Seeking Alpha

DOJ probes nine leading banks over sale of mortgage debt

  • The Department of Justice is reportedly investigating nine major banks over the sale of problematic mortgage bonds, although the probes are for civil infractions rather than criminal ones.
  • The banks are Bank of America (BAC), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), Morgan Stanley (MS), RBS (RBS), UBS (UBS) and Wells Fargo (WFC).
  • The inquiries span U.S. attorney's offices from California to Massachusetts, and come as JPMorgan tries to reach a multi-billion dollar settlement over the issue.
Comments (9)
  • Phr3d
    , contributor
    Comments (206) | Send Message
     
    color me surprised, and, oh, thanks Jamie
    24 Oct 2013, 05:40 AM Reply Like
  • Don L.
    , contributor
    Comments (11) | Send Message
     
    Phr3d - Nothing gets past the DOJ, it's just a little slow on the uptake . After six or seven years you can bet they have enough evidence to slap a fine on a receptionist or lobby guard who, EVERYONE KNOWS, is undoubtedly responsible for ALL of this fraud . I wonder if there is still a person in this nation who believes the wealthy and/or powerful are subject to the same laws and rules us "little people" . We NEED an "American spring, summer, fall and winter" to actually make changes . Such a pity !!! DJL
    24 Oct 2013, 04:22 PM Reply Like
  • apppro
    , contributor
    Comments (779) | Send Message
     
    Sorry JPM I love you guys BUT DO YOU SEE WHAT YOU STARTED!?!?

     

    You should have gone to trial and called in your defense:
    1. Barney Frank
    2. Hank Paulson
    3. Tim Geitner, and the BIG one
    4. PRESIDENT BUSH

     

    And maybe Main St. America would finally see what this Obama/Warren Vendetta is ALL about >>> HATE, EXTORTION, & VENGEANCE!
    24 Oct 2013, 07:28 AM Reply Like
  • User 9194311
    , contributor
    Comment (1) | Send Message
     
    DOJ is simply after deep pockets, its an easy target and a great source of income for the government,,nothing more nothing less.
    after all, someone somehow needs to pay for hundreds of those useless lawyers at the civil division.
    24 Oct 2013, 08:32 AM Reply Like
  • philipmax
    , contributor
    Comments (250) | Send Message
     
    It's nearly 7 years since this story broke out. Heck, I watched the Mtge brokers piling heaps of money from incredibly ineligible home buyers closing on 300k and 400K deals back in 2000-2006. It was an open secret that Wall Street was waiting on street corners near the banks to pick up CMOs churned out by the bushel for repackaging, etc,etc. And only now the DOJ is beginning to investigate?!!!! Really!!!
    24 Oct 2013, 09:14 AM Reply Like
  • SA_Member_12759281
    , contributor
    Comments (29) | Send Message
     
    Enjoy your day in the sun Democrats. Your political calculus i.e. 'see how we're defending the little guy by punishing the evil bankers' is going to backfire on you in a big way come election time. The only people being hurt in this witch hunt are your base itself -- fixed income retirees, pensioners, union funds, et al. who hold these investments because of their 'stability'.
    24 Oct 2013, 09:52 AM Reply Like
  • Phr3d
    , contributor
    Comments (206) | Send Message
     
    Sorry, sheep -- if you actually think there is still that sort of marked difference between the republicrats and demoblicans you are sorely misinformed. case in point, don't take other peoples word, actually go and see what the conservative administration did from jan - aug, 2001. You're here, so you understand numbers, and it don't get more conservative than Bush-Cheney and conservative house and Senate.
    Let me know what those numbers tell You, cuz I can't find anything REMOTELY fiscal conservative in those days leading to 9/11 when we start giving the moron breaks due to circumstance.
    <end rant>
    24 Oct 2013, 10:12 AM Reply Like
  • philipmax
    , contributor
    Comments (250) | Send Message
     
    Phr3d, enjoyed your rant.
    24 Oct 2013, 11:33 AM Reply Like
  • BlueSkyForever
    , contributor
    Comments (1416) | Send Message
     
    How much will the lawyers make on this one?
    31 Oct 2013, 10:17 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|