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Feds to sue banks over fraudFollow

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#1 Sep 02 2011 at 6:57 AM Rating: Decent
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The New York Times wrote:
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.

The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.

The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.

The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.


Bout damn time.

Edited, Sep 2nd 2011 9:00am by catwho
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#2 Sep 02 2011 at 7:10 AM Rating: Excellent
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While I agree it's the right thing to do, I can't imagine the economy will be improved by it.

And of COURSE it will be Obama's fault Smiley: nod
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#3 Sep 02 2011 at 7:13 AM Rating: Good
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So... let's sue the banks, bankrupt them and then have to bail them out again by lending them the money they owe us? Is the US Government a front for the mafia?
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#4 Sep 02 2011 at 7:14 AM Rating: Excellent
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Uglysasquatch wrote:
Is the US Government a front for the mafia?
My godfather says no.
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#5 Sep 02 2011 at 7:22 AM Rating: Good
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The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks...

...but Fannie and Freddie? They're fine! No reason to worry!
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#6 Sep 02 2011 at 7:27 AM Rating: Good
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Uglysasquatch, Mercenary Major wrote:
So... let's sue the banks, bankrupt them and then have to bail them out again by lending them the money they owe us? Is the US Government a front for the mafia?
Mafia operations make more sense.
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#7 Sep 02 2011 at 8:07 AM Rating: Good
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Uglysasquatch, Mercenary Major wrote:
So... let's sue the banks, bankrupt them and then have to bail them out again ..
Then to teach the government a lesson they'll further hoard their monies, raise the fees (yet again) for transactions and give their CEOs even more obscene bonuses.

Big banks are like hydras.
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#8 Sep 02 2011 at 9:36 AM Rating: Default
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Usually the first place I look for money I lost is in my couch, I don't go suing people who can only pay me with money...that I gave them.
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#9 Sep 02 2011 at 11:36 AM Rating: Excellent
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I'm sure it's just a show to make us common people believe they're holding the banks responsible.

Smiley: tinfoilhat
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#10 Sep 02 2011 at 1:20 PM Rating: Decent
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So what will this achieve? I mean other the flashing something shiny in front of the american populous? The economy is fake. Debt will never go away because all paper money is bought from the FED. All bank notes(legal tender)is based on debt. If you honestly think those pieces of paper and hunks of metal in your pocket have ANY value at all you are living in a dreamland.
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#11 Sep 02 2011 at 1:56 PM Rating: Excellent
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Peimei wrote:
If you honestly think those pieces of paper and hunks of metal in your pocket have ANY value at all you are living in a dreamland.


Oddly enough, those pieces of paper paid for a sub for lunch today. Heh, suckers; the folks in the cafeteria thought they had value!

We all know the only real stuff of value is in the digits that show up in your bank account Smiley: nod
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#12 Sep 02 2011 at 2:02 PM Rating: Decent
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LockeColeMA wrote:
Peimei wrote:
If you honestly think those pieces of paper and hunks of metal in your pocket have ANY value at all you are living in a dreamland.


Oddly enough, those pieces of paper paid for a sub for lunch today. Heh, suckers; the folks in the cafeteria thought they had value!

We all know the only real stuff of value is in the digits that show up in your bank account Smiley: nod


Yes yes a valid counter. The point I'm trying to make is that an economy backed by nothing is just that. Nothing. Imagine a world without money.
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#13 Sep 02 2011 at 2:04 PM Rating: Excellent
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Peimei wrote:
LockeColeMA wrote:
Peimei wrote:
If you honestly think those pieces of paper and hunks of metal in your pocket have ANY value at all you are living in a dreamland.


Oddly enough, those pieces of paper paid for a sub for lunch today. Heh, suckers; the folks in the cafeteria thought they had value!

We all know the only real stuff of value is in the digits that show up in your bank account Smiley: nod


Yes yes a valid counter. The point I'm trying to make is that an economy backed by nothing is just that. Nothing. Imagine a world without money.


I know the point. It's useful for theory, but impractical in the real world (you know, short of the total collapse of all modern society).

Granted, said collapse could happen, but so could a zombie apocalypse. Interestingly, a zombie apocalypse would probably trigger a collapse, so I'm putting my money (pun intended) on zombie research.
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#14 Sep 02 2011 at 2:05 PM Rating: Excellent
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Peimei wrote:
LockeColeMA wrote:
Peimei wrote:
If you honestly think those pieces of paper and hunks of metal in your pocket have ANY value at all you are living in a dreamland.


Oddly enough, those pieces of paper paid for a sub for lunch today. Heh, suckers; the folks in the cafeteria thought they had value!

We all know the only real stuff of value is in the digits that show up in your bank account Smiley: nod


Yes yes a valid counter. The point I'm trying to make is that an economy backed by nothing is just that. Nothing. Imagine a world without money.


I have a pig. Will you trade for a bushel of apples?

Edited, Sep 2nd 2011 1:08pm by someproteinguy
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#15 Sep 02 2011 at 2:23 PM Rating: Good
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Who would I mail my 3 bolts of gingham to in order to keep my premium active on this site?
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#16 Sep 02 2011 at 2:33 PM Rating: Excellent
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Admiral Lubriderm wrote:
Who would I mail my 3 bolts of gingham to in order to keep my premium active on this site?


Put in a satchel and my pig will carry it over for you. Well, once I can find something the wombat-repellent guy wants that is...
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#17 Sep 02 2011 at 3:10 PM Rating: Excellent
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Peimei wrote:
If you honestly think those pieces of paper and hunks of metal in your pocket have ANY value at all you are living in a dreamland.

We could use hunks of pretty yellow metal that have dubious use aside from being pretty.

Of course, the value of those is ironically measured in pieces of paper.
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#18 Sep 02 2011 at 3:12 PM Rating: Excellent
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Jophiel wrote:
We could use hunks of pretty yellow metal that have dubious use aside from being pretty.
I have my doubts of the worth of currency created with yellowcake uranium. Smiley: dubious
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#19 Sep 02 2011 at 3:23 PM Rating: Decent
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Demea wrote:
Quote:
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks...

...but Fannie and Freddie? They're fine! No reason to worry!


Yeah. Crazy time!

It's a nutty-stupid suit to begin with, but it's even nuttier given the exclusion of the prime players. The banks, while perhaps acting foolishly, are "guilty" to about the same degree that the guy who signs up for a ponzi scheme and then losses tons of money is. Let's just ignore the folks who set the damn regulations which created the conditions those banks acted on in the first place! Wow... It's like a kid on the playground pointing fingers at the other guy first and thinking that no one will learn the truth.
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#20 Sep 02 2011 at 3:58 PM Rating: Good
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LockeColeMA wrote:
Granted, said collapse could happen, but so could a zombie apocalypse. Interestingly, a zombie apocalypse would probably trigger a collapse, so I'm putting my money (pun intended) on zombie research.

12-gauge shotgun slugs. Start stocking up.
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#21 Sep 02 2011 at 4:31 PM Rating: Excellent
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lolgaxe wrote:
I have my doubts of the worth of currency created with yellowcake uranium. Smiley: dubious

My understanding is that it's highly coveted in Iraq.
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Wow. Regular ol' Joph fan club in here.
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#22 Sep 02 2011 at 6:00 PM Rating: Good
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Jophiel wrote:
lolgaxe wrote:
I have my doubts of the worth of currency created with yellowcake uranium. Smiley: dubious

My understanding is that it's highly coveted in Iraq.

I thought they had a stockpile already?
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#23 Sep 02 2011 at 8:25 PM Rating: Excellent
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http://www.theonion.com/articles/us-economy-grinds-to-halt-as-nation-realizes-money,2912/

Quote:
WASHINGTON—The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct.
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#24 Sep 02 2011 at 10:15 PM Rating: Good
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Good for the The Federal Housing Finance Agency, as the SEC is too busy destroying documents & promoting it's investigators to posh jobs in banking to do anything about it.

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#25 Sep 04 2011 at 5:56 PM Rating: Decent
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catwho wrote:

Bout damn time.

Edited, Sep 2nd 2011 9:00am by catwho


You realize that the FED really owns these banks, right? /facepalm
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#26 Sep 04 2011 at 6:24 PM Rating: Decent
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ShadowedgeFFXI wrote:
catwho wrote:

Bout damn time.

Edited, Sep 2nd 2011 9:00am by catwho


You realize that the FED really owns these banks, right? /facepalm

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