U.S. regulator sues major banks over mortgages

[Ash_Williams]

Not much in the way of details yet:


http://www.reuters.com/article/2011/09/02/us-usa-fhfa-suit-idUSTRE7815VI20110902

(Reuters) - A U.S. regulator sued a series of big banks on Friday over losses on more than $41 billion in subprime mortgage bonds, which could hamper a broader government mortgage settlement with banks.

The FHFA accused major banks, including Bank of America Corp, its Merrill Lynch unit, Barclays, Citigroup and Nomura, of selling bonds backed by mortgages that should have never been packaged into securities.

[DMac]

ZH just put up a copy of the complaint & link:
http://www.zerohedge.com/news/full-fhfa-statement-disclosing-suits-against-17-banks-including-such-dead-man-walking-socgen

Tuesday is going to be a bloodbath on the markets..

Sure will be an interesting week to kick off September as we move into the "Fall".

[platinumdude]

http://www.beaconequity.com/smw/12135/The-17-Banks-being-sued-because-of-mortgage-losses-at-Fannie-and-Freddie

Contains the full list of 17 banks being sued.

[FreeEnergy]

so, instead of being in control of the banks, issuing banking licenses, and if a clear case of fraud (trillions in fraud) occurs, withdrawing banking licenses, US Government is acting like a pathetic looser it is. Like a trivial citizen with a bank account.

let me rephrase: PATHETIC.

Where's special agents storming banking headquarters? where's bankers questioned by the Congress? Where's licenses being revoked? Where's bankers in jail?

I am waiting :popcorn:

[mick silver]

here your popcorn i hope you like it ...

[Cebu_4_2]

I have personally experienced this type of legal action through companies I dealt with though not in the banking industry.

Company rep comes in, says whatever you charge triple it from now on, I cant tell you why but I will make sure you get paid. Months later they file BK and all debts are void. It did even out that I was paid fair value but on the books I lost a bunch, also deductible. We all won.

Same game same name.

[FreeEnergy]

At least they bothered enough to make a bank list:


1. Ally Financial Inc. f/k/a GMAC, LLC

2. Bank of America Corporation

3. Barclays Bank PLC

4. Citigroup, Inc.

5. Countrywide Financial Corporation

6. Credit Suisse Holdings (USA), Inc.

7. Deutsche Bank AG

8. First Horizon National Corporation

9. General Electric Company

10. Goldman Sachs & Co.

11. HSBC North America Holdings, Inc.

12. JP Morgan Chase & Co.

13. Merrill Lynch & Co. / First Franklin Financial Corp.

14. Morgan Stanley

15. Nomura Holding America Inc.

16. The Royal Bank of Scotland Group PLC

17. Société Générale

[Horn]

The U.S. may go bankrupt awaiting a verdict.

[FreeEnergy]

I will throw in more:

almost every out of 50 attorney generals are giving banking scam MERS, a recording fraud company that passed bucket (and your title with it) further down the chain, Cease and Desist letters.

Here's where the scam stands right now:


Bank of America or other bank you pay mortgage to doesn't own your title.

MERS, a recording book company that BoA alegedly sold your title, doesn't own your title

Fannie Mae, a pseudo-government company created so that banksters can package your mortgage with thousands of others and sell off as bonds and other officially looking investment paper - Fannie Mae just went on record that it doesn't own your title.

Apparently, it went BoA >> MERS >> Fannie Mae >> "Foreign investors", and right now it is "foreign investors" who "own your title". Serious investigations have been already conducted by a few bankruptcy lawyers, and none is to be found. I am suspecting that "foreign investors" is a fraud, money created out of thin air, printed and given to you so that you keep paying the likes of BoA. BoA has been caught shredding the paperwork to hide this.

If you collapse and go belly up under unfair burden of this mortgage fraud scheme, BoA will OWN YOUR HOUSE. Free and clear, for nothing. UNLESS YOU FIGHT.

How the "US government" (and I use this term loosely) can't "see" this as a fraud, is right now beyond me.

[Cebu_4_2]

Corporate America IE US of Isreal. Not to blame Israel cause they founded this but to blame the cronies we are supposed to be led to believe represent us.


I will throw in more:

almost every out of 50 attorney generals are giving banking scam MERS, a recording fraud company that passed bucket (and your title with it) further down the chain, Cease and Desist letters.

Here's where the scam stands right now:


Bank of America or other bank you pay mortgage to doesn't own your title.

MERS, a recording book company that BoA alegedly sold your title, doesn't own your title

Fannie Mae, a pseudo-government company created so that banksters can package your mortgage with thousands of others and sell off as bonds and other officially looking investment paper - Fannie Mae just went on record that it doesn't own your title.

Apparently, it went BoA >> MERS >> Fannie Mae >> "Foreign investors", and right now it is "foreign investors" who "own your title". Serious investigations have been already conducted by a few bankruptcy lawyers, and none is to be found. I am suspecting that "foreign investors" is a fraud, money created out of thin air, printed and given to you so that you keep paying the likes of BoA. BoA has been caught shredding the paperwork to hide this.

If you collapse and go belly up under unfair burden of this mortgage fraud scheme, BoA will OWN YOUR HOUSE. Free and clear, for nothing. UNLESS YOU FIGHT.

How the "US government" (and I use this term loosely) can't "see" this as a fraud, is right now beyond me.