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Government won’t prosecute big bank execs in mortgage-bond fraud – report

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Mortgage Professional America | 04 Mar 2016, 01:50 PM Agree 0
A report on major bank’s actions during the run-up to the financial crisis stated that the bank knowingly securitized shoddy mortgages – but that there wasn’t sufficient evidence to prosecute any individuals
  • Pete F | | 04 Mar 2016, 02:44 PM Agree 0
    I guess this all just happened by accident. I f top executives bear no responsibility for peddling fraudulent mortgages, why did they get huge bonuses when things improved?
    Only responsible for good outcomes, not bad?
  • Anonymous | | 04 Mar 2016, 02:56 PM Agree 0
    Ironically, farther down the food chain, all of those parties on those identical mortgages probably battled it out with lawyers and the feds to see who would serve jail time and/or pay fines. The borrowers, mortgage officers, mortgage companies who employed the mortgage officers, title agents, title companies who employed them, realtors, etc. All of these parties probably spent tens upon tens of thousands of dollars in legal fees and fines, and some of them are serving time. Yet, because these big bank execs have deeper pockets, they are immune from prosecution for committing fraud or breaking rules using the identical mortgages for their post-closing schemes. It isn't right or fair in any way. Break these darned banks up. Why are they still allowed to walk all over us like this?
  • Steve Bernstein | | 04 Mar 2016, 03:05 PM Agree 0
    So it's ok to commit fraud and bring down the global economy for a decade, but if a laymen uses profanity in public, or a homeless person steals a loaf of bread or brick of cheese, off to jail they go. Sounds fair to me, #Trump2016.
  • Ed | | 04 Mar 2016, 07:34 PM Agree 0
    When you can buy justice you can do whatever you would like.
  • Walter | | 05 Mar 2016, 08:16 AM Agree 1
    The game is at the top. This corrupt system is on borrowed time. When an outsider shows up on the scene and starts to straighten out the system, then and only then will criminals be prosecuted. The establishment is in trouble right now and they know it. This is more than visible when you have so many trying to destroy the outsider. With an outsider, banks will be broken up, who knows, we may even get more than 2 cable companies to choose from. Those at the top have rarely prosecuted criminals in their bubble. . . the bubble is about to pop and the establishment is shaking in their boots. . . . good for us. All of us alive today, no matter what our age, have been misled, walked on, and abused for our entire lifetimes. . .

    Trump '16

  • sbharkness | | 07 Mar 2016, 02:37 PM Agree 0
    This is so disheartening. As a 23 year licensed mortgage originated that did everything right but was all but wiped out when my chosen profession dried up after the meltdown caused by the extremely powerful greedy hear they will not be fact, many had been given bonuses paid with tax payer money after the bailout. One of the few things good about Dodds-Franks was that it made sure the American taxpayers would never be on the hook again but that only lasted until Nov 2014. A lazy Congress had all but gone home for the holiday season when an earmark was placed in a government spending bill (to keep the government running). The earmark was only a couple sentences long. What it did though was put the American taxpayers AGAIN on the hook if these TO BIG TO PROSECUTE EXECUTIVES A-G-A-I-N get too greedy and take the economy the tax payer will pay for it. This is why I am for Trump in 2016. He is self funded therefore he owes no special favors to powerful individuals that run and own these banks. One of the worst is the US FEDERAL RESERVE. A supposedly publicly traded company except you and I cant buy shares. It is owned by about 300 families. If you dig hard enough past the subsidiaries of corporations you will find names such as Rothschild's as owners.
  • im | | 15 Mar 2016, 01:20 PM Agree 0
    Les Miserables- all over! What Government? This IS the government! We are all slaved by debt and lack of opportunities.

  • | | 17 Mar 2016, 03:12 PM Agree 0
    Isn't Trump one of those that are known for foreclosing and going bankrupt at the expense of all us middle class?
  • KJ | | 17 Mar 2016, 07:26 PM Agree 0
    Amazing how many in the industry seem to ignore that. Also amazes me that many people in the industry don't recognize the fact that Trump's decision to start a Mortgage Company in 2006, just when the walls were crumbling around us all, is about the dumbest business move I have ever seen.
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