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Federal regulators issue sanctions - no fines - against eight bank mortgage servicers and two...

Federal regulators issue sanctions - no fines - against eight bank mortgage servicers and two third-party service providers for "unsafe and unsound practices" in residential mortgage loan servicing and foreclosure processing. The banks: BAC, C, HBC, JPM, MET, PNC, USB, WFC. Service providers: LPS (LPS -4.7%), MERS.
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Comments (5)
  • warrenrial
    , contributor
    Comments (562) | Send Message
     
    We need to fine the federal regulators, jail Frank and Dodd.
    13 Apr 2011, 02:01 PM Reply Like
  • The Enterprising Value Inve...
    , contributor
    Comments (560) | Send Message
     
    good thing regulators are telling us things we already know. Good work!
    13 Apr 2011, 02:03 PM Reply Like
  • wyostocks
    , contributor
    Comments (8852) | Send Message
     
    And herein lies the problem folks.
    Lets lower the fine for robbing the banks to a slap on the wrist with no jail time and how many more bank robberies would we have.
    Aren't the culprits here "bank robbers"?
    Yeah, but if they got tough, how would the politicains get their campaign funds?
    13 Apr 2011, 02:12 PM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    I'm not sure this is enough "punishment" to even qualify as a slap on the wrist.
    13 Apr 2011, 02:19 PM Reply Like
  • CharlieM
    , contributor
    Comments (150) | Send Message
     
    You have GOT to be kidding me!!!! This is a "punishment"?
    All I am seeing in this announcement is an excuse to drag things on and on.
    I am absolutely amazed at the banking systems in place now. In years long gone I remember going to our bank for a mortgage. I met the president (a man I had known and who's kids I had gone to school with). We looked at my credit record, my income, the value of the house I wanted to buy and then he set the terms for me and my wife.
    In 2005 my wife and I were looking to buy a new house. I went to our bank (one of the mega banks now) because our original bank no longer existed having been bought out by one of the megas. I met with a "loan specialist" and in less than 10 minutes I was pre-approved for a line of credit to buy a house that there was no way my wife and I could have ever repaid, even if we had double the income.
    The differences I see between then and now are:
    1) The banker usually owned the bank and his livelihood depended on sound business decisions or he was to suffer too.
    2) Mega CEOs are rewarded for simply holding the position with huge compensations that would have made the bankers of old envious.
    3) WE the customers have come to accept this!

     

    SURELY there are capable, trustworthy financiers out there that can step up and replace these thieves.
    13 Apr 2011, 03:20 PM Reply Like
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