Upside Down Mortgage

Posts Tagged ‘wellsfargo’

Top Subprime Mortgage Lenders

Question: Does the US Senate Committee has jurisdiction over banking, economic policy, and financial institutions?

That's what the website says... So why hasn't the Chairman, Christopher Dodd, been on top of this??? You can't tell me he is as shocked as the rest of us. I find it inconceivable that he is blaming Bush. Nothing more that partisan politics and the way I see it, this is all this guy's fault. That's his job as the chairman of the committee.

This is the same guy that was exposed for obtaining two generous mortgage deals with a company that is the corporate poster-child for the national subprime lending meltdown, Countrywide.

Shouldn't this guy be tossed out on his ear and someone put in there with some ethics or at least someone that would not have kept the lid on the lenders-going-wild like Dodd did?

There is a darn good reason this is the least liked congress in the Nation's history.
 

http://en.wikipedia.org/wiki/Countrywide_financial_political_loan_scandal

Just unbelievable!

Answer: I don't trust any of the committee, because all of them got heavy sum load of favor from the banking company. There's just too less people oversight them since they responsible for up or down of our economy.

17. Investment Banking and Secondary Markets

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Subprime Originators

Question: Subprime Crisis: What role is Lehman Brothers playing in the sub-prime business?

Is Lehman Brothers the issuer of the mortgage-backed securities or the investor of the mortgage-backed securities? And who is the originator of these mortgage loans? Is it Fannie Mae and the like?

Answer: In what is being described as the Mother of all Mondays, the fabled Wall Street will never be the same again. Financial commentators are talking about a tectonic shift that will change the face of the world's banking sector as we know it. Markets world wide are reeling from the after effects of the triple shock of Lehman Brothers going into bankruptcy, Merrill Lynch being sold to BofA in a distress sale for $ 50 billion, and AIG asking the Fed for a $ 40 billion bailout. The FTSE dropped 200 points, or around 3% in early trades.

Former US Fed governor Alan Greenspan describes it as a 'once in a century' event, and the 'worst' he's seen in his career. Lehman Brothers, which has survived over 150 years, finally went into Chapter 11 late Sunday night, putting tens of thousands of jobs at risk all over the world. Merrill Lynch, the other Wall Street major, narrowly avoided Lehman's fate by agreeing to be bought by BofA for USD 50 billion – again raising the spectre of an uncertain future for its thousands of global employees. The US government, which bailed out Fannie Mae, Freddie Mac, and Bear Sterns, put its foot down with Lehman, and last minute potential buyers like Barclays walked out late Sunday night.

Mortgage Broker Gets His Own Lieutenant Dan

Countrywide Predatory Lending Practices

Question: Is anyone else as frustrated with the Federal Reserve as I am?

I'm wondering if anyone else out there is as flustered and confused by our Monetary system as I am. I'm angered by the lending policies enacted by congress which only allow a bank to have 10% of the loan amount in assets -- to which I attribute to our suffering economy. Additionally, it seems they allow for predatory lending practices that apparently led to the mortgage crisis.

I'm tired of our failing dollar. And even more tired of my tax dollars being spent on corporate bailouts (CountryWide).

Does anyone else feel as I do?

Answer: Yes.

Inflation and job loss is tied to excess money (debt and currency) supply.

Most money is created via private loans. The Federal Reserve's job is to make sure the private world keeps loaning money. "Open Market Operations", "Reserve Requirements" and the "Discount Rate" are the Federal Reserves tools for keeping the money flowing. Federal injections of money (by any of these means) equate to future inflation.)

The market goes down because injections equate to inflation and the people with money to invest are concerned that future inflation (coupled with taxes) will outpace there benefits from investing in a business activity. The investors are moving to real items (such as gold).

Therefore, when the fed lowers rates, the private loans continue to shrink and jobs shrink. This is what is known as stagflation (interest rates and unemployment both increase).

Here is a good description of how the Federal Reserve manipulates the economy: http://www.a2dvoices.com/realitycheck/markets

Countrywide Predatory Lending Practices - www.lendhaven.com