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Author Topic: For Those Who STILL Think Sub Prime Mortgages Were the Cause of the Crash  (Read 8304 times)

Offline Bison66

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Re: For Those Who STILL Think Sub Prime Mortgages Were the Cause of the Crash
« Reply #75 on: October 14, 2012, 01:10:03 AM »
Hey Y'all,

If you missed INSIDE JOB, the movie, check your listings for HBO.  

It's showing here; not sure about North America.  Just watched the end of it and it IS POWERFUL!!!  AGAIN!!!

SHOULD BE REQUIRED VIEWING FOR ALL AMERICANS.

www.insidejobfilm.com

And.....It won 7 top awards for documentaries, too.
O0

At the time I saw INSIDE JOB I had no idea that I was watching Rmoney's hand-picked economist who - it seems - is willing to say whatever those who pay him prefer him to say.  So much so that a fellow academic calls him a "mercenary."

Of all of the eerily sinister-looking men in the film, this one guy stood out to me because he took offense at being asked and pressed to share - with those who are reading or influenced by his writing - the groups that paid him hundreds of thousands of dollars.

To say I am NOT surprised would be the understatement of this young century.
Quote
Mr. Hubbard also brings to this job a certain amount of baggage. He appeared briefly in “Inside Job,” a scathing and Oscar-winning 2010 documentary about the financial crisis. The film has a segment about high-profile professors who blessed many of the financial instruments that led to the fiasco. Enter Mr. Hubbard, who is presented as a leading thinker far too cozy with industries he ought to be assessing at a critical distance.

“You have three more minutes,” he tells an interviewer who is pressing for the names of his consulting clients. And then, as his face contorts with rage, he adds, “Give it your best shot.”
http://www.nytimes.com/2012/10/14/business/glenn-hubbard-is-romneys-go-to-economist.html?partner=rss&emc=rss
O0
« Last Edit: October 14, 2012, 01:12:05 AM by Bison66 »

Offline Bison66

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Re: For Those Who STILL Think Sub Prime Mortgages Were the Cause of the Crash
« Reply #76 on: September 20, 2013, 10:48:00 PM »
This article from The Economist - not at all a Liberal institution - analyses the causes of the financial crisis and seems to me to give a fair and balanced account of what happened.

An international economic crisis of such proportions was caused by a LOT more than a 14% default rate on sub-prime mortagages.

https://mail-attachment.googleusercontent.com/attachment/?ui=2&ik=08452d6117&view=att&th=1413b81761de0b32&attid=0.1&disp=inline&safe=1&zw&saduie=AG9B_P9hefnX0njBM2J8Wg7JiIau&sadet=1379729861213&sads=DVJphV67jpvmRnepxPNTmNDzHmw&sadssc=1

Hope that link works because it comes from a gmail attachment.

O0

Offline Bison66

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Re: For Those Who STILL Think Sub Prime Mortgages Were the Cause of the Crash
« Reply #77 on: October 20, 2013, 10:15:52 AM »
J P Morgan AGREES to $13,000,000,000.00 penalty

 :thefan:

Why would they do that AND STILL BE SUSCEPTIBLE FOR THE PROSECUTION OF ITS EXECUTIVES if they had not been guilty of breaking the law, misleading investors and helping to cause the housing crash?

Quote
JPMorgan Chase, the nation’s largest bank, has reached a tentative agreement with the Justice Department to pay a record $13 billion to resolve allegations that it knowingly sold faulty mortgage securities that contributed to the financial crisis, a person familiar with the talks said Saturday.

If finalized, the deal would be the largest penalty ever paid by a single company, representing a tremendous win for the government after years of public criticism over its struggle to hold Wall Street accountable for its crisis-era misdeeds.

It would be the largest penalty paid by a single company but would leave the bank open to criminal prosecution.

It would also leave JPMorgan and its executives still at risk of criminal prosecution, a humbling concession. The bank emerged from the financial crisis relatively unscathed but has struggled to shake off the vestiges of that era. Like many banks, it has been accused of selling bad residential mortgages to investors, including Fannie Mae and Freddie Mac, which lost billions when the housing market crashed.
http://www.washingtonpost.com/business/economy/jpmorgan-close-to-13-billion-deal-with-justice/2013/10/19/7f51c918-38f8-11e3-80c6-7e6dd8d22d8f_story.html

Go 'head, Justice Dept!!!
And prosecute these folks!!!  FINISH THE JOB!!!!

If a guy can get jail time for snatching a purse to feed a drug habit, these guys (and gals?) can do hard time for snatching the value of folks 401(k)'s because they needed a third Mercedes!!!!!   :read:

Other illegal, discriminatory or highly questionable actions by big banks and related financial institutions:

Quote

Standard & Poor's
On Feb. 4, the U.S. government filed civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis. The charges would mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression.

Bank of America
In January 2011, Bank of America agreed to pay housing giants Fannie Mae and Freddie Mac $2.8 billion to put to rest claims that it had sold them faulty loans.

AIG
In March 2010, the Justice Department reached a $6.1 million settlement with two subsidiaries of American International Group to resolve allegations of discrimination against African American borrowers. The civil case accused the banking entity of charging black customers higher fees than white customers from July 2003 to May 2006.

Big banks
In February 2012, 17 big banks, including Ally Financial, HSBC and Morgan Stanley, agreed to pay $25 billion to settle allegations by state and federal officials that they used falsified documents to evict homeowners facing foreclosure. The deal represents the largest industry settlement since an agreement with tobacco companies in 1998.

Wells Fargo
In October 2012, Manhattan federal prosecutors accused Wells Fargo of reckless and fraudulent lending practices that cost the government hundreds of millions of dollars in insurance claims when those loans went bad. Separately, in July, the bank reached a $175 million settlement with the Justice Department to resolve accusations that it steered black and Latino borrowers into high-priced subprime loans.

Wells Fargo 
In May 2012, Wells Fargo agreed to pay $6.5 million to settle Securities and Exchange Commission charges that it sold troubled mortgage securities without disclosing the risks to customers.

JP Morgan Chase
In October, New York Attorney General Eric Schneiderman filed a civil lawsuit against JPMorgan Chase, alleging widespread fraud in the way that mortgages were packaged and sold to investors leading up to the financial crisis.

Countrywide
In December 2011, Bank of America settled fair-lending allegations against its Countrywide unit for $335 million. Countrywide was accused of charging black and Latino borrowers higher mortgage fees in the lead up to the financial crisis and steering them into riskier loans than their white counterparts.

Citigroup
In August 2012, Citigroup agreed to pay $590 million to settle a class-action lawsuit brought by investors alleging that the New York bank failed to disclose its exposure to toxic subprime mortgage debt. Separately, in October, Citigroup agreed to pay the Securities and Exchange Commission $285 million for misleading investors about collateralized debt obligations tied to the housing market.

SunTrust
In May, SunTrust Mortgage Inc. agreed to pay $21 million to settle charges brought by the Justice Department that it increased loan prices for black and Latino borrowers from 2005 to 2009.

Capital One
Capital One agreed to pay about $12 million in July to resolve a civil lawsuit brought by the Justice Department, alleging that the bank wrongfully foreclosed on service members, repossessed their vehicles and denied them favorable interest rates as far back as 2006.
http://www.washingtonpost.com/business/economy/government-action-against-big-banks/2012/11/02/776f4706-21c1-11e2-8448-81b1ce7d6978_gallery.html#photo=1

This is the BIGGEST BUNCH OF CROOKS I've ever seen!!!!

And please note the items in BLUE and please tell me if I am the only one to detect a PATTERN and PRACTICE.............

Before I began this post, I had not noticed how many instances of "alleged" discrimination at multiple institutions there had been.
O0

Offline iceman4221

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Re: For Those Who STILL Think Sub Prime Mortgages Were the Cause of the Crash
« Reply #78 on: October 20, 2013, 11:11:04 PM »
J P Morgan AGREES to $13,000,000,000.00 penalty

 :thefan:

Why would they do that AND STILL BE SUSCEPTIBLE FOR THE PROSECUTION OF ITS EXECUTIVES if they had not been guilty of breaking the law, misleading investors and helping to cause the housing crash?

Quote
JPMorgan Chase, the nation’s largest bank, has reached a tentative agreement with the Justice Department to pay a record $13 billion to resolve allegations that it knowingly sold faulty mortgage securities that contributed to the financial crisis, a person familiar with the talks said Saturday.

If finalized, the deal would be the largest penalty ever paid by a single company, representing a tremendous win for the government after years of public criticism over its struggle to hold Wall Street accountable for its crisis-era misdeeds.

It would be the largest penalty paid by a single company but would leave the bank open to criminal prosecution.

It would also leave JPMorgan and its executives still at risk of criminal prosecution, a humbling concession. The bank emerged from the financial crisis relatively unscathed but has struggled to shake off the vestiges of that era. Like many banks, it has been accused of selling bad residential mortgages to investors, including Fannie Mae and Freddie Mac, which lost billions when the housing market crashed.
http://www.washingtonpost.com/business/economy/jpmorgan-close-to-13-billion-deal-with-justice/2013/10/19/7f51c918-38f8-11e3-80c6-7e6dd8d22d8f_story.html

Go 'head, Justice Dept!!!
And prosecute these folks!!!  FINISH THE JOB!!!!

If a guy can get jail time for snatching a purse to feed a drug habit, these guys (and gals?) can do hard time for snatching the value of folks 401(k)'s because they needed a third Mercedes!!!!!   :read:

Other illegal, discriminatory or highly questionable actions by big banks and related financial institutions:

Quote

Standard & Poor's
On Feb. 4, the U.S. government filed civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis. The charges would mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression.

Bank of America
In January 2011, Bank of America agreed to pay housing giants Fannie Mae and Freddie Mac $2.8 billion to put to rest claims that it had sold them faulty loans.

AIG
In March 2010, the Justice Department reached a $6.1 million settlement with two subsidiaries of American International Group to resolve allegations of discrimination against African American borrowers. The civil case accused the banking entity of charging black customers higher fees than white customers from July 2003 to May 2006.

Big banks
In February 2012, 17 big banks, including Ally Financial, HSBC and Morgan Stanley, agreed to pay $25 billion to settle allegations by state and federal officials that they used falsified documents to evict homeowners facing foreclosure. The deal represents the largest industry settlement since an agreement with tobacco companies in 1998.

Wells Fargo
In October 2012, Manhattan federal prosecutors accused Wells Fargo of reckless and fraudulent lending practices that cost the government hundreds of millions of dollars in insurance claims when those loans went bad. Separately, in July, the bank reached a $175 million settlement with the Justice Department to resolve accusations that it steered black and Latino borrowers into high-priced subprime loans.

Wells Fargo 
In May 2012, Wells Fargo agreed to pay $6.5 million to settle Securities and Exchange Commission charges that it sold troubled mortgage securities without disclosing the risks to customers.

JP Morgan Chase
In October, New York Attorney General Eric Schneiderman filed a civil lawsuit against JPMorgan Chase, alleging widespread fraud in the way that mortgages were packaged and sold to investors leading up to the financial crisis.

Countrywide
In December 2011, Bank of America settled fair-lending allegations against its Countrywide unit for $335 million. Countrywide was accused of charging black and Latino borrowers higher mortgage fees in the lead up to the financial crisis and steering them into riskier loans than their white counterparts.

Citigroup
In August 2012, Citigroup agreed to pay $590 million to settle a class-action lawsuit brought by investors alleging that the New York bank failed to disclose its exposure to toxic subprime mortgage debt. Separately, in October, Citigroup agreed to pay the Securities and Exchange Commission $285 million for misleading investors about collateralized debt obligations tied to the housing market.

SunTrust
In May, SunTrust Mortgage Inc. agreed to pay $21 million to settle charges brought by the Justice Department that it increased loan prices for black and Latino borrowers from 2005 to 2009.

Capital One
Capital One agreed to pay about $12 million in July to resolve a civil lawsuit brought by the Justice Department, alleging that the bank wrongfully foreclosed on service members, repossessed their vehicles and denied them favorable interest rates as far back as 2006.
http://www.washingtonpost.com/business/economy/government-action-against-big-banks/2012/11/02/776f4706-21c1-11e2-8448-81b1ce7d6978_gallery.html#photo=1

This is the BIGGEST BUNCH OF CROOKS I've ever seen!!!!

And please note the items in BLUE and please tell me if I am the only one to detect a PATTERN and PRACTICE.............

Before I began this post, I had not noticed how many instances of "alleged" discrimination at multiple institutions there had been.
O0

Thanks Bison66 for posting, this Chit stinks from here to Timbuctoo...
Quote
NEVER Deliberate, Debate or Argue About what is Clearly Wrong and/or Unjust, and Try to Persuade Yourself or Others that it's Not...

Offline Bison66

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Re: For Those Who STILL Think Sub Prime Mortgages Were the Cause of the Crash
« Reply #79 on: October 28, 2013, 12:27:53 PM »


JP Morgan settles for $5.1 BILLION with US housing regulator

THAT'S WITH A B!!

Quote
JP Morgan has reached a $5.1bn (£3.2bn) settlement with the US Federal Housing Finance Agency (FHFA) over charges it misled mortgage giants Fannie Mae and Freddie Mac during the housing boom.

A separate settlement with the US Justice Department is expected to be announced soon.

"This is a significant step to address outstanding mortgage-related issues," the FHFA said in a statement.

It is the biggest settlement ever by a US bank.

In a statement JP Morgan said the settlement resolves the biggest case against the firm relating to mortgage-backed securities.

The bank added that the agreement relates to "approximately $33.8 billion of securities purchased by Fannie Mae and Freddie Mac from JP Morgan, Bear Stearns and Washington Mutual" from 2005 - 2007.
http://www.bbc.co.uk/news/business-24679735

Go 'head, Atty Gen Holder!!!

But the prosecutions are the only way to teach these folks a scary lesson about Vulture Capitalism!  Otherwise, shareholders (lower stock prices) and bank customers (higher fees) suffer alone.
O0

 

 

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