<http://tinyurl.com/2ahoupd>
(Countrywide was one of the biggest players in the subprime loan origination scam that inflated the bubble, and BofA owns them now) Major institutional investors start the process to make the banksters account for the loans or pay up. "...it urges the Trustee to enforce Countrywide Servicing's obligations to service loans prudently by maintaining accurate loan records, demanding the repurchase of loans that were originated in violation of underwriting guidelines, and compelling the sellers of ineligible or predatory mortgages to bear the costs of modifying them for homeowners or repurchasing them from the Trusts' collateral pools." The moment they force some of these banks to pay for some of these 'inelegible or predatory loans' 'originated in violation of underwriting guidelines' the folks at Moodys and the other underwriters should get VERY nervous and start considering new careers or new identities, because the moment any bank acknowledges that their chunk of the Big Shitpile was indeed shit, the ratings agencies will be forced to account for why they told the investors these shitpiles were AAA. These are not disgruntled individual investors, either,. they're big names, with big clout: <http://tinyurl.com/27g6wus> Appallingly, not all the real-estate bubbles have burst: <http://www.nytimes.com/2010/10/20/business/global/20ghost.html> "People are using real estate as an investment, as a place to store cash — they treat it like gold,” Professor [of business at Tsinghua University in Beijing] Chovanec said. “They’re stockpiling empty units. This is going on in cities of virtually every size." He sounds like he's talking about Miami or Las Vegas. And when THAT bubble bursts, we may end up thinking that 2007-2008 was just a wee market correction. -- Bruce Johnson University of Arizona College of Pharmacy Information Technology Group Institutions do not have opinions, merely customs -- You received this message because you are subscribed to the Google Groups "StrataList-OT" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/stratalist-ot?hl=en.
