Another Pennies on the Dollar Settlement

25 Oct

Livinglies's Weblog

Editor’s Note: like the post before this one, it is astonishing how these settlements fall so far short of the actual damage that was created by the banks by their intentional illicit and criminal behavior.

This one “relates to conduct at Greenwich Capital, the R.B.S. unit that bundled mortgages into securities and sold them to investors. Nevada found that R.B.S. worked closely with Countrywide Financial and Option One, two of the most aggressive lenders during the boom.” They were categorized as sub-prime even if the borrower was not sub-prime. That way they loaned less of the investor money at a higher nominal rate, charged the borrower for additional underwriting risk when there was no underwriting at all, and kept the excess interest, the excess funding that should  have gone into standard loans properly underwritten according to industry standards.

The trap was teaser rates that borrowers could never decipher: “From 2004…

View original post 781 more words

One Response to “Another Pennies on the Dollar Settlement”

  1. Wellington Pang October 26, 2012 at 2:12 am #

    Fraud, Kidnapping and Defrauding Beneficiary’s Assets by U.S District Court of Hawaii Politics Honolulu Jurisdiction Judge Shirley M Kawamura On 2/19/12, from Honolulu Kuakini emergency Kidnapping, Hostage and hiding him by Judge Shirley she is professionly fraud, scheming to cover up the beneficiary’s original land court documents to false documents and bocked Beneficiary’s trust account and assets. Whom to help release beneficiary’s assets will share beneficiary’s assets .

    10/26/12 12: 10 AM

    On Thu, Oct 25, 2012 at 6:25 PM, North Cal. 925-957-9797 So.Cal.

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