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...And Bloomberg breaks the news... (we still love you guys)
Talk about being behind the curve: http://www.cnbc.com/id/34877347
I've been waiting an hour for you to post something on this.
All the biggest banks illegally blackmailing home sellers for cash undocumentated payments. Hundreds of agents said its happened to them. Several are willing to testify and one even has it on tape.
AGENT: Well yes, I don’t want to lose my license, go to jail, I mean, I have to sign…
LENDER: You're not going to lose your license - we have plenty of realtors who do this, who actually understand how this whole process goes - and they realize that OK, if I want to get this done, this will take place."
And of course, no investigation anywhere
"I contacted the Treasury Department, HUD, FINCEN (Financial Crimes Enforcement Network) and the Federal Trade Commission, and none of their representatives could tell me of any active investigation into this. "
it's probably in the cue.
i recommend that people read this story...at least one source identified himself to Diana Olick and pointed a finger at jpm.....
HUD will HAVE to look into this...you really can't phuck around with HUD-1 stuff. This story might have some legs....it should be the case.
the legs of a quadriplegic maybe...
We'll see what happens. Probably a couple of bottom of the rung staffers said to be "renegade" and meaningless fines.
On a lighter note, apparantly when the story broke Kudlow hard a time comprehending that it was the banks that were demanding the illegal payments, not the agents. I'd love to see this when its posted. Possibly the only time I'll enjoy watching Kudlow
Chalk one up for the good guys!
Well done Tyler and ZeroHedge.
ZH is credited with breaking the story in the last sentence of the Bloomberg article.
Incredible that some of the biggest banks in the country are conducting themselves like fly-by-night operations. On the other hand, maybe that's what they are now.
Not bad TD! BLOG POWER!!!!
Where is the view shown on Bloomberg? I can't find the link.
Congrats on the B'berg shoutout TD!
I thought the earlier ZH post was self-described as a "rumor?"
Maybe Bloomberg was not good to go with that level of uncertainty.....?
Whatever makes you feel good about yourself....and helps fill space on the site.....
I prefer content. But it is your site, so I'm good.
Big believer in individual liberty
speaking of Bloomberg, I've noticed quite a few stories lately with Courtney Schlisserman as the author.
The pieces she writes appear to be "news" pieces vs commentary and if this is correct, perhaps she needs to go back to journalism school and re-take a remedial course in objective journalism and reporting of facts with obvious slant.
Steve Liesman could take a lesson in subjective bullism from her.
Can one exist as head of investment banking if no investment bank exists?
can one exist as the 'head' of a regulatory agency if they perform about as about as much regulating as warren g is slated to perform regulators in 2010?
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