Thursday, October 21, 2010

Two Front Crisis Of Foreclosure Fraud for Banks - Fraud Committed by Foreclosing on Homeowner Illegally AND Most Investors of Mortgage Securities are DEMANDING Their Money BACK! Looks Like Banks are Getting it From ALL Sides! AAhhh....... Don't cha Just Feel Sorry for Wall Street, Right now As The Walls Come Tumbling DOWN!

Bloomberg has an article saying the Wall Streets Banks are Getting it From all Sides!  First the Fraudulent Paperwork of Illegally Foreclosing on Homeowners!  BUT, NOW the BIG story is becoming ALL THE INVESTORS WANTING THEIR MONEY BACK - OUT OF MORTGAGE SECURITIES!  Already Billions Are being Demanded Back from Investors!

Seems to me, we have a situation that can Cause the Walls of Wall Street to come tumbling Down Very Fast!

They are getting Hit from all sides!  Oh..... lets all say together...... aaaahhhhhhh.... Poor Wall Street, don't cha just feel so sorry for them right now, as they are handing out the biggest bonuses ever in the history of Wall Street! (they know the end game is here? getting all they can, out, fast?)

Portion:

Shoddy mortgage lending has led bankers into a two-front war, pitting them against U.S. homeowners challenging the right to foreclose and mortgage-bond investors demanding refunds that could approach $200 billion. 

While federal regulators and state attorneys general have focused on flawed foreclosures, a bigger threat may be the cost to buy back faulty loans that banks bundled into securities. JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. have set aside just $10 billion in reserves to cover future buybacks. Bank of America alone said this week that pending claims jumped 71 percent from a year ago to $12.9 billion of loans. 

The biggest risks for banks may be loans packaged into mortgage-backed securities during the housing bubble, of which $1.3 trillion remain. The aggrieved bondholders include government-controlled firms Fannie Mae and Freddie Mac, bond insurers and private investors.

5 comments:

  1. We gonna need a lot of rope.

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  2. and/or bullets.

    side note: THE Questioningall? hope so

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  3. LOL "The" Questioningall? Not sure what you mean, but YES, have used that name elsewhere! :)

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  4. Obama will sign HR 3808 after Nov 5 (he only 'pocket vetoed' it) and the real fun begins

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  5. Well, now they just agreed in a 1.4 trillion (trillion? WHATTA HELL) bailout fund for Europe...who knows what the outcome of this fund will be.

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