For Desh

Desh said:
Thanks saw the story yesterday.

I guess they saw some evidence that needed checking out huh?
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Yes, apparently they have found evidence that fraud occured, some by lenders, some by borrowers. Hopefully they drill every single one involved.
 
Power said the FBI is looking into the practices of so-called subprime lenders, as well as potential accounting fraud committed by financial firms that hold these loans on their books or securitize them and sell them to other investors.

Referring to certain unnamed bankrupt subprime lenders, Power said there are "some irregularities there that we're looking into," including the timing of stock sales by executives. Dozens of subprime lenders have filed for bankruptcy in the past year, most prominently New Century Financial Corp.

"We're looking at the executives to see if they were committing insider trading," Power said.

Power also said law enforcement officials are looking at whether homebuilders manipulated financial statements to inflate revenues.

An SEC spokesman declined to comment. The agency has said about three dozen investigations related to the mortgage market meltdown are ongoing



This was possible because they allowed one entity to own too many aspects of the process.
 
Desh said:
Power said the FBI is looking into the practices of so-called subprime lenders, as well as potential accounting fraud committed by financial firms that hold these loans on their books or securitize them and sell them to other investors.

Referring to certain unnamed bankrupt subprime lenders, Power said there are "some irregularities there that we're looking into," including the timing of stock sales by executives. Dozens of subprime lenders have filed for bankruptcy in the past year, most prominently New Century Financial Corp.

"We're looking at the executives to see if they were committing insider trading," Power said.

Power also said law enforcement officials are looking at whether homebuilders manipulated financial statements to inflate revenues.

An SEC spokesman declined to comment. The agency has said about three dozen investigations related to the mortgage market meltdown are ongoing



This was possible because they allowed one entity to own too many aspects of the process.
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Yes, the dismantling of Glass Steagall was a bad idea.... as we have discussed many times.
 
Superfreak said:
Thought you would like to know this Desh....

http://biz.yahoo.com/ap/080129/subprime_mortgages_fbi.html

This should get to the bottom of how much fraud their was.... not to mention apparent investigations into insider trading. Hopefully they bust everyone who committed fraud. Lenders and borrowers alike.
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you pretending it was the borrowers who caused this mess.

remember what the banks did

they forclosed on people without proving they owned the property huh?


even non sub prime.
 
evince said:
you pretending it was the borrowers who caused this mess.

remember what the banks did

they forclosed on people without proving they owned the property huh?


even non sub prime.
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More lies from Desh... what a shock.

I never, not once stated it was just borrowers who caused this mess. I have highlighted each of the groups that had a part in the downturn... politicians, wall st., lenders AND borrowers. They all played a roll. But Desh LIES yet again... what a shock.
 
Bill Clinton did much of the deregulating that got us into trouble, including ending the Glass-Steagall prohibitions on mixing traditional banking with speculative investment banking.



http://www.msnbc.com/the-cycle/dont-run-hillary-dont-run
 
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