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Top U.S. banks face further mortgage payouts of up to $104B

Comments (11)
  • bernie 1
    , contributor
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    After Lehman was allowed to die, Uncle Fed. held the TARP money like the carrot & the stick. A ton of money would be available if BAC,Chase, et.el would just buy the losers. Well at Washington's urging Countrywide,Wamu & tons of mortgage paper was taken over. Is there ever a time when SOMEONE IN D.C. Man's up & say's we pushed these pigs on the banks,WE ARE RESPONSIBLE! Of course the main man at 1600 would never own up,as he is to busy putting blame on everyone else. But just one Cabinet person,Congressman,Sen... Just one with the cajones to say,"WE DID IT,WE GOT THE SURVIVER BANKS TO PICK UP THE SHOVEL & KEEP THIS CRAP."
    27 Nov 2013, 04:55 AM Reply Like
  • healthpicker
    , contributor
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    bernie, CFC was not forced on to BAC - it was Lewis and his BOD that did the damage all by themselves.
    27 Nov 2013, 01:59 PM Reply Like
  • CRO Leader
    , contributor
    Comment (1) | Send Message
     
    Well said, they did it for the "greater good" and then forgot, they did not make it voluntary.
    2 Dec 2013, 09:50 PM Reply Like
  • P. Dennis
    , contributor
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    Didn't the banks and Wall Street "manufacture the crap" so to speak? Who else created those AAA securities that were in demand all over the world?
    27 Nov 2013, 07:27 AM Reply Like
  • spinrbait
    , contributor
    Comments (332) | Send Message
     
    former treasury secretary paulson said in an interview on cnbc that he and geitner "begged jp morgan to take bear stearns and wamu. paulson told jamie dimon if jpm didn't take them over that weekend before the asian markets opened, the whole banking system would collapse on monday.
    even barney frank said jpm morgan shouldn't be held liable for bear stearns and wamu mortgage disasters.
    but there just is a certain segment in the population that doesn't want to hear the truth if it conflicts with their pre conceived notions
    27 Nov 2013, 07:33 AM Reply Like
  • spinrbait
    , contributor
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    i'm confused about the term "capital buffers". is this different from reserves banks have set aside for bad loans and legal costs
    27 Nov 2013, 07:50 AM Reply Like
  • philipmax
    , contributor
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    Let's see. The banks have to pay $104B to settle. Who do they pay it to? Treasury? They already repaid Treasury with interest. Stockholders? Of course not! They got the shaft at TARP and they got the shaft "repay-TARP. And then they got the shaft with stress tests that require withholding dividend; and that's after three years of FDIC imposed confiscation of profits to rebuild its own reserve.
    What about the pension funds and foreign banks that bought this sewage? Nope! They were supposed to know what was in the GMOs.
    What about Fanny and Freddie who guaranteed these mortgages? They are almost paid-up at Treasury from current income (5 years worth), One would think that they ought to be re-reimbursed? Nope!
    THE MONEY WILL GO TO TREASURY! AGAIN! Note: three times.
    27 Nov 2013, 09:18 AM Reply Like
  • P. Dennis
    , contributor
    Comments (363) | Send Message
     
    The Treasury serves as a proxy for me and people like me who paid off their mortgages when they sold their homes, despite the mortgage balance being 30% higher than the sales price after the crash. We were honest in all respects, even enduring the reduction in our liquid savings without complaint through no fault of our own. Now, we don't expect any organization in the country to identify us and give us a share of the penalty imposed upon those who profited from the bubble they engineered. We know many executives should have been arrested and stood trial but this has served as a lesson in how imperfect the world can be at times, and how one should continue to live within their means.
    27 Nov 2013, 09:58 AM Reply Like
  • DianeLee
    , contributor
    Comments (346) | Send Message
     
    DOJ continues to milk the cash cows. Easy. Bring charges, then settle. It's a continuing attack on capitalism. Current trend seems to lead toward hiring practices....in China. SEC and even State AGs looking to advance politically are piling in. Follow da money.
    27 Nov 2013, 10:00 AM Reply Like
  • CassandraSees
    , contributor
    Comments (264) | Send Message
     
    There is so much blame to throw around with this mortgage SNAFU - - Start with Washington DC demanding that EVERYONE be allowed a mortgage regardless of ability to pay back - - The stupid consumers who bought into the greed of a quick profit from rising house prices and a quick resale (rather than a family home) - - The idiots who signed ARMS (or even "Interest only Payment" Loans) during a period of low interest - - Fools who signed mortgages without understanding what they were getting into - - The lack of documentation that was allowed ("Is the person even breathing?" "Who cares...process the loan anyways!") - - The quick resale of the loan to another buyer like FANNIE May/Fredie Mac - - The packaging of those loans and then dicing and slicing them to sell to investors - - And on and on and on - - Pure greed, lack of truth, and playing the system got us 2008/2009 and all the pain that resulted in subsequent years - - The Banks are not the only ones to blame - - They are just the most visible
    27 Nov 2013, 10:22 AM Reply Like
  • Phr3d
    , contributor
    Comments (175) | Send Message
     
    Yep, thought the knee-jerk 'we gotta bash someone to show we care' suits were finally winding down, completely forgot about all the local governments that hafta' pay their bills and see settlements as the quick means to do so (alternative for the victims? 'We'll make you the poster-child of everything that went wrong, your corporate name will be synonymous with Greed, now gimme sum munney').
    Extortion, plain and simple, and worse, everyone seems to know it.
    27 Nov 2013, 01:35 PM Reply Like
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