U.S. Is Set to Sue a Dozen Big Banks Over Mortgages – Yeah, sure.

Isn’t it amazing after all these years you’ve never heard the government mention a word about rehypothecation and the added undisclosed risk to your collateral? This is still the best suggestion so far – but it will take a united community from coast to coast to make the tsunami of change:

“The best thing to do is strip ALL the mortgage loans, including REOs, written for the last decade from the banks; have the states take them over and reconstruct them with the borrowers at 0%-2% for 30 years and start creating the desperately needed revenues, in lieu of litigation.”

Deadly Clear

So, what’s this? Another charade? Did Geithner or Bernanke suggest, “Hey Barack we’ll fix it, we’ll just file a big lawsuit against everybody and then we’ll cut a deal that let’s the banks off the hook for everything for the $20 billion the AG’s won’t settle on…”

New York Times

By NELSON D. SCHWARTZ
Published: September 1, 2011

The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.

The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the…

View original post 776 more words

2 thoughts on “U.S. Is Set to Sue a Dozen Big Banks Over Mortgages – Yeah, sure.

  1. Promises. Promises. It’s just a way to keep the masses pacified. If the average citizen knew how Wall Street engineered to destroy their dream, there would be riots. Not only was the theft engineered but Wall Street bet against the citizens of this country.

    • Your right Promises Promises I took my foreclosure fight to the courts and got steamrolled and with a Lawyer that understood what was going on. The judge didn’t want to hear that the original lender did not exist. He did not want to hear about the forged documents the violations of the UCC the predatory lending. The Judge allowed the new servicer to step in place of the original plaintiff and struck all of my affirmative defenses from the record. I would love see to big to fail pay for what they did and if the homeowners could finally see some retribution that would be awesome too. I would like to move on from this but having a tough time doing so I still can’t believe I contested with a very good fight and lost.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s