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FBI Mortgage Probe expands to 17 companies

Modelworks

Lifer
Feb 22, 2007
16,243
5
76
FBI is now looking at 17 companies in the housing loan business.
Not sure how many there were before, but 16 is a lot.
Just announced on fox news.

http://www.foxnews.com/story/0,2933,339009,00.html
Tuesday, March 18, 2008
WASHINGTON ? The FBI's probe of the mortgage lending industry grew Tuesday into an investigation of 17 firms, concerns large companies and could take years to conclude, FOX News has confirmed.

FBI officials told Reuters in an interview Tuesday that the investigation is likely to expand, but declined to be more specific. Corporate employees ranging from senior executives to lower ranks are likely targets.

An FBI official declined to tell Reuters whether the collapse of mortgage giant Bear Stearns was a focus of probe.

FOX News' Ian McCaleb contributed to this report.

LOL, the site actually had an ad for countrywide below the article .
 

StageLeft

No Lifer
Sep 29, 2000
70,214
2
0
Originally posted by: PC Surgeon
Not to worry, bailouts all around on taxpayer dollars! Yay....I think.
It's necessary. Jonny banker who makes $340k/year in wallstreet at 29 needs you to do this for him for the overall good of the economy!

 

Vic

Elite Member
Jun 12, 2001
48,075
8,511
126
This is old news. And the Fed's bailing out Wall Street, not the mortgage business.
 

rchiu

Diamond Member
Jun 8, 2002
3,850
0
0
I have always believed this mortgage crisis is largely caused by lack of regulation and predatory lending/fraud that goes on. It's great that somebody is looking into this.
 

LegendKiller

Lifer
Mar 5, 2001
18,261
68
86
Originally posted by: Skoorb
Originally posted by: PC Surgeon
Not to worry, bailouts all around on taxpayer dollars! Yay....I think.
It's necessary. Jonny banker who makes $340k/year in wallstreet at 29 needs you to do this for him for the overall good of the economy!
What about Joe Six Pack who needs a new mortgage to refi out of a resetting arm and can pay for it, but can't find anybody who'll take the paper because banks are going under and credit conditions are constipated?

Or how about Berry the small business owner who wants a 2-year loan to expand his business and hire 5 other people, but can't because SBA loan requirements are going up?

Yeah, everything's about the banker these days and nothing's about keeping this country going. What's funny is that you think that BSC is an anachronism. If these methods weren't being used every bank at this point would be BSC.
 

NaughtyGeek

Golden Member
May 3, 2005
1,065
0
71
Originally posted by: LegendKiller
Originally posted by: Skoorb
Originally posted by: PC Surgeon
Not to worry, bailouts all around on taxpayer dollars! Yay....I think.
It's necessary. Jonny banker who makes $340k/year in wallstreet at 29 needs you to do this for him for the overall good of the economy!
What about Joe Six Pack who needs a new mortgage to refi out of a resetting arm and can pay for it, but can't find anybody who'll take the paper because banks are going under and credit conditions are constipated?

Or how about Berry the small business owner who wants a 2-year loan to expand his business and hire 5 other people, but can't because SBA loan requirements are going up?

Yeah, everything's about the banker these days and nothing's about keeping this country going. What's funny is that you think that BSC is an anachronism. If these methods weren't being used every bank at this point would be BSC.
Joe six pack with the ARM is a large part of the problem that's been created here so I don't feel too incredibly bad for him though I wouldn't want to see him lose his house either. Maybe the bank holding the ARM could change the terms to fixed and save themselves another foreclosure to deal with if in fact ol Joe does indeed have the ability to pay.

For poor ol Berry, how's about the Government makes that money available as a loan to Berry rather than bailing out financial interests? Barry is attempting to add to the economy so he should have access to that money if he has the planning to insure the debt is repayed.

The bankers are going down through no fault of the middle class taxpayer and we bear no responsibility in this matter. Should I be given 1 million dollars a year to mismanage a business just to keep 100 people employed? How about 10 million to keep 10,000 people employed?

Nevermind, I have the answer. Let's go ahead and bail out all the financial institutions. Now, once they've been secured, they now belong to the American People and as such all profits going forward are to be issued to the US Treasury. Salaries shall fall in line with the rest of the government as well. Problem solved and even though my taxes were used, that money will come back to me in the long run since I payed to keep that company afloat. I mean, these companies are too big to let fail right?


 

StageLeft

No Lifer
Sep 29, 2000
70,214
2
0
You know what, legendkiller, if a company is too big to let fail I've got an idea for it: public ownership. It is quite abhorrent, if we really think about it, that a private company is let to do whatever it wants, make money here or there and then when it gets back it's so damn important to the country that public money has to prevent its collapse. If public funds go to it, isn't it partly state-owned now?
 

Vic

Elite Member
Jun 12, 2001
48,075
8,511
126
Originally posted by: Skoorb
You know what, legendkiller, if a company is too big to let fail I've got an idea for it: public ownership. It is quite abhorrent, if we really think about it, that a private company is let to do whatever it wants, make money here or there and then when it gets back it's so damn important to the country that public money has to prevent its collapse. If public funds go to it, isn't it partly state-owned now?
"There has grown up in the minds of certain groups in this country the notion that because a man or corporation has made a profit out of the public for a number of years, the government and the courts are charged with the duty of guaranteeing such profit in the future, even in the face of changing circumstances and contrary to public interest. This strange doctrine is not supported by statute or common law. Neither individuals nor corporations have any right to come into court and ask that the clock of history be stopped, or turned back." -- Robert Heinlein, 1939
 

smack Down

Diamond Member
Sep 10, 2005
4,507
0
0
Originally posted by: LegendKiller
Originally posted by: Skoorb
Originally posted by: PC Surgeon
Not to worry, bailouts all around on taxpayer dollars! Yay....I think.
It's necessary. Jonny banker who makes $340k/year in wallstreet at 29 needs you to do this for him for the overall good of the economy!
What about Joe Six Pack who needs a new mortgage to refi out of a resetting arm and can pay for it, but can't find anybody who'll take the paper because banks are going under and credit conditions are constipated?
Lol we all know you mean what about Greedy bastered bankers who needs joe to refi out of the arm and pay the massive prepayment fee. Other wise joe is just going to walk away and the greedy bastered has to take more loses.
 

LegendKiller

Lifer
Mar 5, 2001
18,261
68
86
Originally posted by: NaughtyGeek
Originally posted by: LegendKiller
Originally posted by: Skoorb
Originally posted by: PC Surgeon
Not to worry, bailouts all around on taxpayer dollars! Yay....I think.
It's necessary. Jonny banker who makes $340k/year in wallstreet at 29 needs you to do this for him for the overall good of the economy!
What about Joe Six Pack who needs a new mortgage to refi out of a resetting arm and can pay for it, but can't find anybody who'll take the paper because banks are going under and credit conditions are constipated?

Or how about Berry the small business owner who wants a 2-year loan to expand his business and hire 5 other people, but can't because SBA loan requirements are going up?

Yeah, everything's about the banker these days and nothing's about keeping this country going. What's funny is that you think that BSC is an anachronism. If these methods weren't being used every bank at this point would be BSC.
Joe six pack with the ARM is a large part of the problem that's been created here so I don't feel too incredibly bad for him though I wouldn't want to see him lose his house either. Maybe the bank holding the ARM could change the terms to fixed and save themselves another foreclosure to deal with if in fact ol Joe does indeed have the ability to pay.

For poor ol Berry, how's about the Government makes that money available as a loan to Berry rather than bailing out financial interests? Barry is attempting to add to the economy so he should have access to that money if he has the planning to insure the debt is repayed.

The bankers are going down through no fault of the middle class taxpayer and we bear no responsibility in this matter. Should I be given 1 million dollars a year to mismanage a business just to keep 100 people employed? How about 10 million to keep 10,000 people employed?

Nevermind, I have the answer. Let's go ahead and bail out all the financial institutions. Now, once they've been secured, they now belong to the American People and as such all profits going forward are to be issued to the US Treasury. Salaries shall fall in line with the rest of the government as well. Problem solved and even though my taxes were used, that money will come back to me in the long run since I payed to keep that company afloat. I mean, these companies are too big to let fail right?
What you don't get is that I don't have a problem with them failing. We just don't want it to be precipitous.
 

LegendKiller

Lifer
Mar 5, 2001
18,261
68
86
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: Skoorb
Originally posted by: PC Surgeon
Not to worry, bailouts all around on taxpayer dollars! Yay....I think.
It's necessary. Jonny banker who makes $340k/year in wallstreet at 29 needs you to do this for him for the overall good of the economy!
What about Joe Six Pack who needs a new mortgage to refi out of a resetting arm and can pay for it, but can't find anybody who'll take the paper because banks are going under and credit conditions are constipated?
Lol we all know you mean what about Greedy bastered bankers who needs joe to refi out of the arm and pay the massive prepayment fee. Otherwise joe is just going to walk away and the greedy bastered has to take more loses.
Who is going to take more losses?


Ohh yeah, society who has to bear the brunt of that problem, through higher interest rates and reduced ability to get any financing.
 

smack Down

Diamond Member
Sep 10, 2005
4,507
0
0
Originally posted by: LegendKiller
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: Skoorb
Originally posted by: PC Surgeon
Not to worry, bailouts all around on taxpayer dollars! Yay....I think.
It's necessary. Jonny banker who makes $340k/year in wallstreet at 29 needs you to do this for him for the overall good of the economy!
What about Joe Six Pack who needs a new mortgage to refi out of a resetting arm and can pay for it, but can't find anybody who'll take the paper because banks are going under and credit conditions are constipated?
Lol we all know you mean what about Greedy bastered bankers who needs joe to refi out of the arm and pay the massive prepayment fee. Otherwise joe is just going to walk away and the greedy bastered has to take more loses.
Who is going to take more losses?


Ohh yeah, society who has to bear the brunt of that problem, through higher interest rates and reduced ability to get any financing.
Sorry the correct answer would be the greedy bastered bankers.
 

LegendKiller

Lifer
Mar 5, 2001
18,261
68
86
Originally posted by: smack Down

Sorry the correct answer would be the greedy bastered bankers.
Not the greedy home owners?

Not the guy who just wants to buy a house now, but faces higher cost and reduced ability?

You're so fucking myopic it's pathetic.
 

smack Down

Diamond Member
Sep 10, 2005
4,507
0
0
Originally posted by: LegendKiller
Originally posted by: smack Down

Sorry the correct answer would be the greedy bastered bankers.
Not the greedy home owners?

Not the guy who just wants to buy a house now, but faces higher cost and reduced ability?

You're so fucking myopic it's pathetic.
The Guy who wants to be a house now faces higher costs? You might want to check out home prices because they are failing. Go ahead raise interest rates another few points, guess what happens prices of houses fall even more.
 

LegendKiller

Lifer
Mar 5, 2001
18,261
68
86
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down

Sorry the correct answer would be the greedy bastered bankers.
Not the greedy home owners?

Not the guy who just wants to buy a house now, but faces higher cost and reduced ability?

You're so fucking myopic it's pathetic.
The Guy who wants to be a house now faces higher costs? You might want to check out home prices because they are failing. Go ahead raise interest rates another few points, guess what happens prices of houses fall even more.
You're assuming you can get a mortgage in your idiotic scenario.
 

smack Down

Diamond Member
Sep 10, 2005
4,507
0
0
Originally posted by: LegendKiller
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down

Sorry the correct answer would be the greedy bastered bankers.
Not the greedy home owners?

Not the guy who just wants to buy a house now, but faces higher cost and reduced ability?

You're so fucking myopic it's pathetic.
The Guy who wants to be a house now faces higher costs? You might want to check out home prices because they are failing. Go ahead raise interest rates another few points, guess what happens prices of houses fall even more.
You're assuming you can get a mortgage in your idiotic scenario.
LOL What the hell are you smoking. How many properties does bank of America own? they can either give out mortgage or let the homeless move in free of charge. We have more then enough housing in the country no one is going to go homeless because they can't get a mortgage.
 

jpeyton

Moderator in SFF, Notebooks, Pre-Built/Barebones
Moderator
Aug 23, 2003
25,387
141
116
I saw a survey that showed people were more likely to walk away from their mortgage payments vs. car/credit card payments. Can't say I disagree.

Congress now realizes the housing crisis is so bad, they are considering offering lofty rebates ($15,000) for people who purchase a qualifying home.

I smell more bailouts! Now the housing industry is holding out their hands.
 

blackangst1

Lifer
Feb 23, 2005
20,593
745
126
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down

Sorry the correct answer would be the greedy bastered bankers.
Not the greedy home owners?

Not the guy who just wants to buy a house now, but faces higher cost and reduced ability?

You're so fucking myopic it's pathetic.
The Guy who wants to be a house now faces higher costs? You might want to check out home prices because they are failing. Go ahead raise interest rates another few points, guess what happens prices of houses fall even more.
You're assuming you can get a mortgage in your idiotic scenario.
LOL What the hell are you smoking. How many properties does bank of America own? they can either give out mortgage or let the homeless move in free of charge. We have more then enough housing in the country no one is going to go homeless because they can't get a mortgage.
Isnt that why we're in the mess we're in?
 

LegendKiller

Lifer
Mar 5, 2001
18,261
68
86
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down

Sorry the correct answer would be the greedy bastered bankers.
Not the greedy home owners?

Not the guy who just wants to buy a house now, but faces higher cost and reduced ability?

You're so fucking myopic it's pathetic.
The Guy who wants to be a house now faces higher costs? You might want to check out home prices because they are failing. Go ahead raise interest rates another few points, guess what happens prices of houses fall even more.
You're assuming you can get a mortgage in your idiotic scenario.
LOL What the hell are you smoking. How many properties does bank of America own? they can either give out mortgage or let the homeless move in free of charge. We have more then enough housing in the country no one is going to go homeless because they can't get a mortgage.
That's why all of those people in the Great Depression had houses! Thanks for making that perfectly clear.

Despite a massive deflationary spiral, a "strong dollar", and letting banks fail from tight credit, all of those people had cheap homes.

Do you live in some alternate universe where history has no basis or relevance? Did you go to a shitty high school?


Ohh wait, you aren't even to your history class after recess. Lemme know when you get there, OK?
 

smack Down

Diamond Member
Sep 10, 2005
4,507
0
0
Originally posted by: blackangst1
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down
Originally posted by: LegendKiller
Originally posted by: smack Down

Sorry the correct answer would be the greedy bastered bankers.
Not the greedy home owners?

Not the guy who just wants to buy a house now, but faces higher cost and reduced ability?

You're so fucking myopic it's pathetic.
The Guy who wants to be a house now faces higher costs? You might want to check out home prices because they are failing. Go ahead raise interest rates another few points, guess what happens prices of houses fall even more.
You're assuming you can get a mortgage in your idiotic scenario.
LOL What the hell are you smoking. How many properties does bank of America own? they can either give out mortgage or let the homeless move in free of charge. We have more then enough housing in the country no one is going to go homeless because they can't get a mortgage.
Isnt that why we're in the mess we're in?
No that is the result of the mess.
 

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