SEC probes Wall Street on subprime mess (Barn door, horse you know the story)

http://money.cnn.com/2007/09/20/news/companies/subprime_sec.ap/index.htm?postversion=2007092013 ^ | 9-20-07

[Hydroshock]

WASHINGTON (AP) -- The government is casting a wide net in its scrutiny of Wall Street banks, investors, credit-rating agencies and others in the role they played in the subprime mortgage crisis.

"We look at all the players" to determine whether there were missteps in accounting and possible insider trading, says Walter Ricciardi, deputy enforcement director at the Securities and Exchange Commission.

Video More video CNN's Gerri Willis offers tips on refinancing, good news for those with a HELOC and more. Play video

In a telephone interview Wednesday, Ricciardi said the SEC is asking mutual fund managers, lawyers, company executives and credit-rating analysts for details of their involvement in trading of securities that came from bundled mortgages.

Amid financial market turmoil that has raised the specter of stalling economic growth, federal securities regulators and Congress are probing the $3.5 trillion market of globally traded securities made from home loans.

As housing market conditions worsen, regulators are realizing how hard it is to track the trail of transactions from home borrower to lender to investor, and that it may be even harder to determine blame and liability on some of the players.

[Hydroshock]

ping

[Brilliant]

Look no further than Congress. They are the ones who encouraged financial institutions to loan money to the poor.

[Hydroshock]

True that is a big part of it.

[VxH]

[Look no further than Congress.]

 

Yep.

 

 

 

During the House Financial Services Full Committee Hearing on "Recent Events in the Credit and Mortgage Markets and Possible Implications for U.S. Consumers and the Global Economy",  Chairman Barney Frank left the hearing in order to attend a meeting in support of legislation that would force American employers to hire homosexuals.   That says a lot about Barney's priorities.  

 

Barney "Fife" Frank.

Financial Services Watchdog

 

This watchdog only has one tooth and

Barney's boyfriend makes him keep it in his pocket.

[groanup]

If they don’t make these loans they are discriminating against poor people. If they do make these loans they are cruel and heartless when they have to foreclose. Thank goodness there is good money in this type of financial business. Otherwise, who’d bother?

[VxH]

[there is good money ]

Well, whether it’s "good" money or not seems to be the question the SEC is asking.