham. But what you're telling me is these traders over-valued these securities knowing very well they weren't worth it, going so far as to conceal the fact, accounting-wise, that the mortgages that backed the securities were NOT solvent. Yeah that's fraud. I don't care who says, do it anyways. If they knew it was unscrupulous, they shouldn't have done it. I'd rather be thought a racist than known as a lieing cheater.

[red states rule]

I agree, Credit markets are a sham. But what you're telling me is these traders over-valued these securities knowing very well they weren't worth it, going so far as to conceal the fact, accounting-wise, that the mortgages that backed the securities were NOT solvent. Yeah that's fraud. I don't care who says, do it anyways. If they knew it was unscrupulous, they shouldn't have done it. I'd rather be thought a racist than known as a lieing cheater.

I have not seen where the bankers committed the fraud. LR these loans were rated by the pros like Moody's and S&P. It is their job to review these security instruments and the assists attached

I deal with this on a daily basis. The housing market was overheated and over rated thanks to all the sub prime loans being pushed out the door with the blessing of these ratings agencies, the Feds, Fannie, and Freddie

I read the letters from the borrowers whining how they are the f'ing victim in all this when they signed the closing docs

What the hell happened to the standard requirement of 20% down when you bought a house?

Remember how the lawyers (and Obama was one of them) sued banks for NOT giving enough loans to the poor folks.