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south fulton...,
2010-10-13 12:21:11
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reminder...,
2010-10-16 15:16:10
if at first you don't fail, fail and fail again:
About 11.5 percent of [home mortgage] borrowers are in default today, up from 5.7 percent from two years earlier.
Legal documents obtained by the Financial Times suggest that Wells Fargo [WFC 24.875 -0.935 (-3.62%) ], the second-largest US mortgage servicer, also used a “robo signer”. Unlike its rivals, Wells Fargo has not halted foreclosures.
JP Morgan has set aside $1.3 billion of additional pre-tax litigation reserves in the quarter to cover any repurchases of faulty mortgages from companies including Fannie Mae and Freddie Mac.
The administration passed new resolution authority it didn't, as far as I could ever tell, technically need in the first place. I'm looking forward to hearing their excuses for not using it when we wind up right back where we were when they left the financial industry thoroughly unresolved and finished bailing it out instead, taxpayer ass over fist.
:: posted by buermann @ 2010-10-14 20:21:27 CST |
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