Daily Finance | The Risks of the Mortgage Mess: The Banks’ View

The Risks of the Mortgage Mess: The Banks’ View

By ABIGAIL FIELD

HSBC (HBC) got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its annual report — as well as other big banks’ reports — also contained plenty of additional nuggets about the mortgage mess, especially in the risk disclosures, which are required to be written in plain English and to include “the most significant factors that may adversely affect the company’s business, operations, industry, financial position or future financial performance.”

I waded through the recently filed annual reports from Bank of America (BAC), JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and HSBC to see how each institution framed the threat that the mortgage mess and the foreclosure crisis pose to their businesses.

You’d expect to see plenty of similarities. After all, in general, the risks are well-known and common to all of those banks. For example, investors could force the banks to buy back securities; law-enforcement investigations could be costly; foreclosure problems could increase costs and losses; and lawsuits of every type could crop up.

See full article from DailyFinance: http://srph.it/hFDyIH

~

4closureFraud.org

Comments
2 Responses to “Daily Finance | The Risks of the Mortgage Mess: The Banks’ View”
  1. 3032oak says:

    These ‘thieving crooks’ took everybody down and yet they say in their annual reports that ‘management’ may need to focus on other issues…what other ‘issues’…could it be they are looking for additional ways to hide their fraudulent acts. It was these bankers and others (including our own government offices that are supposed to be overseers of ‘legality’) that encouraged and agreed to overinflate home prices for years and lent money to mostly unsuspecting buyers (NOT because they wanted people to all be homeowners) but because they needed lots of mortgages to put into their ‘make-believe’ investment trusts so they could MAKE MUCHO $$$$ when the trust FAILED, which they knew it WOULD!!! THIEVES, CROOKS, FRAUDSTERS that should face the same criminal charges as Bernie Madoff.

  2. l vent says:

    If Fannie/Freddie are trying to force the foreigner owned banks to take back their fraudulent mortgages then that speaks volumes. The bottom line, Fannie/Freddie are trying to force the banksters to eat the fraud. They are all guilty either by lack of due dilligence or simply completely dropping the ball because everybody was gourging at the trough.. They just want to keep passing the hot potato around and none of them want to claim responsibility for their participation in the fraud. There will be a day of reckoning for all of them and the sooner they stop the house stealing, the better. This whole Fraudclosuregate scandal is just a stagnant wasteland of corruption. The American people should not be forced to pay for the fraud and corruption of an elite group of diabolical maniacs who clearly knew their crimes were going to be extremely destructive to the economy and the lives of the American people. This Ponzi Scheme was engineered and it was meant to be strategically destructive. It was meant to cause irreperable harm to All of the classes except for the top 2%. The FBI blew the whistle on the mortgage fraud in 2004 and warned of the impending doom that it would cause yet the fraud continued and even had a frenzied spike after that. The extraction of our wealth continues daily via the Fed and Wall Street as they are making the American people broke via a completely corrupt Fed policy that many experts claim, will Bankrupt the U.S. and create massive impoverishment for us, not them. The B.S needs to go away and so do the criminals. The American people have suffered more than enough for the ludicrous crimes of the richest people in the world and we refuse to pay for the cover-up of the robbery of our wealth and our children’s wealth . That would be completely Unamerican and Unpatriotic to aid and abet these despicable criminals who have clearly robbed from the people and have made a completely new class of working poor and destitute people simply to feed the rich and have clearly intentionally caused an economic Holocaust around the entire globe..

Leave a Reply