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Strategies & Market Trends : John Pitera's Market Laboratory
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To: richardred who wrote (18545)12/23/2016 8:17:05 PM
From: Elroy2 Recommendations

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John Pitera
toccodolce

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Will big banks and other companies ever learn from (fraud & greed)? IMO it's not worth it for short term gain, because of long term pain.

In all these financial crisis "settlements", what is the simple explanation of the big banks "crime"?

I thought it was the ratings agencies that was responsible for "mislabeling" the mortgage ratings as AAA rather than "Junk"

And don't the institutional buyers of these mortgages have professionals that can analyze the actual mortgages, and make their own decisions about their credit worthiness?

Did the banks said something like the mortgage holder has had income of $120,000k for the past 5 years, and it's false, he has actually been unemployed? That would be fraud. But if the info is in the mortgage deal itself, what exactly have the banks done that is illegal by selling the mortgages to willing buyers?

This type of simple question is never presented in these articles. They just say the banks have settled. But... settle what?

===============

I also wonder why these settlements appear to go to the government, rather than to the buyers of the bad mortgages. Those entities deserve compensation if something was done wrong. No?
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