National Credit Union Administration Sues Wall Street Banks For Fraud In Mortgage Market

By: Tuesday September 24, 2013 8:35 am

The National Credit Union Administration (NCUA), a government regulator, has filed a lawsuit against Morgan Stanley, Barclays, JPMorgan, Credit Suisse, Royal Bank of Scotland Group, and UBS for selling fraudulent mortgage-backed securities to credit unions. The sales of these securities amounted to $2.7 billion. Goldman Sachs, Wachovia, Wells Fargo, and Ally Securities also allegedly sold faulty securities according to one of the credit unions involved in the lawsuit.

 

JPMorgan Under Criminal and Civil Investigation Over Mortgages

By: Thursday August 8, 2013 12:35 pm

One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market. JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007.

The Great MERS Whitewash: Rep. Kaptur with MSNBC’s Dylan Ratigan

By: Sunday November 28, 2010 8:07 am

The object of this diary is twofold: a) to show that Dylan Ratigan at MSNBC does in fact cover the issues of the banking and fraudclosure travesty; and b) to simplify some of this for financial neophytes like myself.

The Five Stages of Grief, MOTU Edition

By: Saturday October 16, 2010 9:00 am

Watching the MOTUs as their financial services universe shakes and shudders around them reminds me of the five stages of death and dying. There’s lots of denial and anger coming out of the MOTUs, and hints of bargaining, but little sign of depression and acceptance. But it’ll come . . .

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