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Join Rep. Brad Miller In Conference Call Briefing On FHFA Lawsuits Against 17 Biggest Banks At 2PM Today

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MEDIA ADVISORY: U.S. Rep. Brad Miller to hold conference call briefing for reporters on lawsuits filed by the U.S. Federal Housing Finance Agency against 17 of the largest banks over faulty mortgage loans which helped lead the nation into the housing crisis.

RALEIGH, N.C. – The Federal Housing Finance Agency (FHFA), which manages Fannie Mae and Freddie Mac, claims that the banks misrepresented the worth of mortgage securities they arranged and sold. The court cases, seeking billions of dollars, were filed in federal court on Friday. They allege that the banks failed to perform due diligence to verify borrower income and property values that were often inflated or false. The list of banks sued by FHFA includes Bank of America Corp, Goldman Sachs Group Inc, JP Morgan & Chase & Co, Citigroup Inc, Deutsche Bank AG, Barclays PLC, Nomura Holdings Inc, Morgan Stanley, Ally Financial Inc, Credit Suisse Group Inc, First Horizon National Corp, General Electric Co, the HSBC North America Holdings unit of HSBC Holdings, The Royal Bank of Scotland Group PLC and Société Générale SA. FHFA filed extra court cases against Bank of America and its purchased Countrywide Financial Corporation and Merrill Lynch & Company divisions.

September 6, 2011

Miller has repeatedly called on Edward DeMarco, Acting Director of FHFA, to do everything in his power to recover these funds. The Congressman is available for a media briefing at 2 p.m. today to discuss what happened to prompt the lawsuits; what needs to happen next to fix the problem; and what it all means for the taxpayer.

When: Tuesday, September 6, 2011
Start time: 2:00pm (EST)
Dial-in number: 1-308-344-6400
Access Code: 150881#

h/t Manal

 

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Tue, 09/06/2011 - 11:17 | 1638355 Robslob
Robslob's picture

Yes we can!

We can get our money back from those bankers after we gave them all our money to make money with since they lost it all the first time so in essence, and after bonuses, they will be happy to pay us back in greatly devalued dollars.

Added bonus: They will only give back 1/1000 of what they stole!

 

Join me in saying: Yes We Can!

Tue, 09/06/2011 - 11:23 | 1638364 baby_BLYTHE
baby_BLYTHE's picture

Woah, Shut em' Down!

Let real entrepreneurs that respect capital, investment and savings takeover to start a new honest banking system.

If no Gold Standard then we must return to Glass Steagall immediately! Personally, I like a combination of both

Tue, 09/06/2011 - 11:38 | 1638418 Caviar Emptor
Caviar Emptor's picture

Amen to that. How much damage to they have to do to the country before something is done? The asnwer to that is really the key question to America's survival in this century. 

Tue, 09/06/2011 - 12:03 | 1638497 centerline
centerline's picture

The final blow to the system will most likely be by the ignorant masses themselves. The masses simply dont get why the system is doomed. They will all clamor that someone else needs to the take the hit... anyone but them. USPS will be a great example to watch.

Tue, 09/06/2011 - 12:04 | 1638501 baby_BLYTHE
baby_BLYTHE's picture

Damage/Looting is done. We are simply now in the End Game where the final consolidating phase plays out. All future FED balance sheet expansion is done at the behest of our future production, labor and output. It never has been about saving the system.

Tue, 09/06/2011 - 12:11 | 1638527 centerline
centerline's picture

Yup.  And it won't be paid back with future production.  It will be paid back by past and present production.  In essence, retirement funds and other private assets will be vaporized at some point.  I wager they already are toast - and what we see now are just zombie transactions.  Only when the music stops does it become clear that the real wealth has been turned into plastic poker chips.

Tue, 09/06/2011 - 12:06 | 1638507 MachoMan
MachoMan's picture

I think the market will end up fixing quite a bit of it...  after the banks collapse, we'll get much closer to 100% reserve banks...  on the low end of the totem pole, we'll get pawn shops (which are basically 100% reserve banks) and on the big end we'll get giant mattresses posing as vaults.  No need for an FDIC (total failure anyway) when the money is sitting there...

If any company dares shit where it eats (trade from deposits in another arm of the company), then this will torpedo the institution...

The trickle up will be from the bottom...  as the larger institutions dry up access to every day people... 

Tue, 09/06/2011 - 12:08 | 1638516 narnia
narnia's picture

The gold standard, a return of glass steagall, or more regulations in a terribly flawed system are not solutions to the REAL problems.  They are different flavors of flawed central economic planning.

The free market is the answer.  

Tue, 09/06/2011 - 15:46 | 1639274 FEDbuster
FEDbuster's picture

Anyone can trade their FRNs for gold, today one oz of gold is about 1900 FRNs.  I know a fixed gold standard would limit the number of FRNs created, but stable money is of no benefit to corrupt governments.  Paying future obligations in worthless dollars is the easiest way to meet those obligations.  Ron Paul explains this method of default every chance he gets.  I hope one of the talking mannequins starts to steal some of Dr. Paul's talking points.

Tue, 09/06/2011 - 11:29 | 1638381 vast-dom
vast-dom's picture

And never forget that Fannie & Freddie facilitated the fraud. So whom is Brad really working for?

 

This is like the Repub vs. Dem sports team divide conquer cheering/voting sheeple in FHFA mortgage distractions! All for QE3! 

 

Gotta love it!

Tue, 09/06/2011 - 11:18 | 1638358 doomandbloom
doomandbloom's picture

nice fat settlement and then its back to business as usual ..

"a relative newcomer to the mortgage lending community has announced a 0% deposit mortgage. Aldermore, a British bank which was founded in 2009 hopes to ensnare some of the many potential first-time "
http://www.moneyavenue.co.uk/news/first-time-buyer-mortgages/no-deposit-...

Party like its 2011 boys..

Tue, 09/06/2011 - 11:27 | 1638386 Mitzibitzi
Mitzibitzi's picture

Have you read the T&Cs for those mortgages? Not only do you get a high interest rate (though fixed for 3 years, which could be good OR bad, depending on what the economy does) but you need a guarantor. I think they have to be a relative, also.

So you default, and given that the global economy is about to tank - you are probably going to, and they can rape your family for 25% of the mortgage cost, too. Nicely offsets any loss in house value between signing and defaulting on it.

Tue, 09/06/2011 - 12:14 | 1638532 Fake Jim Quinn
Fake Jim Quinn's picture

The banks make a deal and settle. Then they get bailed out by either a new TARP or QE^n. So net effect is the taxpayers kept government employees employed for a while longer while they diligently transferred money from one taxpayer pocket to another taxpayer pocket. The scam and ponzi is getting worse by the day

Tue, 09/06/2011 - 11:18 | 1638359 Irish66
Irish66's picture

settlement reached no rico

Tue, 09/06/2011 - 11:26 | 1638378 Clint Liquor
Clint Liquor's picture

Maybe we need to after these fine upstanding Americans, also.

James Johnson got $21 MILLION for just his last year as Fannie Mae CEO
Franklin Raines got $90 MILLION for his five years as Fannie Mae CEO
Jamie Gorelich got $26 MILLION for being Vice Chair from '98 - '03

Tue, 09/06/2011 - 12:12 | 1638468 Clark Bent
Clark Bent's picture

Is there no evil in which Jamie Gorelick does not figure since the 1990's? Who is this festering carbuncle from the Luciferian posterior? She puts together the Chinese wall that divided our law enforcement and intelligence agencies that led directly to concealing the activities of the 19 hijackers on 9-11. Then, when they put together the 9/11 Commission, this wretched harpy is actually sitting on the damned Committee? Why wasn't she a defendant? Then, as CL writes, she spent years harvesting the criminal enterprises of housing. We should fully expect that she will be appointed judge to oversee the lawsuits.

http://biggovernment.com/jdunetz/2011/03/24/jamie-gorelick-who-helped-to...

 

Tue, 09/06/2011 - 12:35 | 1638600 you enjoy myself
you enjoy myself's picture

don't forget that she was actually defense counsel to Duke when the lax players sued the school -- she really was on the wrong end of every major calamity over the last decade.

Tue, 09/06/2011 - 11:27 | 1638384 partimer1
partimer1's picture

Is this the same guy working really hard FOR the BAC to gut the amendement to regulate the large bank last time around?  this smells like some kind of scam show. 

Tue, 09/06/2011 - 11:35 | 1638401 NotApplicable
NotApplicable's picture

Looks like he's trying to combine some bread with his circus.

Tue, 09/06/2011 - 11:29 | 1638388 wang (not verified)
wang's picture

what gives with GLD?

Tue, 09/06/2011 - 11:56 | 1638465 MFL8240
MFL8240's picture

the criminals are having some fun this morning trying to shake as many people as possible out of Gold so that India and China can buy more Gold cheaper from the stupid American casino

Tue, 09/06/2011 - 11:29 | 1638389 Fake Jim Quinn
Fake Jim Quinn's picture

The only thing we have to fear is government itself

Tue, 09/06/2011 - 11:46 | 1638390 breezer1
breezer1's picture

another dive on jewish gold with all the good news coming out of europe.

excuse me , i meant to say paper gold.

Tue, 09/06/2011 - 13:42 | 1638791 stacking12321
stacking12321's picture

you have no idea what you're talking about.

real jews like real gold.

Tue, 09/06/2011 - 14:02 | 1638851 pods
pods's picture

Cartman said they keep it in a pouch around their neck.

pods

Tue, 09/06/2011 - 11:32 | 1638395 RobotTrader
RobotTrader's picture

 

 

Nice smackdown on gold.

I guess nobody needs it any more?

Tue, 09/06/2011 - 12:10 | 1638521 Fake Jim Quinn
Fake Jim Quinn's picture

Robo -- you forgot your /sarc off button

Tue, 09/06/2011 - 13:44 | 1638795 stacking12321
stacking12321's picture

people have gotten tired of gold upon realizing it doesn't pay a coupon.

except for marc faber's girlfriend.

Tue, 09/06/2011 - 11:33 | 1638396 docj
docj's picture

So now the Gov is suing the very banks bailed out by, uh, the same Gov.

Just thinking out loud here, but wouldn't it have been easier to have, erm, just not bailed-out the banks in the first place?

Oh, right. No bonuses for banksters that way. My bad. Carry on.

Tue, 09/06/2011 - 11:59 | 1638485 Clark Bent
Clark Bent's picture

Don't forget that Fannie and Freddie figure prominently on the bailout list. This is a "stop me before I kill again" plea. I can't imagine this is not theater, just can't see the angle yet. 

Tue, 09/06/2011 - 12:35 | 1638599 RSloane
RSloane's picture

I think it is as well. Its a shuffling of billions if not trillions of dollars way over the ability of taxpayers to realize any benefits.

Tue, 09/06/2011 - 11:33 | 1638397 RobotTrader
RobotTrader's picture

 

 

Time to buy DZZ??

Tue, 09/06/2011 - 11:33 | 1638398 WoodMizer
WoodMizer's picture

<--Denied it

<--Supplied it

Tue, 09/06/2011 - 11:35 | 1638400 Dingleberry
Dingleberry's picture

I want to know if any of the cocksuckers that caused this mess are going to JAIL?????  Are any criminal charges forthcoming??Otherwise, they will eventually just get the Fed to hand over some freshly printed dollars and pay off uncle Sam.  I find it difficult to believe that any bankster will have to sell even one Rembrandt or home in the Hamptons over this shit. I want them in prison and fucked in every single orafice.

Tue, 09/06/2011 - 11:37 | 1638411 NotApplicable
NotApplicable's picture

Yet, instead they will continue growing fat by consuming the poor. At least until the riots start. Then they will flee.

Tue, 09/06/2011 - 11:45 | 1638433 tocointhephrase
tocointhephrase's picture

And in orafices that don't yet exist

Tue, 09/06/2011 - 12:00 | 1638489 Clark Bent
Clark Bent's picture

Ask Jamie Gorelick. 

Tue, 09/06/2011 - 12:58 | 1638684 AssFire
AssFire's picture

you men orifice.

Tue, 09/06/2011 - 11:35 | 1638404 DefiantSurf
DefiantSurf's picture

more bread and circus's ....move along folks nothing to see here

 

Tue, 09/06/2011 - 11:39 | 1638420 caerus
caerus's picture

ugly au trading...big range, failure (so far) to hold highs...

Tue, 09/06/2011 - 11:39 | 1638422 tocointhephrase
tocointhephrase's picture

Is that the direc tion of all your trades Robo? Guess your like CNBC. When you say Buy Gold (and Silver), I will run for the exit!

Tue, 09/06/2011 - 11:40 | 1638423 Caviar Emptor
Caviar Emptor's picture

"Settlement" is really the Federal government recovering it's own money aka the taxpayer's money. 

If they're making this open and public, then most likely it means they'll back off really cracking down.

Translated: we'll be big on words and tone to cover up the fact that we're short on action

Tue, 09/06/2011 - 11:44 | 1638430 EL INDIO
EL INDIO's picture

There might be a USD squeeze/rush starting.

Everybody mind your liquidity, it could get rough.

EURO <= 200 MA

GBP < 200 MA

USD index attacking 200 MA !

Tue, 09/06/2011 - 12:15 | 1638538 pelican
pelican's picture

What do you mean a USD squeeze is starting?  Please clarify.

Tue, 09/06/2011 - 13:10 | 1638715 EL INDIO
EL INDIO's picture

I mean short covering and fleeing the EURO for the USD.

There have been reports of stresses in USD lending/borrowing and QE3 is not here yet, so there might actually be a shortage of dollars!

US companies are sitting on trillions of Euros if they get scared, what do you think they’ll do? They won’t buy Gold that’s for sure.

Tue, 09/06/2011 - 13:24 | 1638753 ReactionToClose...
ReactionToClosedMinds's picture

spoke with Swissie trader early this am ....... that is exactly what he said

CHF is canary in German coal mine

By the way ,,,, many real biz persons or entrepeneurs in Euroland have already begun their world war/end-of modern-days family asset safety hedge plan.   They were caught by surprise by rapidity of swoon but they are in action now

Amerikans are grossly naive versus Asia or Euro land when it comes to practicalitie of 'preserving' family jewels

Tue, 09/06/2011 - 11:56 | 1638464 Archimedes
Archimedes's picture

BAC is under 7 bucks and was as low as 6.70. Buffet can buy at 7.14 hey? So how much has he lost on this deal?

Tue, 09/06/2011 - 12:54 | 1638672 rawsienna
rawsienna's picture

The scandle here is that a large number of these asset purchases were AAA securitizations of SUBPRIME loans.  So even though the guarantee part of the GSE biz were not allowed to insure these loans, the PORTFOLIO went ahead and purchased private label MBS backed by subprime. Without the above market bid for these assets, many of these deals would NEVER have gotten done. I think I recall some FN and FR CEO's testifying in front of congress that they did not have MATERIAL subprime exposure. So congress goes after Roger CLemens fopr lying under oath about steroids but avoids all issues related to GSE.  Nice.

Memo to Bareny Frank and Maxine Waters  - Fannie was in deep with ALT A and Subprime exposure. They just hide it - Cheap funding and 50x portfolio leverage is a bad combination

 

Tue, 09/06/2011 - 13:13 | 1638709 Pure Evil
Pure Evil's picture

When the goobermint runs the three ring circus, they can put any act they want in the central ring to entertain the proletariat.

The sheeple find high finance, banking, and corrupt mortgage practices by F/F to be uber boring, so we distract them with the immolation of celebrities, pander to them with Jersey Shore, whet their sexual appitites with trannie porn, all the while addling their awareness with legal and illegal drugs.

Tue, 09/06/2011 - 13:17 | 1638735 ReactionToClose...
ReactionToClosedMinds's picture

good match ...... Let's shred Texan Clemens singly for what everyone in Football and baseball and maybe other sports ...were almost all doing ........ while FannieMae and FreddieMc get a pass.

2-3 times Team 43 tried to address FannieMae & FreddieMc but the Dems stopped them. This is a historical fact .... the Dems (and some GOP also) stopped every attempt to corral FannieMae and FreddieMc in W's initial 6 years.

And before you call me a GOP shill (I consider myself an independent heavily leaning day-by-day to Ron Paul ...at least in principle; disclosure .. did used to be hard lefty Dem until I woke up to their gross manipulation of the poor for political power), go check for yourself ... everything I am protraying is correct.

Go back and scan real-time NYTimes, WSJ, Barron's, Forbes .... from 1998-1997 onward through Summer 2008. It is all there clear as day.

Fall 2008 'credit crisis' was the most predicted crisis in my lifetime .... (but to be fair to all of us ... very few saw the more than direct connection to money market funds that almost went down those hairy 2-3 weeks in late September 2008 ... that is what set the real panic off)

Tue, 09/06/2011 - 13:09 | 1638713 PulauHantu29
PulauHantu29's picture

The Post Office May Shut Down This Winter Unless Congress Authorizes A Federal Bailout

By Zeke Miller

http://www.businessinsider.com/post-offi...

 

Better grab the KY....Ben is gonna have to print a trillion just for these federal employees.

Tue, 09/06/2011 - 13:11 | 1638716 AssFire
AssFire's picture

The gov made F&F give loans to people who could not afford them. The banks had to follow these rules. This is just another way of taking more from the taxpayer under the guise of the law. Local police are the same concept...get cash in cofffiers; write tickets, prosecute anyone who had a beer and drives etc. (but if the criminal, especially if an illegal immigrant, has no bail money after two weeks- just let them go)

It's a shakedown that makes mobsters envious...At least the mobsters provided protection and did not tell you what you should believe in.

We need a modern day Robin Hood who steals and battles the government and returns the loot to the taxpayer.

Tue, 09/06/2011 - 13:21 | 1638744 cfosnock
cfosnock's picture

Per Ilargi of The Automatic Earth "because of these guarantees, as well as the trillions of dollars in bail-outs that have been transferred to the banks since 2008 in an alphabet soup worth of plans, the US government is de facto simply suing itself." On a side note why do they keep posting information about Brad Miller like he is actually doing something or cares about his constituents. He is a turn-coat. For all you Brad Miller supporters that attacked me last time it simply means despite all the rhetoric he does not actually vote for anything that might hurt his banking buddies. Just look at his voting record or checkout Ron Paul's website. Fortunately he lost his district to rezoning this year so we should not have to hear from this hypocrite after 2012

Tue, 09/06/2011 - 13:36 | 1638762 Pure Evil
Pure Evil's picture

That's why he's the perfect choice to serve on the committee, doesn't have to worry about facing the wrath of constituents in the next election, so has a free hand in helping his banking buddies in clearing the books of their, 'I don't know who owns the title to the sliced and diced tranche's of Alt-A and subprime mortgages, but I need a viagra to help it get up'.

Tue, 09/06/2011 - 14:03 | 1638854 Irish66
Irish66's picture

only 65 callers on

Tue, 09/06/2011 - 14:04 | 1638860 pettolicious
pettolicious's picture

Jeez - What's a mute button?

Tue, 09/06/2011 - 14:06 | 1638867 Irish66
Irish66's picture

ridiculous so far

Tue, 09/06/2011 - 15:09 | 1639162 Don Smith
Don Smith's picture

Did anyone listen?  Can anyone recap?  

Tue, 09/06/2011 - 17:57 | 1639706 LongOfTooth
LongOfTooth's picture

Before the trial starts there will be a "settlement" for oh, say $35million and that will be that.  Done, wrapped up with a big bow tied around it and everyone can say it's finished.

No one goes to jail or gets executed which is what should happen but then this is America so we can't expect justice to be done.

 

Tue, 09/06/2011 - 19:46 | 1640082 anomalous
anomalous's picture

The banksters have been able to slip around accountability and avoid jail because there are just to many, you can't imprison an industry.

 

TMTJ - Too Many Too Jail 

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