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RichZubaty says:
About time! Maybe this will get the economy moving again -- when the people finally see that the thieves who robbed our work out from under us are finally getting their due, we might get back to work. But next year is an election year and I'm holding my breath to see if Obama comes up with some trifling billion dollar fine to make up for 13 tillion in losses.
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rightbehind says:
The entire nation has been robbed by wall street and the banksters.
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LtSmily says:
Better regulation of Banks is a step in the right direction. Better regulation of the regulators who browse porn on tax dollar paid for computers in the SEC is an even greater step in the right direction. Rescind the Housing and Community Development Act of 1974. Disband Fannie and Freddie or make them private, we already have HUD, government has NO business in the mortgage industry. You always kill the bad guys first then sort out the mess later.
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rightbehind says:
The housing bubble was economic engineering. They made bad loans intentionally. All they had to do is print winning lottery tickets on loan defaults to collect. It was like knowing what tomorrow's winning lottery number would be. They collected their winnings and then bought the properties at pennies on the dollar. The government needs to go after these thieves and drag them out in leg irons.
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luadda22 replies:
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"bought the properties for pennies on the dollar"??? Mortgage companies have to bid what their full mortgage (plus fees) is at a forcloure sale. How do you consider biding $300,000 on a $150,000 house as buying it for "pennies on the dollar?
rightbehind replies:
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by luadda22 September 2, 2011 11:28 AM EDT
"bought the properties for pennies on the dollar"??? Mortgage companies have to bid what their full mortgage (plus fees) is at a forcloure sale. How do you consider biding $300,000 on a $150,000 house as buying it for "pennies on the dollar?

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LOL! Your spreading pure spew there. They buy them for what ever the highest bid is. If it's 10 cents that's what they get them for.
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sdemaggie says:
Why is the stock market acting so erratically? Well, let's look at the Obama administration:

1. Forced GM and Chrysler into bankruptcy-wiped out grandma, grandpa along with the rest of us.
2. Shot gun weddings of the failing mortgage companies to large banks-Now the federal government is SUEING the new owners for past abuses-Hey this is a great way to destroy the large finacial firms and put a stop to ALL lending
3. More infrastructure projects-the administration is advocating ballooning the deficit further to create low paying short term jobs-what a great idea.

Boy, surviving this administration's policies is job one. Let's hope we can rid of these clowns before they totally destroy Our way of life.
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tsigili says:
What's wrong with this picture?

The government forced some of these banks to buy some of the worst offenders, and now they want to sue the banks?

Government idiocy, at best.
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bluesky71 says:
For those ready to jump on the anti-bank bandwagon, I would suggest that you be aware of:

1) The liberal underwriting policies utilized by Fannie and Freddie in purchasing home loans from banks over the past ten-plus years.
2) The government's failure to control Fannie and Freddie despite warnings from politicians and economists over the course of many years.
3) Federal pressure on the big banks to generate loans to high-risk borrowers. The feds have a number of ways to punish banks that do not "comply."
4) The role loan applicants played in overstating their own incomes.

There is a lot more going on here than meets the eye, and the average financial reporter thinks it's too complicated for you to be interested.
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outrider_B replies:
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Thanks for adding balance. When I read stories, like the one above, it makes me sure that our leaders are literally trying to destroy us...but at closer examination, we're all working toward that end.
bluesky71 replies:
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Reply to cmixxx: First, the forgiveness of mortgage debt is not the reverse of lending. Second, banks did not "let the programs fail." Many homeowners benefited from these programs. But many others have such high debts they can't make even a lower, renegotiated payment. The banks can only do such much.
blindersoff replies:
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Banks packaged all the junk together and the rating agencies (whom the banks pay) rated it AAA, though they didn't know what it was. These securities were sold all over the world which helped crash the world economy. Funny how the talking points never include the whole story.
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rightbehind says:
Little late now. They should have been dragging the thieves out in leg irons when it all happened. They need to go after the hedge fund and derivative dealers. The housing bubble crisis was economic engineering. When wall street tanks and the bulldozers are ready to level it this country will be on the way to healing itself.
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jazzjude says:
Well, it's about time. Now if we could just do something to the regulatory agencies who did NOT do their jobs. See the documentary "Inside Job" if you really want to get indignant, and as tax payers, we should be upset.
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strent9811 says:
A Bill Clinton presser on How to Force these Banks to "make more Loans"

http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-rubin.text.html

The proposed reform package we are unveiling today follows the President's
directive and fulfills the promise of the law. It will channel billions of
dollars a year in new credit into America's distressed communities.

Q With regard to enforcement actions for an institution that's not applying
for a merger, what specific enforcement actions might you envision being taken
if it's in substantial noncompliance?

MR. LUDWIG: Well, we'll have the full panoply of all our enforcement
armorarium, which includes cease and desist orders and civil money penalties in
some cases.

Q So you could apply those, because you hadn't up until --

MR. LUDWIG: We have not, and it has not been part of the regulation. It will
be part of this regulation.
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