* Officials sue Wells Fargo, JPMorgan
* Wells Fargo says complaint overlaps previous settlement
* JPMorgan says it did Fed “a favor” with Bear Stearns
HuffPO-
As U.S. authorities seek to make Wall Street pay for its role in triggering the financial crisis more than four years ago, banks are starting to fight back, frustrated that they are being asked to pay more than once for the same conduct.
The result may be that federal and state authorities trying to extract penalties from the banks are forced to go through lengthy courtroom battles, instead of getting hundreds of millions of dollars through relatively quick settlements.
In the past two weeks, two of the biggest banks were hit with s eparate mortgage-related lawsuits.
One from the U.S. Attorney’s office in Manhattan accused Wells Fargo of misleading the government in a “longstanding and reckless” pattern of certifying the quality of questionable home loans and failing to report problems on others.
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If Wells Fargo would release servicing records we could see that is not true. The same money goes around and around, it’s like reading Geithner’s cusip list from AIG Maiden Lane. In the magical hands of the wizard from the Fed the same Cusips marked for the “just the right size to fail” become magical, yes, even Past Cusips 4421, those ACE’s in Boston’s Cambridge Investment that cost their Clients millions of Dollars, enabled Geithner to alleviate AIG’s liquidity challenge. He purchased $20.5 billion Dollars of RMBS with tax payers Money from AIG, thus insuring they could stay in the Business of insuring all the foreclosures…gotta keep those Banks in Business, thank you Mr Geithner.
So, Wells Fargo don’t even start unless you want to give up Servicing Records, and complete Transparency as there should be, if this is a free country and you are the Master Servicer of almost all Trusts, REMICS, and REITS, in the country, as well as mortgage holder of 70% of all properties in the country,. You are receiving a commission from almost every person, place and thing in the United States in some form, and that’s not even counting everyone who has put their money into your stock.
Think again before crying Second Hand Rose