SEC probing ResCap for possible mortgage fraud

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SEC probing ResCap for possible mortgage fraud

SEC probing ResCap for possible mortgage fraud

“Possible”? ORLY? Lets see where this goes…


Reuters-

* SEC examining mortgage loans bundled into securities

* SEC seeking due diligence documents

* Disclosure shows SEC still pursuing financial crisis cases

WASHINGTON, Aug 28 (Reuters) – The U.S. Securities and Exchange Commission is investigating Ally Financial mortgage unit Residential Capital for possible misconduct in its loan origination and underwriting practices.

The SEC disclosed in court documents that it had issued a formal order of investigation on Feb. 22 to probe possible fraud in the offer and sale of mortgage-backed securities by ResCap.

[REUTERS]

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One Response to “SEC probing ResCap for possible mortgage fraud”

  1. Joni Brit says:

    Just explain to me how this works, because where Warren goes, I want to know..
    .I want to invest in Northwestern Mutual Funds, Series, N-Q, they are loaded with Bonds from Ally Auto Receivables, 8/25/35, and Residential Mortgage Fund Securities, includes Westfielfd Trust and other investments as well. Are you saying Ally and Res are bankrupt, doesn’t look that way here, or am I mistaken? Is this just a trillion dollar duck in with a bunch of swans waiting for Warren’s magic wand, because it looks like its been waved to me.
    What about the Northwestern Mutual Life Variable Annuities,, which includes Juniper Networks? It also is booming with Ally and Residential Bonds. Bankrupt?
    Here’s another one, Invesco Ltd, Variable Life Insurance.Semi Annual Northwestern …..
    I think whenever they say “foreclosure” it means, cashing in and heading to Nasdaq.
    Why would anyone declare Bankruptcy on these Bonds, they’re guaranteed and FNMA’d all day long

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