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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (620)	2/5/2014 9:32:00 AM
From: rdkflorida2	Read Replies (1) \| Respond to of 26795

The same people that are screaming the govt. in TOO BIG and needs to have MORE deregulation are also screaming for heads to roll and asking "where were the regulators/watch dogs?". Getting anything back is a good thing. Putting a couple of people in jail would be better. Getting a balanced response is not easy. Making and packaging loans became a HUGE profit center for banks, mortgage companies and others. They ALL knew what they were doing. At the time it was happening I told people what was going on and no one believed me. I had/have an 806 credit rating. My loan was packaged with loans made to people with 506, (or less), credit ratings. My loan was prime steak, the other loans were garbage. Now put them together on a plate. Do you have steak and garbage or just GARBAGE? Just something to think about because it is likely to happen again. RDK>

To: Kirk © who wrote (620)	2/5/2014 9:50:32 AM
From: Sam	Read Replies (1) \| Respond to of 26795

Corporations are people... except when they're not. They can enjoy "free speech" to a greater extent than any of us--they can defraud with impunity. JPMorgan shells out another $614M to resolve litigation. JPMorgan ( JPM) will pay $614M to settle allegations that it violated the False Claims Act by "knowingly originating and underwriting non-compliant mortgage loans" for insurance coverage by the FHA and Department of Veteran's Affairs. As part of the deal, JPMorgan has admitted that it approved thousands of loans that weren't eligible for FHA/VA insurance over more than a decade and that it failed to inform the agencies when it "discovered more than 500 defective loans that never should have been submitted." "Beginning as early as 2002, JPMC falsely certified that loans it originated and underwrote were qualified for FHA and VA insurance and guarantees. As a consequence of JPMC’s misrepresentations, both the FHA and the VA incurred substantial losses when unqualified loans failed and caused the FHA and VA to cover the associated losses." Does anyone believe that this $614m is in any way a deterrent to them committing future fraudulent acts? In fact, if anything, it is an encouragement--they surely made far more than $614m in profit. Oh, wait, I'm sure that they promised to never ever do it again.