Assured says Flagstar must pay for shoddy mortgages

Nate Raymond, Reuters Flagstar Bancorp Inc (FBC.N) had to know by 2009 that hundreds of loans it originated didn’t meet underwriting guidelines when it sold $900 million in mortgage-backed securities to investors, a lawyer for a bond insurer said on Wednesday. At the start of a civil trial over Flagstar’s mortgage securities practices at the height […]

Dimon Says JPM-Chase Took One For the Taxpayers

Reuters via Huffington Post JPMorgan Chase & Co Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis. “I’m going to say we’ve lost $5 billion to $10 billion on various things […]

JPMorgan Rivals Face Billions in Damages After MBS Case

David McLaughlin, Bloomberg JPMorgan Chase & Co. (JPM)’s rivals may face government lawsuits claiming tens of billions of dollars in damages tied to investor losses on mortgage bonds after New York’s attorney general filed a fraud lawsuit against the nation’s biggest bank by assets. A state-federal task force set up this year to investigate misconduct in the bundling […]

Why The Staff At The NY AG’s Office Needs To Read Teri Buhl

As word spread today that New York Attorney General Eric Schneiderman had filed suit against JPMorgan over the creation and sale of mortgage-backed securities that were done by Bear Stearns managers before the acquisition of Bear Stearns by JPMorgan Chase, Teri Buhl, the Lois Lane of finance journalism posted an article on her site about breaking […]

debt collectors

Prosecutors Sell their Soul To Debt Collectors

Prosecutors As, “What is thy bidding my Master?” To Debt Collectors   Jessica Silver-Greenberg, NY Times The letters are sent by the thousands to people across the country who have written bad checks, threatening them with jail if they do not pay up. They bear the seal and signature of the local district attorney’s office. […]

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