Comments on: Banks, Subprime Lenders To Face Charges

U.S. Attorney Predicts "Dramatic Results" From Sweeping Investigation Into Mortgage Crisis

[bailmeout1]

Obamas heath plan includes pre-existing conditions? And no tightening on the borders? Now that the banking industry is in the toilet, I guess the medical industry is next. (probably after the school systems)

[bailmeout1]

It should be;
Freedom Of The Press/Rights Of The Reader

[bailmeout1]

Lets not forget that Obama tried to tack money for Acorn into that very first bail-out bill. "Hey Barry, I know you are on the road and busy and all but we have the biggest bill ever here." Barry multitasking on the phone - "Just get some money in there for Acorn" ---- To us; "I have no involvement with Acorn". Bullspit! Yet he leads in the polls and the media (Supposed to be working for us... Freedom Of The Press and all) just loves him.

[ragnar30066]

So, after ACORN pressured the banks to give mortgages to people who are HIGH risk, and the government pressured banks the banks to give mortgges to people who are HIGH risk, and the government executives running this show vanished with millions in unearned bonuses resulting cooking the books and the legislators who prevented McCain and others from imposing reforms on these people, they''re going to try to pin all the blame on the hapless banks and put them in jail.

Makes sense. Hitler was able to blame it all on the Jews. Too bad we didn''t believe the Jews and put the Nazis in jail.

Let''s start with Reynes, Johnson, Frank, Dodd, Reid, Pelosi and Obama.

[cinkid56]

This is incredible. They want to prosecute banks and lenders for complying with the Community Reinvestment Act of 1977, a law which said that banks must make loans to people with bad credit?

Stop the madness.

[iowacotton]

This is fine and dandy, but what about the republican and democratic politicians who let this this whole mess happen? A shake of the finger and ''Shame on you'' is not much of a deterrent against future underhandedness.

[markwg11]

It was incredible that stocks still going up given corporate/ personal bankruptcies, foreclosures, margin calls, unemployments soared to new high. Banks are now more reluctant to lend to companies/ individuals. People completely ignore the US economy is contracted more than it seems (as you see the data today "Philadelphia index down, retail sales down, industrial output down, etc."

[jschmidt27]

In September, 2003, the president proposed a new agency to oversee Fannie and Freddie because they were extended too far. In May, 2005, John McCain warned of the threat faced by the two GSEs. There were literally dozens of warnings from the White House. And John Murtha takes so little interest in the issue that the first inkling he had of trouble was when Paul Kanjorski told him 6 months ago? Murtha paints a picture that does not reflect reality. He is either foolish or dishonest--or both.And what of Kanjorski? Murtha says that Kanjorski knew 6 months ago that Fannie Mae and Freddie Mac were going under. That was well before the severity of the problem became fully apparent.Where were Kanjorski''s warnings, and call for an immediate response? There''s nothing on his website to indicate that he warned of the coming trouble. There''s nothing in the Congressional Record from the period. No alarmed letters to the Treasury Secretary. No television interviews where he warned of impending trouble. As far as can be discerned from the public record, Kanjorski saw what was coming and did...nothing.

Of course, Kanjorski had a good reason to avoid being seen as a critic of FNMA and FMAC. But if he knew the trouble that was coming -- as Murtha asserts -- and still did nothing, then Kanjorski has more questions to answer.

[jschmidt27]

Who will govern with Obama? Murtha new 6 months before it happened and did nothing. COngress should be indicted for incompetence. http://www.weeklystandard.com/weblogs/TWSFP/2008/10/murthas_freddiefannie_distorti.aspJohn Murtha has taken some pretty stiff criticism for slandering his constituents as racists -- and deservedly so. But it''s worth looking at the rest of his recent interview to get a sense of how he views the credit crunch. Here''s how Murtha describes how we got into this financial mess: "Six months ago they said to me... Paul Kanjorski - who''s on the Banking Committee said ''Fannie Mae and Freddie Mac aren''t going to make it. A hundred banks are going to go bankrupt.'' I said ''well what the hell are we doing about it? What do you mean?'' I could hardly believe that. Finally the president kept saying things are all right. Well the president has no credibility. When he says something nobody believes that. And so finally Bernanke and Paulson came over. Scared the hell out of us. I mean, scared us... made us... convinced us that we had to do something. And of course they sent a 3 pages thing over -- an open door.''It''s amazing that even after all the discussion about this crisis over the last few weeks, Murtha is either so oblivious to current events, or so non-plussed about not telling the truth. In September, 2003, the president proposed a new agency to oversee Fannie and Freddie because they were extended too far.

[bailmeout1]

The government is pursuing a "surgical approach"

Oh, I am sure it is. lol Do they think we are this stupid? We know Congress is in this up to its ears. You can not hide this.