Feds sue UBS over mortgage-backed securities

IthinkThereforeIAM

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Wed Jul-27-11 07:17 PM
Original message

Feds sue UBS over mortgage-backed securities

Source: MSNBC

<snip> WASHINGTON — The regulator of government-controlled mortgage buyers Fannie Mae and Freddie Mac is suing UBS AG in a bid to recoup more than $900 million in losses from mortgage-backed securities purchased from the banking giant during the housing boom. <snip>

Read more: http://www.msnbc.msn.com/id/43919432

Great explanation on just what happened, USB, along with Bank of America not checking/verifying income sources before approving loans.

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Altoid_Cyclist

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Wed Jul-27-11 08:01 PM
Response to Original message

1. Phil Gramm's work by any chance?

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IthinkThereforeIAM

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Wed Jul-27-11 08:07 PM
Response to Reply #1

2. I would have liked to mention that in the OP...

... but didn't want to mess with late breaking rules or muddle things because this is a big news item. I post often to forums/comments at www.argusleader.com in Sioux Falls about "foreclosure Phil" and challenge them to do a search with their favorite search engine using those two words. I am getting more and more thumbs up recommendations on those posts as time goes on.

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Altoid_Cyclist

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Thu Jul-28-11 01:02 PM
Response to Reply #2

5. The worst part about some politicians (ploy-ticians?) is the amount of damage

that they are able to inflict AFTER the dirt bags leave office.

Thanks for your link, I'll add it to faves and check it out.

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salin

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Wed Jul-27-11 08:34 PM
Response to Original message

3. is that the corp that bought the toxic enron assets?

buy toxic, stay toxic.

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IthinkThereforeIAM

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Wed Jul-27-11 09:08 PM
Response to Reply #3

4. As I recall...

... they did, or some Swiss financial concern did, and they got the Enron energy trading software, which was designated a national asset (the exact term escapes me at the moment) and was to never have been sold to ANY foreign entity. But that was back under Darth Cheney and I guess it was needed for their new Death Star.

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Tue May 07th 2024, 04:49 PM
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