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First recorded activity by BoatBanter: Oct 2012
Posts: 3,510
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Too bad...
amdx wrote:
On 10/20/2013 1:16 AM, wrote:
On Sat, 19 Oct 2013 20:42:15 -0400, "Mr. Luddite"
wrote:
On 10/19/2013 7:27 PM, F.O.A.D. wrote:
Reuters) - JPMorgan Chase & Co has reached a tentative $13 billion
agreement with the U.S. Justice Department to settle government agency
investigations into bad mortgage loans the bank sold to investors before
the financial crisis, a source said on Saturday.
The tentative deal does not release the bank from criminal liability for
some of the mortgages it packaged into bonds and sold to investors, a
factor that had been a major sticking point in the discussions, the
source said.
As part of the deal, the bank will likely cooperate in criminal
inquiries into certain individuals involved in the conduct at issue, the
source, who declined to be identified, said.
- - -
Too bad there's a settlement and that none of the banksters probably
will ever be sent to the slammer.
Too bad the banking industry was forced into giving bad mortgage loans
in the first place. Without them there would not have been a financial
crisis.
There was [plenty of greed to go around. We also had lots of house
flippers (AKA "investors") who were milking that easy loan money on
all 4 tits and nobody is suggesting that we should claw back any of
that money. A lot of the foreclosures around here were simply "walk
aways" on investor property that was not going to sell for what they
had borrowed so they defaulted and kept their profits. .
I wonder how many of these loans were bad when closed, verses were bad
after housing prices dropped.
Most of them. They had no equity in the loan. Zero down, low interest for
5 years, etc. made for flipping. Prices increasing 25% a year. Just get
out in time, and you walk away very well to do.
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