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alcitizens 
Albert Lea
Group: Members
Posts: 3664
Joined: Jul. 2009
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Posted on: Sep. 04 2011,1:41 pm |
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(CBS/AP) NEW YORK - The U.S. government has sued the nation's largest banks, along with a handful of other financial institutions and executives, for violating federal and state laws in the sale of home mortgage-backed securities.
The Federal Housing Finance Agency, which oversees mortgage buyers Fannie Mae and Freddie Mac, filed the lawsuit Friday seeking seeks compensation for more than $41 billion of losses related to subprime mortgage bonds. The suit could hamper a broader government mortgage settlement with banks, Reuters reports.
Among the 17 institutions targeted by the lawsuits were Bank of America Corp., its Merrill Lynch unit, Citigroup Inc., JP Morgan Chase & Co., Goldman Sachs, Barclays and Nomura.
Home mortgage-backed securities were risky investments whose collapse after the real-estate bust helped fuel the financial crisis that erupted in late 2008.
http://www.cbsnews.com/stories/2011/09/02/national/main20101185.shtml
Remember -- the mortgage game changed in the years leading up to the crash. Instead of lending people money to buy a house and holding on to the loan, banks acted as middlemen, selling those loans to investors. With no skin in the game, they stopped worrying about whether the borrower could actually afford to make the payments, or if the house was worth the price.
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nedkelly
Group: Members
Posts: 314
Joined: Dec. 2009
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Posted on: Sep. 04 2011,3:11 pm |
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Hopfully some of the bank management people get prosecuted too!!!!! If the average Joe tried this type of thing he would already be serving Big Time......  ....ned
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| Post Number: 3
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pepi-lapew
Group: Members
Posts: 271
Joined: Jun. 2009
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Posted on: Sep. 04 2011,3:34 pm |
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I think the banks should be able to sue the congress of the u.s. thay are the ones that made the banks give the loans to the deadbeats that bought more house than they could afford. thats ACORN for you. 
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| Post Number: 4
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alcitizens
Albert Lea
Group: Members
Posts: 3664
Joined: Jul. 2009
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Posted on: Sep. 04 2011,8:20 pm |
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They broke Federal and State Laws.. Congress created the laws that they violated.. 
Nail'em to a cross..
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| Post Number: 5
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| Post Number: 6
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pepi-lapew
Group: Members
Posts: 271
Joined: Jun. 2009
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Posted on: Sep. 05 2011,9:11 am |
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Freddie &Fannie bought the bad loans maybe they should have looked them over befoe they spent OUR hard earned cash. shoot all dumb a$$ at freddie and fannie instad of giving them BIG BONUS!!!!! 
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| Post Number: 7
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Remember boys and girls,