DENIAL in the banking industry — known in the trade as “extend and pretend” — is a powerful thing. But it works for only so long.
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2nd Loans, 2nd Wave of Losses
By GRETCHEN MORGENSON
HAVE you heard the good news? Big banks are making more money than we thought.
On Thursday, JPMorgan Chase said it earned $5.4 billion during the second quarter. On Friday, Citigroup said it earned $3.3 billion.
Despite such happy tidings, many banks face a daunting challenge, and one federal regulators want to know more about: the potential costs associated with home loans that banks made during the great credit mania.
Still to be dealt with are potentially large legal bills — and settlements — related to accusations that many banks acted improperly, first in bundling all those loans into mortgage securities, and later in foreclosing on homeowners.
Under pressure from the Securities and Exchange Commission, banks have been estimating the potential damage in their financial filings. Last October, the S.E.C. warned them to be scrupulous in detailing risks associated with demands that they buy back soured loans or securities, as well as about possible defects in securitizations and foreclosures.
But while the S.E.C. has been pressing banks to make comprehensive disclosures about these potential pitfalls, regulators have been quiet on another worry for investors: how banks are valuing their vast holdings of home equity lines of credit, also known as second liens.
Check out the rest from the NY Times here…
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4closureFraud.org
What do the banks do the banks do with the home equity loans once they write them off of their books?
The story does not mention their loans guaranteed to fail,
Annual income married both work 2 kids under 5 . Income
on application and prior year IRS return 36 K
Loan given in July of 2007 – 248 K adj rate .
Defaulted 1 year later , bank gets summary judgement in Dec. 08
It was a defective product , created in house with executive knowledge and approval.
They were making untold profits w/o regard to the citizens of this country or elsewhere.
Defective is to kind of a word , it was criminal, an act of treason, murder , and as we speak
they are spending millions to keep any meaningful reforms from happening ,that
is also criminal .
Its kept in the shadows of the debt limit B/S .
The sky is falling FEAR TACTIC of the debt ceiling B/S so they can take more of my S/S
money that I put in for my retirement . Ditto Medicare .
Take our money back from the criminals, than hang em . Reinstate all the regulations that
were put in after the 1st depression to avoid another . (DUH) Seize the assets of Fed, IMF & other terrorist
orgs . Go back to Lincolns ” Greenbacks ” . Than use international court to try them on crimes against humanity ,like the Nuremburg Trials .
That would be a good start in getting country back in the right direction .
EVEN KUDLOW FROM CNBC SAID THE FED’S MONETARY POLICIES ARE MAKING HIM POOR. IMAGINE THAT!!!!!! IF THE FED’S MONETARY POLICIES ARE MAKING HIM POOR WTF ARE THEY DOING TO MAINSTREET????????? THE FED IS INTENTIONALLY MAKING US DESTITUTE. THEY ARE CREATING A NATION OF DEBT SLAVES WITH NO JOBS THAT PAY ENOUGH TO PAY THE BILLS. THEY KNOW IT IS NEARLY IMPOSSIBLE TO START OR RUN A BUSINESS WITH NO CREDIT IN THE CREDIT BASED ECONOMY THEY CREATED. THE RICH ARE GETTING RICHER AND THEY ARE MAKING EVERYONE ELSE PISS POOR. THEY ARE LAUGHING AT US. THIS IS THE FRUITION OF ALL OF THEIR EVIL PLANS TO DESTROY OUR FREEDOM. SEE THE YOU TUBE VIDEO: CNBC ILLUMINATI CRASHES STOCK MARKET. THEY RANG US UP WITH FALSELY CREATED DEBT AND PULLED THE RUG OUR FROM UNDER US AFTER THEY SENT ALL OF OUR JOBS OVERSEAS AND PRIVATIZED OUR WEALTH, THEY SOCIALIZED THE DEBT ONTO ALL OF US.. THEY ARE EVIL INCARNATE AND ARE STANDING ON THE THROATS OF THE AMERICAN PEOPLE. THE FEDERAL RESERVE CREATED THE NATIONAL DEBT AND WE BAILED THEIR CROOKED MININIONS OUT. THEY INTENTIONALLY CREATED UNSUSTAINABLE DEBT SLAVERY..DEATH TO THE FEDERAL RESERVE TYRANNY.
The federal reserve is not part of any branch of the government, and was pushed through by the elite who by the way are all connected with England, as is all the big corporations. “WE THE PEOPLE” have been sold back to England. They lost in our civil way, but gained in their industrialized nation of control. They have secretly moved right in to our neighborhoods and made them into a war zone. After they take your children out of the home for being homeless, they leave you for dead in the streets, or deny every American the right to Life, Liberty, and the pursuit of happiness, Oh that’s right….. They already done that to us………………Hmmmmmmmmmm what could be next? they took our gold away, then brought in the federal reserve, took our Jobs, then took our homes, then our children, well I don’t know about you but all that is left of their plan, is to take away the monetary system they set up and bankrupt the USA, then when the revolt starts, they will have to kill us with the Armies that were paid for by “WE THE PEOPLE”. The war being waged against the American people, has been in the plan since this nation was born after the constitution was signed.
Someone is listening. The sound is back on RT NEWS in Chicago. The sound has been out for a couple of days. That happens quite frequently and only to the RT NEWS channel. HMMMMMMMMMM………………
RESEARCH X010289-IT SPECIFCALLY EMPOWERS ANY SITTING PRESIDENT TO OVERTURN THE FEDERAL RESERVE AT HIS/HER DISCRETION TO BEGIN ISSUING UNITED STATES NOTES OR SOME SUCH NON-FEDERAL CURRENCIES TO BE BACKED BY SILVER,ETC.
EXECUTIVE ORDER 11110 SIGNED BY PRESIDENT KENNEDY IS STILL VALID ACCORDING TO TITLE 3 UNITED STATES CODE, SECTION 3 DATED JANUARY 26, 1998.
THE SECRET SERVICE SAYS 99% of U.S. CURRENCY IN CIRCULATION OF FEDERAL RESERVE NOTES.
TIME TO OPEN FORT KNOXX AND SEE WHAT THE PEOPLE HAVE IN THERE TO BACK OUR OWN UNITED STATES NOTES.
THE U.S. GOVERNMENT MUST STOP BORROWING MONEY WITH INTEREST FROM THE FEDERAL RESERVE TO PAY ITS BILLS.
THAT IS NO DIFFERENT THAN US PAYING OUR BILLS WITH CREDIT CARDS.
THAT IS BANKRUPTING AMERICA AND MAKING THE BANKSTERS AND THEIR MININIONS RICH.
1937 our Supreme Court ruled, “Congress cannot Abdicate it’s duty” It’s duty is” to coin money and regulate the value thereof”Or did Obama give it to The Muslims? or the Mafia. or the bankers?
WHAT HAPPENED TO LORN DE LOS RIOS CHAPITA NEGRO FARKAS ETC IM OUT OF THE LOOP!!……………………………….N/M
GOOD, they should all eat their shit they crapped out and die. They made hundreds of trillions off of their fraud. The interest money alone they collected on that second lien fraud would probably pay the NATIONAL DEBT OFF many times over.
WTF?? CNN REPORTING SMOM/VATICAN/JESUIT OWNED GOLDMAN SACHS PREDICTS 8,75% UNEMPLOYMENT FOR 2012. DIE BANKER DIE!!!!!!!!!!!!!!