Posted by GOLDGIRL/CA on 10/1/12 9:59pm
Msg #436736

Chase in more trouble

NEW YORK (Reuters) - New York Attorney General Eric Schneiderman on Monday filed a lawsuit against JPMorgan Chase & Co for fraud over faulty mortgage-backed securities packaged and sold by the former Bear Stearns.

The lawsuit alleged a "systematic abandonment of underwriting guidelines" in the selling of home loans that went into securities peddled by Bear Stearns. JPMorgan acquired Bear Stearns in 2008, at the start of the financial crisis.


Hmmm...wonder if Chase will make NY fill out an "Evidence" form for this... LOL

Reply by LynnNC on 10/1/12 10:19pm
Msg #436739

Wasn't JPMorgan FORCED to take over Bear Stearns? n/m

Reply by CentralNY on 10/2/12 11:42am
Msg #436802

Re: Wasn't JPMorgan FORCED to take over Bear Stearns?

my brother who knows everything (anyone have one of those) and I who know nothing, told me that Bubba, in the late 90's wanted minorities to have more fair access to getting a home so he deregulated some residential lending laws to be more in line with commercial lending, i.e., easier to get a loan. and of course the sharks saw a way to chop up those loans and invest them and get them insured with no $ to back them up and thus the crash. remember all those non-bank mortgage cos. that have since closed. anywho, this might not have anything to do with chase, but i think the big banks are always trying ways to get mo $ on the backs of others. and after the bail out have they really helped people keep their homes? so now all this really stupid stuff......

Reply by MW/VA on 10/2/12 1:36pm
Msg #436815

So many myths around. I suggest the films "Inside Job"

(avail. on DVD) and "Too Big to Fail" (HBO special). These are real eye-openers and debunk a lot of the common myths about what caused the economic meltdown.

Reply by NJDiva on 10/2/12 2:43pm
Msg #436838

Are these reputable accounts Marilyn? I have trouble

trusting the media. Of course we all know there's three sides to every story. Mine, yours and the truth.

Reply by MW/VA on 10/2/12 2:52pm
Msg #436847

I thought those 2 films presented a lot of facts. There's

been so much deception, so it's very hard to be able to discern what's "truth", if such a thing exists any longer. ;-) LOL

Reply by JanetK_CA on 10/2/12 3:00pm
Msg #436852

Re: Wasn't JPMorgan FORCED to take over Bear Stearns?

I believe what your brother is referring to is the Glass Steagall Act, which was repealed by the Gramm Leach Bliley Act under Clinton in a bipartisan move. If you Google it, you'll find lots of info. I'm missing how this is connected to JPMC taking over Bear Stearns, though.

Reply by Barb25 on 10/2/12 4:51pm
Msg #436883

Re: Wasn't JPMorgan FORCED to take over Bear Stearns?

Do you feel any of this affects us on a day to day basis right now as loan signing agents and if so, how?

Reply by JanetK_CA on 10/2/12 11:08pm
Msg #436922

Re: Wasn't JPMorgan FORCED to take over Bear Stearns?

I haven't had time to read up on as much of this as i would like, but a while back I remember reading that it was Gramm-Leach-Bliley that helped create a need for "remote closers" or "Notary Signing Agents", since a company could handle loans across state lines, making it impossible for the borrower to just pop in to the title office to sign docs. I don't know if that's true or not, but this whole issue has me curious now.

Here's a link to an article I found interesting (at least the parts I've read so far) because it contradicts what I'd hear previously:

http://seekingalpha.com/article/603831-glass-steagall-act-repeal-did-not-cause-the-great-recession

I don't know anything about this author's credentials (or any political bent, if there is one). I just thought it was interesting, whether or not he's right. There were lots more links on the quickie Google search I did, but I haven't looked at others yet.

As for your question, I don't know what you mean by "this", but anything impacting the real estate market is likely to have some kind of an impact on our business, whether that's right now or at some point in the future.

Reply by Barb25 on 10/3/12 3:43pm
Msg #437039

Re: Wasn't JPMorgan FORCED to take over Bear Stearns?

Like you, with all there is to read and with everyone having a different "story" to tell (some how many of them making some kind of sense), I don't know what to believe or what affects what. Is it a change or another smoke screen? It seems no one is accountable. That is all I meant.

Does this affect us? The people with the paperwork? Like in a few years ago? Overnight, it affected us... But it really wasn't overnight, was it?

I hope that makes some kind of sense.

Actually, I just learned something from your answer. I didn't realize how "we got our illustrious start." How about that?

I am not jaded. I just keep going doing the best and being the best I can until the day someone says. No more. Perhaps that is too much oversimplification but there are those days I am still trying to keep a sense of humor and find out what happened to my cursor.

By the way I really believe we are really mor than the people with the paperwork. We are alot of glue.. that are underrated..and we won't go into appreciated/paid here. LOL

OMG how did I get from that question to here.