Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!! Message Board

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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!

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From: ravenseye	11/5/2007 11:38:52 PM
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Will the current mortgage crisis result in more mortgage fraud? November 5th, 2007 by Ed Dickson Will irresponsible lending practices and in some instances, fraud end up being the cause for an overall problem in the credit industry? In case you haven’t noticed, there seems to be a lot of homes up for sale. I’m even starting to see signs stating that the house in question is being sold by the bank. We are even seeing signs that the problem might be worse than expected within the credit industry. Reuters (courstesy of CNBC) is reporting: Total losses stemming from writing down the value of mortgage-linked securities could be as high as $200 billion, with financial institutions sitting on at least $60 billion in losses that have not yet been disclosed, JPMorgan said Monday. Banks and insurers, including Merrill Lynch, Ambac Financial Group and MBIA have reported third-quarter losses as they write down the value of securities, including collateralized debt obligations, or CDOs, backed by residential mortgages. There is much more to come, JPMorgan analyst Chistopher Flanagan said on a conference call with clients. In a different story, it was also announced that the CEO of Citibank is stepping down because of losses incurred by sub prime mortgages.... bloggernews.net

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