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ian commented on the blog post Liveblog: Senate Banking Committee on Foreclosure Fraud
I do disagree that the penalties will be nearly that severe, as that certainly wasn’t the case in the first part of this crisis. AIG, I suppose, was dealt with most severely, but nobody was barred from the Street.
Also its some in the press and the bloggers that are calling this what it truly is, fraud, but that is by no means agreed upon by regulators or by those at the banks, as we’re seeing today.
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ian commented on the blog post Liveblog: Senate Banking Committee on Foreclosure Fraud
And we’ve known that the bigger banks were under capitalized anyway for a while now. I’m not sure some will survive the stress of litigation and penalties. They’ll essentially be to big to bail…That’s going to be painful for everyone.
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ian commented on the blog post Liveblog: Senate Banking Committee on Foreclosure Fraud
I’m not convinced that there will ever be a criminal prosecution in any of this mess.
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ian commented on the blog post Liveblog: Senate Banking Committee on Foreclosure Fraud
But that seems to be a feature of this particular crisis doesn’t it? There are laws/rules, and institutions across the board just ignored them or knowingly violated the law (think MERS), because they knew there would be no real penalty for doing so. As the Taibi article in Rolling Stone points out there is justice for corporations and a different justice for the individual.
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ian commented on the blog post Liveblog: Senate Banking Committee Hearing on Foreclosure Fraud
Exactly, but that’s still some time out, 4 months at least. Wouldn’t you say? I think that’s why you might see some sort of legislation in the near future, as a way to head it all off.
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ian commented on the blog post Liveblog: Senate Banking Committee Hearing on Foreclosure Fraud
Lowman is misleading. The banks absolutely do make money when they foreclose…
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ian commented on the blog post Liveblog: Senate Banking Committee Hearing on Foreclosure Fraud
Wow…a Republican calling out MERS? I wonder if this is the set up to make them the face of blame?
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ian commented on the blog post Liveblog: Senate Banking Committee Hearing on Foreclosure Fraud
I don’t think anything substantive is really going to happen until the institutional investors start suing the Investment bank/bond issuers for their part in the fraud, which I’m guessing is still a couple of months away yet. It will be those suits, couple with suits filed by State AGs that will cause the final meltdown, although I would bet that Congress would come in with some sort of Act of Indemnity for the largest banks, because, afterall, they’re too big to fail or be held accountable.
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