Mortgage Crisis Lawsuits Could Bring Hundreds Of Billions In Losses For Big Banks

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Mortgage Crisis Lawsuits Could Bring Hundreds Of Billions In Losses For Big Banks

Mortgage Crisis Lawsuits Could Bring Hundreds Of Billions In Losses For Big Banks

They created the Ponzi now they have pay for the fraud….wait until MERS loses big time and I mean big time…follow the money is all I say.

No amount of money they pay will undo the millions of families that have been destroyed by the action of the banks and the government combined.

HuffPO-

A verdict delivered earlier this month by a prominent federal judge heightens the prospect that the nation’s largest financial institutions will be forced to pay as much as $250 billion to compensate investors who bought bundles of fraudulently marketed mortgage-related securities, according to financial and legal experts.

The Feb. 5 decision in New York Southern District Court issued by Judge Jed. S. Rakoff involved only one relatively minor lender: Michigan-based Flagstar Bank. Rakoff found that Flagstar had failed to disclose the real risks of the mortgages it was selling, and he ordered the lender to pay $90 million to an aggrieved insurer, Assured Guaranty Municipal Corporation.

But experts zeroed in on Rakoff’s reasoning as a potentially damaging precedent for other lenders contending with scores of similar lawsuits, many involving fraudulent assurances claims from the investors who bought mortgage-backed securities during the U.S. housing boom.

[HUFFINGTONPOST]

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2 Responses to “Mortgage Crisis Lawsuits Could Bring Hundreds Of Billions In Losses For Big Banks”

  1. JIMI says:

    keep the presure on the banksters and bank of america that steal people homes all over america shuld get ready when millions of homeowners whuld soon sue them for fraud all over america

  2. Eventually this crime will bite the criminals in the butt! So glad to hear this ruling and possible justice for investors and I hope soon for better news for millions of homeowners.

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