@veracious wrote:The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, the sources said.
Would have never guessed BofA would make the list.
@marty56 wrote:
@veracious wrote:The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, the sources said.
Would have never guessed BofA would make the list.
Suprise, suprise. Hey , IMO free market strategies dissapoint and suprise the average American.
Bank of America, just by the virtual choice of their corporate moniker would not take advantage of anyone, especially we Americans since
and our hard earned money is involded. Some of the foriegn-based banks I'm not so sure, Deutsche, HSBC, Banco Santander, etc., would
definitely take advantage of us through the mortgage-backed securities. They are the banks whose investors purchased a lot of these securities.
The top 5 banks mentioned were only thinking of their shareholders, thus, when opportunity arrived, they took advantage.
They just never looked at it as fraud. 
@veracious wrote:
@marty56 wrote:
@veracious wrote:The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, the sources said.
Would have never guessed BofA would make the list.
Suprise, suprise. Hey , IMO free market strategies dissapoint and suprise the average American.
Bank of America, just by the virtual choice of their corporate moniker would not take advantage of anyone, especially we Americans since
and our hard earned money is involded. Some of the foriegn-based banks I'm not so sure, Deutsche, HSBC, Banco Santander, etc., would
definitely take advantage of us through the mortgage-backed securities. They are the banks whose investors purchased a lot of these securities.
The top 5 banks mentioned were only thinking of their shareholders, thus, when opportunity arrived, they took advantage.
They just never looked at it as fraud.
The only problem is that the U.S. mortgage market is not a free market in any sense of the word. You have to remember that this keystone cop investigation is regarding FHA loans, which is more or less completely managed by the federal government.
Add in the Fannie Mae, Freddie Mac, the USDA loan program and the VA loan program and a signficant portion of the U.S. mortgage market is controlled, backed or implicitly backed by the federal government.
If you want to have more fun with this, several of those banks are being "investigated" for the actions of distressed banks that they purchased at the request of the federal government or very late into the morgage crisis:
- Bank Of America - Countrywide
- JPMorgan Chase - Washington Mutual
- Wells Fargo - Wachovia
- Deutsche Bank - MortgageIT
And, this is where it gets better. Most of the very politicians who are crying wolf and want the scalps of these banks are the same politicians who pressured everyone to lossen lending standards and make more loans that got us into this mess to being with.
There are no good players in this mess -- neither the politicians who pressured the banks, the bureaucrats who looked the other way, the banks who lent the money, nor the borrowers who overextended themselves. Greed was abound whether it was for votes, a no aggravation jobs and promotions, profits, or "free" money from a refi or more house then they could afford.
