Comments on: The mortgage investigations drag on A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: traduceri romana daneza Mon, 29 Sep 2014 14:01:14 +0000 Possibly you have certainly not planned to do so, although I believe you’ve got managed to convey your state of mind that many everyone is with. Your feeling regarding needing to guide, but not knowing how as well as where, is usually some thing many of us intend as a result of.

By: Danny_Black Mon, 30 Jan 2012 12:20:54 +0000 anonymous16, I think people are suggesting that there needs to be some actual evidence the claims you made are even vaguely true.

Can we also assume you are all for aggressively prosecuting every homeowner who misrepresented their ability or willingness to pay? Or all the buysides who broke their fiduciary responsibility to their investors?

By: anonymous16 Wed, 25 Jan 2012 17:49:19 +0000 Felix, so you believe massive and systematic fraud are acceptable business practices? That banks are above the law? That the fifty promissory pledges signed previously by banks don’t indicate knowledge and intent to break our laws? That setting up business processes and organizations to break the law isn’t evidence of a systematic approach to criminality? That recidivism should not be prosecuted? That criminals behind a corporate veil should not be prosecuted? That criminal enterprises should not be prosecuted under racketeering law? That the following, known bank crimes should not be prosecuted?

– stock fraud
– securities fraud
– mortgage fraud
– consumer fraud
– accounting control fraud
– wire fraud
– tax fraud
– bank fraud
– perjury
– illegal foreclosure
– insider trading
– bribery
– usury
– corruption
– bid rigging
– market manipulation
– foreclosure on active-duty servicemen
– trade with terrorists and enemy states
– money laundering
– racketeering
– contempt of court
– obstruction of justice
– Violations of Sarbanes-Oxley
– lying to Congress

By: realist50 Wed, 25 Jan 2012 16:22:58 +0000 If we really want to investigate people for fraud, where are the investigations of the mortgage brokers and borrowers who misrepresented income or intent to live in a house? Maybe there are grounds for civil or even criminal misrepresentation charges against some of the large banks or their employees, but we absolutely know that a lot of borrowers committed fraud, abetted in many cases by mortgage brokers. The focus is obviously political. Nice and convenient for all the non-New York politicians how much of the finance industry is concentrated in someone else’s state.

By: richclayton Wed, 25 Jan 2012 15:06:25 +0000 I totally don’t buy the idea that refusal to settle very cheaply with the banks is somehow delaying principal reductions. Housing prices started to fall in June 2005, and by January 2009 had fallen, on average, by about 25%. In some markets – Las Vegas, Miami, San Diego – by a lot more than that. The robosigning investigations didn’t start for another year, yet banks/mortgage servicers have been completely unwilling to write down principal with the singular exception of mortgages that were acquired through an acquisition during 2008 (and even B of A has not been writing down Countrywide mortages, despite the potential opportunity through transaction accounting). I completely agree that such write downs are in the ultimate interest of bank shareholders and (most) holders of MBS, but its not the investigations of fraudulent practices that are holding things up.

By: Woltmann Wed, 25 Jan 2012 13:44:25 +0000 Khuzami taking part should foretell where all this is going. He is a pillar of accountability and responsibility? Well at least he is a remarkable prestidigitator of sham settlements. How long are we going to have to put up with this charlatan?

By: ScottFree Wed, 25 Jan 2012 12:46:58 +0000 I am confused by the distinction between civil and criminal investigations. The joint ~50 AG talks are purely civil and they do not offer any criminal immunity. Is this new task force going to pursue criminal, civil or both types of investigations? There were many hundreds in jail after the S&L meltdown.

By: Sechel Wed, 25 Jan 2012 10:42:05 +0000 Schniderman is a problem for the Obama administration. Sometimes the best way to watch and control an enemy is to bring him into the fold. The Obama economic team is very pro-big bank and looking to cut a deal for them, so they are biding their time, studying their enemies and figuring out a way to make it happen. If the President were serious about reforming mortgage practices it would’ve happened already.