Jul 30, 2009
Goldman Sachs and Deutsche Bank – the last of the everglades
Read this at seekingalpha (anonymous) ..
Goldman Sachs (GS) and Deutsche Bank (DB) got served by the US Senate which is investigating fraud in the mortgage meltdown last year. Several other financial institutions may also have received subpoenas from the sub-committee that is headed by Senator Carl Levin.
WSJ said the focus of the investigation is on whether internal communications show executives at the banks had private doubts on the soundness of the mortgage-related securities they were putting together.
While $GS and $DB have kept their wits about them throughout the crisis, they have been party to writing mortgage backed securities without due Verification and even dealt in resold paper as collateral on ‘freshly packaged’ stuff. seekingalpha also doubts if these may be paper sold by institutional side after the issuer side already sold them (short). This is where the niggly details of the crash are, and if these can be found, none of the other reforms might matter to those in trading houses and hedge funds that used these trades to catch up on their losses and ‘post Madoff,
Retail mortgages in fact come with a hefty price tag in terms f operational compliance shortcomings being as high as 40% from Basel data. Here’s hoping we catch the right crooks..
loading...
loading...
Random Posts
Related Posts - Citi sells Government stake of 34%
- Can this man run your treasury?
- The Anatomy of the stress test | Fool.com gets it
- Understanding Default Swaps | The Greece flavor
- Big Banks on the Exit Ramp | Dealbook
Related Websites - Text of President Obama's State of the Union Address
- Islamic finance in the aftermath of global crisis
- Goldman Sachs and Deutsche Bank - the last of the everglades
- How to Simplify a Financial Life
- Democrats want to protect terrorists and illegal immigrants, why not protect the United States from terrorist?
In a stunning victory for borrowers, a New Jersey court has dismissed(http://foreclosuredefensenationwide.com/?p=144) a foreclosure action filed against the borrowers by Deutsche Bank Trust Company America as alleged trustee for a securitized mortgage loan trust after Deutsche Bank willfully, and despite the entry of three (3) separate court orders, refused to produce documents demanded by the borrowers which included documents setting forth the identity of the true owner and holder of the Note and mortgage, the complete chain of title to ownership of the note and mortgage, payment application histories, and documents as to the securitized mortgage loan trust. The Court had given Deutsche Bank multiple opportunities and extensions of time to produce the documents, but Deutsche Bank continually refused to produce any of the documents requested, resulting in the dismissal of Deutsche Bank’s foreclosure action. The Court also ruled that Deutsche Bank is not permitted to re-file any foreclosure action until it is prepared to produce ALL of the subject discovery.
loading...
loading...