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Strategies & Market Trends : John Pitera's Market Laboratory
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To: richardred who wrote (18550)12/23/2016 10:08:39 PM
From: Elroy1 Recommendation

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John Pitera

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So you're in the same boat as me, I think it's odd that all these articles describe these massive billion dollar fines, but they don't say EXACTLY what the banks did wrong.

I agree there must be something illegal, or they probably wouldn't settle. A billion dollars can pay a lot of lawyer fees. I'm just curious what is the government's case against them? I think in most of the case the bank is just acting as a broker taking the mortgage from the original borrower, packaging a bunch of them together, and reselling it to the institutional buyers of mortgage back securities. These institutional buyers should - in theory - have the same ability to analyze the actual mortgage backed securities that the bank has. So....I wonder where the fraud comes from.
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