SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM conformedcomplaint “They focused on short-term gains to increase their own compensation, with reckless disregard for WaMu’s long-term safety and soundness,” the agency said in the 63-page complaint. “The F.D.I.C. brings this complaint to hold these highly paid senior executives, who were chiefly responsible for WaMu’s higher-risk home lending program, […]

Tags: administrative action, BURDEN OF PROOF, Chase, David C. Schneider, disclosure, F.D.I.C., foreclosure defense, foreclosure offense, fraud, Kerry K. Killinger, predatory lending, prima facie case, rescission, securitization, Stephen J. Rotella, WAMU, Washington Mutual
Posted in bubble, Corruption, Eviction, securities fraud |

To start the program, Treasury will ask banks, like Citigroup or JPMorgan Chase, to identify pools of residential and commercial real estate loans that they will be willing to sell through an auction. Private investors will bid against each other, setting a market price. No bank will be required to participate. Editor’s Note: it’s starting. […]

Tags: Citigroup, EDMUND L. ANDREWS, ERIC DASH, F.D.I.C., GRAHAM BOWLEY, JPMorgan Chase, mortgage modification, New York Times, principal reduction, related assets, Toxic Asset Plan, Treasury Department, troubled mortgages
Posted in bubble, Corruption, Eviction, securities fraud |