The Federal Housing Finance Agency is filing suit today or on Tuesday against JP Morgan Chase, Goldman Sachs, Bank of American, and more than a half-dozen other large banks, in an effort to recoup billions in losses from shitty AAA-rated mortgage securities.
It’s about time. The statute of limitations is about to run out.
The FHFA oversees Fannie Mae and Freddie Mac, which all conservatives know caused the economic collapse by giving mortgages to black people. I assume their heads will explode when they discover that that Freddie and Fannnie are suing the banks for fraud. In their twisted racist worldview, the banks should be suing the FHFA (or black people) instead of the other way around.
Of course, the New York Times expresses more concern that the banks will lose the case and have to be recapitalized than they do hope that some measure of justice will be done.
As I’m sure you’ve seen, 0 jobs created in August.
Yes. Not good. Although, perhaps timely for the president’s message.
We have a public sector hemorrhaging jobs and a private sector that got spooked by all the debt limit performance art that went down earlier this summer. We have two major political parties that seem hooked on austerity. That’s not exactly a recipe for job growth and success.
Ah the timeless artform of blame the victim messages her way thru the muck. The former Brazilian president Lula gave a kick in the right direction when he commented that people with light skin and blue eyes really have a problem understanding finances. How dare he!
The Brazilians were way ahead of the curve.
“Allow me to point out the irony,” Brazilian Finance Minister Guido Mantega told the annual meeting of the IMF and World Bank in Washington. “Countries that were references for good governance, of standards and codes for the financial systems, these are the very countries facing serious problems of financial fragility, putting at risk the prosperity of the world economy.”
This was in 2007 – almost a full year before the 2008-meltdown.
Bankers’ Irony – The Shaming of Rich Nations
I heard about 10 seconds of the rightie winger on WPHT this am with some idiot that was blaming the government for promoting mortgages to Those people. Jerks.