patrick.net
An Antidote to Corporate Media
1,191,698 comments by 13,863 users - Al_Sharpton_for_President, clambo, GreaterNYCDude online now
invite responseComments 1 - 3 of 3 Search these comments
1
Entitlemented
2017 Jan 14, 12:39pm
No one could have seen this coming!
NYTs 1997:
"In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."
http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html
3
Entitlemented
2017 Jan 14, 1:12pm
ZIRP is Obama/Fed sub for CRA and the private label subprime:
http://www.wsj.com/articles/the-federal-reserve-asset-bubble-machine-1431386994
Moody's $864m penalty for ratings in run-up to 2008 financial crisis
Payout to US justice department, 21 states and District of Columbia for risky mortgage securities ratings before stock market crash
The credit rating agency Moody’s has agreed to pay nearly $864m to settle with US federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, the department of justice said on Friday.
Moody’s reached the deal with the justice department, 21 states and the District of Columbia, resolving allegations that the firm contributed to the worst financial crisis since the Great Depression, the department said in a statement.
“Moody’s failed to adhere to its own credit-rating standards and fell short on its pledge of transparency in the run-up to the ‘great recession’,†principal deputy associate attorney general Bill Baer said in the statement.
https://www.theguardian.com/business/2017/jan/14/moodys-864m-penalty-for-ratings-in-run-up-to-2008-financial-crisis
#KillTheBankers