GE to "vigorously contest" mortgage lawsuit

Source: Reuters

General Electric Co (GE.N) said it would "vigorously contest" a lawsuit by the Federal Housing Finance Agency, which said the conglomerate's former WMC unit made inaccurate statements about the sale of two residential mortgage-backed securities.

GE was one of 17 large banks and financial institutions sued on Friday by the FHFA, which oversees Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), over losses on $200 billion of subprime bonds.

Fairfield, Connecticut-based GE said in a statement on Wednesday that the two transactions federal regulators are questioning amounted to $549 million and that $66 million in principal remain on them.

Read more: http://www.reuters.com/article/2011/09/07/us-usa-fhfa-lawsuit-ge-idUSTRE7862X820110907

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And WOW. wasn't GE quick to take bailout money and cut its dividend

AND quick to move tens of thousands of jobs out of the US
INCLUDING its 115year old xray business, according to reports
http://theeconomiccollapseblog.com/archives/ge-ceo-jeffrey-immelt-the-head-of-obamas-jobs-council-is-moving-jobs-and-economic-infrastructure-to-china-at-a-blistering-pace

IMHO Immelt is the perfect picture of the big corporate greed money billionaire boss who helped put America into the condition it's in, at the expense of most of us.

This is why corporation tax loopholes and tax cuts will create jobs OVERSEAS !

Bring good things to life my ass, good things to life for China's ruling elite and America's Big Corporate Money Greed Billionaire Bosses

GE will go to the "court of public opinion" on this one.

"Look, we had to move even MORE jobs overseas to pay for the lawyers for this lawsuit! Contact your congressman and tell him to stop shipping jobs overseas!!!"

USA! USA! USA! CSA! CSA! CSA!

(CSA = Corporate States of America)

free and self-policing global market that pulled the strings of the person known as GE. :sarcasm:

Last week I think I caught part of some news from NPR that some bank settlements had included agreements to modify principle due on homeowner loans. Is this true?

Because this is the road I think we must travel. It's not sufficient to allow homeowners to just refinance, resetting the clock on their loan for lower interest payments. We are going to have to see a massive easing of the value of real-estate, and that means altering the principle due on these loans.

they profited, taking a bit out of their profit margin. These asset holders, in turn can usually go to those that sold these assets at a profit, and on and on down the chain.

while also causing the property of those who purchased something they could afford to be devalued. Positive feedback for overextending one's credit. Negative feedback for fiscal responsibilty.

There has to be a better way. Simply giving money to those that least know it's value is not a solution.

revenue. And it's not punishment enough.

But I do not think that simply reducing the principle owed by people that got in over their heads is the way to do it. Which is what this subthread is about. That just rewards overextending your debt, which is one of the major problems in this country at all levels now. I don't have a solution but giving away houses to people that couldn't afford them in the first place does not solve any systemic problems. Maybe find a way to get them out of the house and the mortgage they can't pay, but just giving them the house is wrong.

:evilfrown: Less than $100 and their problems go away.

As we enter a new phase in our recovery, I have asked the new council to focus its work on finding new ways to encourage the private sector to hire and invest in American competitiveness,” said the President in a statement.

Continue reading on Examiner.com Obama hires GE chairman as top economic advisor - National News | Examiner.com http://www.examiner.com/news-in-national/obama-hires-ge-chairman-as-top-economic-advisor#ixzz1XL1nKb4q

Get it now?