"The banks were the ones who were supposed to make sure lenders would be able to pay them back"
Yup.
Case 1: You go to a licensed doctor who, after analyzing your life history, prescribes a pill. You then take that pill and become paralyzed.
Case 2: You go to a licensed mortage broker who, after analyzing your life history and the fact that houses are going up in price, prescribes a certain loan. You then take that loan and you are now underwater due to the housing prices dropping and your finances sinking due to the sub-prime mortgage crisis brought on by our bankers.
I venture to say that in both cases, the idiot is not the one that took what was prescribed by the licensed expert. In fact, I would say that the idiots were the ones that created the "prescription" to begin with.
Idiots? The banks were the ones who were supposed to make sure lenders would be able to pay them back. You can fault the people but when you're in desperate need of a mortgage and a bank agrees to it, you assume it's because they feel you can pay it back...
Shame on the investment banks for the derivatives and other schemes that leveraged this problem much bigger than it should have been
Shame on the homeowners and speculators for not paying their mortgages
Shame on the Government for under-writing so many of these mortgages, for keeping interest rates artificially low, and for encouraging low income home ownership.*
* yes, I Fannae Mae and Freddie Mac are GSE's and the Fed. sets interest rates, but I'm lumping them in the the Federal Government anyway.
I just got zapped $25 for going beliw my $500 minimum balance. Why so much?
And while I'm on it, AT&T is starting to charge more to make up for theyr bonehead try to buyout t-mobile. They say they're not but I don't trust them.
Also, it is unclear whether the settlement is actually real:
"American Banker asked The Department of Justice, the Department of Housing and Urban Development, and the offices of Attorneys General in Iowa, North Carolina and Colorado for a copy of the settlement last night. Only Iowa, North Carolina and the Department of Justice have responded, saying that the document would not be available until it is filed with the court on a yet-undetermined date." http://www.americanbanker.com/issues/177_29/mortgage-servicers-settlement-1046574-1.html
Let's assume it is real for arguments sake. It is isn't enough from my perspective. All it does is prove that document fraud is worth the penalty, and that contracts don't need to be respected and honored (something GM shareholders learned the hard way).
Never is appropriate.. never enough. We should sell Obama's assets to help pay back Americans for the money he handed over to the banks in the first place.., add the Senators' bullion who agreed with him too.Comment is buried, click here to see the rest.
The banks did what they were told by the government which is probably why so many were bailed out after the collapse. Do I think they should have to pay people who took out mortgages knowing they couldn't afford them? No. Do i think they may have been misleading selling these mortgages? Yes. They were encouraged to sell them yes but the idiots who signed the line are most at faultComment is buried, click here to see the rest.
alienmushroomFeb 11, 2012Buried
Cough up the remaining $2.6 trillion and we can call it a day.
spikington2Feb 11, 2012Buried
"In return, they’ll have legal immunity for various practices related to how they managed mortgages..."
It's a start but this was no penalty. This was a pay off.
Where is the rest of our money scum?
kip9999Feb 10, 2012Buried
No.
geejayeFeb 11, 2012Buried
"The banks were the ones who were supposed to make sure lenders would be able to pay them back"
Yup.
Case 1: You go to a licensed doctor who, after analyzing your life history, prescribes a pill. You then take that pill and become paralyzed.
Case 2: You go to a licensed mortage broker who, after analyzing your life history and the fact that houses are going up in price, prescribes a certain loan. You then take that loan and you are now underwater due to the housing prices dropping and your finances sinking due to the sub-prime mortgage crisis brought on by our bankers.
I venture to say that in both cases, the idiot is not the one that took what was prescribed by the licensed expert. In fact, I would say that the idiots were the ones that created the "prescription" to begin with.
engrishgamerFeb 11, 2012Buried
Idiots? The banks were the ones who were supposed to make sure lenders would be able to pay them back. You can fault the people but when you're in desperate need of a mortgage and a bank agrees to it, you assume it's because they feel you can pay it back...
barackalypseFeb 11, 2012Buried
Shame on the banks for not following the rules
Shame on the investment banks for the derivatives and other schemes that leveraged this problem much bigger than it should have been
Shame on the homeowners and speculators for not paying their mortgages
Shame on the Government for under-writing so many of these mortgages, for keeping interest rates artificially low, and for encouraging low income home ownership.*
* yes, I Fannae Mae and Freddie Mac are GSE's and the Fed. sets interest rates, but I'm lumping them in the the Federal Government anyway.
williepepperFeb 11, 2012Buried
Well where's that money coming from?
Bank fees, I'll tell ya!!!
I just got zapped $25 for going beliw my $500 minimum balance. Why so much?
And while I'm on it, AT&T is starting to charge more to make up for theyr bonehead try to buyout t-mobile. They say they're not but I don't trust them.
adalseyFeb 14, 2012Buried
who made out - now broke brokers...
njdoo7Feb 10, 2012Buried
It was enough for crony capitalist buffet who made $126 million from the announced deal
http://freebeacon.com/warren-buffetts-net-worth-jumps-154m-thanks-to-mortgage-settlement/
Also, it is unclear whether the settlement is actually real:
"American Banker asked The Department of Justice, the Department of Housing and Urban Development, and the offices of Attorneys General in Iowa, North Carolina and Colorado for a copy of the settlement last night. Only Iowa, North Carolina and the Department of Justice have responded, saying that the document would not be available until it is filed with the court on a yet-undetermined date."
http://www.americanbanker.com/issues/177_29/mortgage-servicers-settlement-1046574-1.html
Let's assume it is real for arguments sake. It is isn't enough from my perspective. All it does is prove that document fraud is worth the penalty, and that contracts don't need to be respected and honored (something GM shareholders learned the hard way).
When they build a new prison to house all the people going to jail over the fraud, that might be enough. ;)Comment is buried, click here to see the rest.
b4noesisFeb 11, 2012Buried
Never is appropriate.. never enough. We should sell Obama's assets to help pay back Americans for the money he handed over to the banks in the first place.., add the Senators' bullion who agreed with him too.Comment is buried, click here to see the rest.
jeeper14136Feb 11, 2012Buried
The banks did what they were told by the government which is probably why so many were bailed out after the collapse. Do I think they should have to pay people who took out mortgages knowing they couldn't afford them? No. Do i think they may have been misleading selling these mortgages? Yes. They were encouraged to sell them yes but the idiots who signed the line are most at faultComment is buried, click here to see the rest.