US vs. Banks

these dbags were so dumb as not to know it would end badly--all the whille pocketing huge bonuses til the bitter end--wait...it never ended. they still get huge bonuses, courtesy of timmy, benny and their "regulators"

and it's legal--no one goes to jail!! yay

woops they were NOT so dumb as to know...

woops....not know

"Full FHFA Statement Disclosing Suits Against 17 Banks (Including Such Dead Man Walking As SocGen)"

"FHFA goes hog wild and potentially full retard in suing everyone, or specifically 17 global banks, up to an including such dead men walking as Barclays, RBS and SocGen. Oddly such crony capitalist favorites as Wells Fargo are suspiciously absent: we wonder what the cost of that particular Eureka moment was to the interested party. Either way, come Monday, this will get interesting when already scarce liquidity goes... poof."

http://www.zerohedge.com/news/full-fhfa-statement-disclosing-suits-against-17-banks-including-such-dead-man-walking-socgen

It's Friday before a long weekend, nobody cares. Party on!

FHFA had an obligation as conservator to sue. The banks sourced their worst mortgages that met Fannie/Freddie criteria with no regard for whether the loans were what they were what they were warranted to be. The suit is legit.

Well now that Riversider has declared the suit "legit," we can all rest easy and have a happy Labor Day.

Of course Riversider's MBS hedge is all shot to hell now, as is the whole the-markets-are-perfect-we-don't-need-FEMA-Ayn-Rand shit, but that's entirely beside the point.

Wait! Where is Eddie Wilson, who just "put his profit back to work"....?

merely good PR for banks, and another excuse to raise borrowing rates..

the fines are immaterial compared to the interest/gains collected on the (now paid off) borrowed money.

Does it really make sense to give the banks money to bail them out, then sue them to get it back?

of course it does stve... if your a lawyer and need to justify your job.

Just a paralegal, albeit one who makes a lot more than most lawyers.

Too bad they're not suing in a country that speaks Spanish, Portuguese or Italian: I'D BE RICH!

I'm sick of the govt. suing. I wan to see people go to jail already.

"I'm sick of the govt. suing. I wan to see people go to jail already."

A-FRICKEN-MEN!

And the first one who should be confined to a 6x6 cell, bent over his bunk by a guy named "Butch" should be Henry Paulson.

>Henry Paulson.

What did he do that was illegal?

Time to research citizens' arrest statutes. I guess some of us can get together and start arresting people.

Socialist = mob mentality?

It is nearly impossible to arrest and prosecute all (or even a bunch) of those involved in the financial fraud that took place over the last 15 years. The political and economic consequences would be devastating and given our limited and overburdened judicial system it would almost literally impossible.

There is no doubt that financial fraud became such a norm that many committing it either didn't think it was wrong or realized that so many people were doing it that the odds of the being "caught" and prosecuted were very low.

It looks like they were correct.

We can hire more cops, prosecutors, judges, and build more prisons. That will create jobs. We can even put prison rapes of banksters on pay per view to raise money. Ooops, did I just say that out loud?

Sounds good to me. Socialistic approach works perfectly until you run out of everyone else's money

The conservative approach works well too... until you run out of money to borrow.

You can force people to pay you tax, but you can't force them to lend you money...

No that's Keynsian. Easy mistake

>Sounds good to me. Socialistic approach works perfectly until you run out of everyone else's money

I tried riverside, I gave up. I do not think Socialist understands.

In the amount of time it took you to read this, several million dollars jsut went "missing" in Afghanistan. I'm sure your outraged, right???

Yes

Bullish for NY real estate!!!!

How stupid is it to sue the banks that govt is asking to lend more....it doesnt make sense.....by getting into litigation with the banks...do u think that is going to make them hire and lend more???? All morons....

So this trumps the law?

Keep in mind banks aren't lending for two reasons.
Borrowers are deleveraging and the largest banks are technically insolvent. But the system
has healed to the point that the best credits have people banging on their doors by the
better capitalized banks.

Law??? Who came up with the regulation to allow people to get homes even though they have no money to afford them...who came up woth the regulation to allow folks to apply for a mortgage with no money down.? no income verification ...

"If [banks] don't come up with loan modifications and keep people in their homes that they've worked so hard for, we're going to tax them out of business."

--Maxine Waters, Yesterday

"If [banks] don't come up with loan modifications and keep people in their homes that they've worked so hard for, we're going to tax them out of business"

whew.. I guess I can check my mail again.

Curious, what level of down payment constitutes working hard for your home. People work hard to pay their rent too.

>>>Curious, what level of down payment constitutes working hard for your home. People work hard to pay their rent too.

let me think-- hmm back in 07' -- you could get a Pay-option mortgage with as little as 5% down and better yet, for the first couple of months your teaser rate was about 1% so you needed very little money to buy a home. This was prevalent in CA where Ms Walters resides. Wasn't she a friend of Angelo.

It's hard to comment on who works harder, but I'd say renters are/were a lot more responsible.. And less greedy.. For the ones that bought their home in 05-07', they probably figured(i really want to say were probably socialist) the government would bail them out.
Hell, thats why I don't check my mail--only bills there.

I wonder when Maxine Waters will tax the Tea Party out of business. I can't wait for that!

Does she have that power?

First she has to fight her fellow California Congressman Issa.

Issa is too busy getting earmarks to increaese the value of all the real estate hw owns.

Waters is quite powerful. She made the ethics charges against her go away.