which was actually a re post from Zero Hedge that we commented on. Our last paragraph was,
No my friends, for taking the taxpayers trust, dollars, esteem, livelihood, homes and jobs fines do not get it. We would prefer hangings in the middle of wall street as an example to the rest of whores that work there. We are not going to get that since they can pay off the politicians that direct the justice apartment. So make it at least look like punishment, or better yet, how about fair???
We gave them taxpayer money. They did not do right by the taxpayer.
TAKE THE FREAKING MONEY BACK!!!!!!!
Then at 10:20 this eve. A New York Times Alert Hits my E-mail:
Can this mean that somebody, somewhere in Government grew a set big enough to actually take this step???? We don't know because we are reading it as we post it. We will see together I reckon (emphasis ours).
Published: September 1, 2011
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.
The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.
Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers.
In July, the agency filed suit against UBS, another major mortgage securitizer, seeking to recover at least $900 million, and the individuals with knowledge of the case said the new litigation would be similar in scope.
(our note: Sept 2008 Using our money to bail out UBS? Bad idea!
House GOP Whip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG "counterparty." "This certainly appears to be a case of TARP funds being recycled into campaign contributions," says Brett Kappel, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it's his "policy to accept legal contributions."