UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK
PLUMBERS’ & PIPEFITTERS’ LOCAL #562 SUPPLEMENTAL PLAN & TRUST, et al.,
On Behalf of Themselves and All Others Similarly Situated,
v.
J.P. MORGAN ACCEPTANCE CORPORATION I, et al.,
Defendants
I grant you that there were a lot of people who committed fraud, but not every person who is being foreclosed is in that category. Some just invested at the top of the market, thinking prices would continue to go up. Personally, I blame it on the government because it was the government that created this bubble by a number of different policies. They subsidized the mortgage industry by making home interest deductible. They funnelled vast amounts of money into housing finance. They guaranteed loans. They bought loans, directly or indirectly. They changed laws to force lenders to make more mortgage loans. They set up the securitization system. Made implicit promises that they would underwrite losses of Fannie and Freddie. What they did not consider is simply that we don’t need that many homes. We’ve got lots of homes already. They’ve created a surplus of homes, and now they pull the rug out, and tell those who made investments based upon these bad policies that it is their problem.
Any idiot who wasn’t predicting this ten years ago, and lives in some fantasy that the housing bubble didnt start until the mid 2000s is an embarassment to his educators.
bookmark
Bull sh*t.
You want to go find the people who engineered this crisis? - go look at the liberal/democrat delegation in Congress. That’s where the blame sits. Considering that it was unions who have done so much to keep dirty little fascists like Barney Frank and Christopher “I took bribes” Dodd in power, they have no-one but themselves to blame for the hits their pension funds took. This effing suit should be dismissed on the ground that the plaintiffs’ own actions are the proximate cause of their own injury.
Here is another...
Bear Stearns MBS Litigation
Practice Area: Securities Fraud
The lawsuit is brought on behalf of purchasers of Mortgage Pass-Through Certificates issued by Structured Asset Mortgage Investments II, Inc. (“SAMI”) and/or Bear Stearns Asset-Backed Securities I LLC (“BSABSI”) (the “Certificates”) pursuant and/or traceable to false and misleading Registration Statements and Prospectus Supplements issued between March 2006 and September 2007 (collectively, the “Registration Statements”). The lawsuit is pending before the Honorable Laura Taylor Swain in the United States District Court in the Southern District of New York.
The lawsuit alleges that the Registration Statements and Prospectuses incorporated therein contained material misstatements and omissions in violation of Sections 11, 12 and 15 of the Securities Act of 1933. The Certificates were supported by large pools of mortgage loans generally secured by first liens on residential properties, including conventional, adjustable rate and negative amortization mortgage loans. According to the pleadings, the Registration Statements included false statements and/or omissions about: (i) the underwriting standards purportedly used in connection with the origination of the underlying mortgage loans; (ii) the maximum loan-to-value ratios used to qualify borrowers; (iii) the appraisals of properties underlying the mortgage loans; and (iv) the debt-to-income ratios permitted on the loans. As a result of these misstatements and omissions, the Certificates were secured by assets that had a much greater risk profile than represented in the Registration Statement, and the Nationally Recognized Statistical Ratings Organizations (the “NRSRO” or “Ratings Agencies”) assigned superior credit ratings to the Certificates as a result of defendants’ failure to disclose the underwriting defects and appraisal manipulations.
http://www.cmht.com/cases/208/bear-stearns-mbs-litigation
LOL, deadbeats took advantage of lax lending practices so now they should get their houses for free? You’re a one-note samba around here. Why don’t you take your act somewhere else you freaking troll?