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Had Glass-Steagall not been repealed investment banks would not have been able to slice and dice and sell this crap.
i agree w. you..so what regulatory C'mte can people write to? ( i know its like throwing a stone in the Atlantic Ocean)
It truly has destroyed the U.S....I know the law. There is no such thing as consumer law, but what wld u recommend? Some AG's are filing suit but that could take awhile.....I value ur thoughts on this, you clearly have owned property and investments and know how bad this situation is becoming...thanks
A settlement is better than nothing. I think the government should get the best deal they can and then move on and try to make sure the same mistakes are not made again.
i agree w. you..so what regulatory C'mte can people write to? ( i know its like throwing a stone in the Atlantic Ocean)
It truly has destroyed the U.S....I know the law. There is no such thing as consumer law, but what wld u recommend? Some AG's are filing suit but that could take awhile.....I value ur thoughts on this, you clearly have owned property and investments and know how bad this situation is becoming...thanks
The FedGov will quiet down the AGs. Nothing major will happen.
The Obama administration wants to work with the banks and come up with a settlement that will be shared among states.
The numbers being thrown around are ridiculous and wouldn't even cover the Countrywide scandel in CA. The states are upset about that one and want to sue banks individually as states.
This stink goes all the way up in several government agencies and even into Congress. And that's besides the investment bankers and the Fed.
Our DOJ..worthless and besides they are running their own scam they have to cover.
I dunno what the future holds. Another Great Depression ?
Could very well be.
lol- Wall St DID NOT FOLLOW GOVT RULESPGH....omg...if the rules arent written, the banksters know how to CONTRAVENE the law. look up the statutes
If they didnt follow the rules, then why did Fannie/Freddie guarantee those mortgages and how were they passed onto the market in a regulated industry?
The rules ARE and WERE written under which the government will guarantee the mortgages.
Fannie and Freddie were never guaranteed. It was "implicit" and there was never any documentation that stated the USG guaranteed them. When they got split off in 1968 only Ginnie Mae retained the government guarantee. Fannie and Freddie became private corporations.
Everyone ASSUMED and the government did very little to correct investors.
Fannie and Freddie were never guaranteed. It was "implicit" and there was never any documentation that stated the USG guaranteed them.
Thank you for repeating what I said.
Quote:
Originally Posted by pghquest
These government-sponsored enterprises had a deeply flawed business model as publicly traded corporations with the implicit backing of and subsidies from the federal government and with a public mission.
Quote:
Originally Posted by HappyTexan
Everyone ASSUMED and the government did very little to correct investors.
Not only did they do little to correct it, they encouraged it, because they offered Fannie/Freddie governmental bond financing at discounted rates not available to the general public. If Fannie/Freddie went bust, the taxpayers were on the hook for the debt.
You cant have government issue debt and then assign the funds raised by that debt over to Fannie/Freddie, making the taxpayers liable for the obligation, and then claim the government isnt guaranteeing the debt because they clearly are.
The FedGov will quiet down the AGs. Nothing major will happen.
The Obama administration wants to work with the banks and come up with a settlement that will be shared among states.
The numbers being thrown around are ridiculous and wouldn't even cover the Countrywide scandel in CA. The states are upset about that one and want to sue banks individually as states.
This stink goes all the way up in several government agencies and even into Congress. And that's besides the investment bankers and the Fed.
Our DOJ..worthless and besides they are running their own scam they have to cover.
I dunno what the future holds. Another Great Depression ?
Could very well be.
Not only did they do little to correct it, they encouraged it, because they offered Fannie/Freddie governmental bond financing at discounted rates not available to the general public. If Fannie/Freddie went bust, the taxpayers were on the hook for the debt.
You cant have government issue debt and then assign the funds raised by that debt over to Fannie/Freddie, making the taxpayers liable for the obligation, and then claim the government isnt guaranteeing the debt because they clearly are.
They clearly were not...IMPLICIT...inferred, assumed.
Big ponzi scheme and all the suckers bought into it.
This really hit the fan when the subprimes exploded and investors went wild.
Haven't we learned yet...anything that the government gets involved in leaves a bad taste in your mouth and a big debt to pay.
Just give Obamacare a few years in action.
Madoff is small potatoes compared to what is going on now. The SEC had been warned about Madooff's activites more than a year before his scam was up.
The US government and the FED has stolen more from the American people than Madoff ever dreamed of taking from his clients. I have to wonder why the outrage is so misplaced. Do people pro-central planners really not understand?
The SEC needs to be gone after as the passage of Frank-Dodd made it impossible to get SEC records through the freedom of information act. Frank-Dodd protects the criminals.
The corruption is systemic and most of it is within our government as the bureaucracies are enabling what happens with the mega-banks and hedge funds.
People went to prison durning the S&L meltdown. People need to be prosecuted and similarly placed in prison for the 2008 derivatives scam. Barney Frank & Chris Dodd both need to be in prison.
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