Posted on 03/18/2015 6:32:52 AM PDT by SeekAndFind
Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown.
The Japanese bank's U.S. unit won't give in to extortionist regulators protecting Fannie/Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis.
The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds already have shaken out of other banks who settled with the Federal Housing Finance Agency. Instead, it will make government prove it in court.
In opening arguments this week, the defendants argued Fannie and Freddie bought the mortgages knowing they were subprime and did so to meet "affordable housing" quotas of their political masters at HUD.
Unfortunately for Nomura, the game is rigged. The federal judge hearing the case — Clinton appointee Denise Cote — is a ringer for the administration.
In recent filings, Cote has shown extreme prejudice in her decisions — virtually all rendered against Nomura.
Even though she concedes that, in buying subprime securities from Nomura, "Freddie Mac considered the extent to which underlying mortgage loans satisfied these housing goals," Cote claims such evidence is "immaterial" to the case. She argues the regulatory mandates, purchasing quotas and other political pressures heaped on Fannie and Freddie were merely "idiosyncratic" and therefore irrelevant.
Please. The HUD goals are highly relevant to this case. Internal documents from both HUD and Fannie and Freddie show the goals were driving them deeper into the subprime securities market and both complained about a growing risk of losses. So clearly, they understood the risks.
(Excerpt) Read more at news.investors.com ...
Let me get this straight:
Fanny & Freddie bought the mortgages, knowing full well that they were sub-prime and it’s Nomura’s fault?....................
bookmark
RE: Fanny & Freddie bought the mortgages, knowing full well that they were sub-prime and it’s Nomura’s fault?....................
Well, Fannie and Freddie are going to argue that they DID NOT KNOW full well that they were subprime.
It remains to be seen if the courts will buy it.
Being the FedGuv means never having to say you’re responsible.
a case to watch ping!
Of course, with this bunch, light is darkness and sweet is bitter, good is evil and evil, good.
Investors with great credit? DENIED
People with awful credit histories? REQUIRED
A rigged judiciary is a key component for a facade of legitimacy over a totalitarian kleptocracy.
Question...if the Gov’t got back 18 BILLION.what did they do with it? Where is it?
Obama/Holder/Dems are forcing taxpayers via DOJ litigation WRT bank settlements----into paying off these nefarious organizations.
DOJ went after CitiCorp and ordered them to pay $50 million to La Raza and NeighborWorks America as part of the settlement.
Another clause in the agreement makes it possible for La Raza and NeighborWorks America to rake in even larger amounts of money.
Of the remaining money the banks needed to pay in settlements, the banks were able to contribute additional money to La Raza and NeighborWorks America. For every dollar they contribute, it reduces their debt to the government by 2 dollars. That’s some mighty powerful incentive to give generously.
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House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and House Financial Services Chairman Jeb Hensarling have questioned why this money was sent to the ACORN clone and the blood-thirsty LaRaza----rather than to the alleged victims of the bank’s crime. The administration of course declined to answer.
Here's part of the Congressmen's letter to Holder: “It seems that the alleged victims are not the primary beneficiaries of these multi-billion dollar settlements. Instead, the terms in the Justice Department’s two latest settlements look less like consumer relief and more like a scheme to funnel money to politically favored special interest groups.”
“This makes donations to activist groups far more attractive to banks than providing direct relief to injured consumers. As a result, the settlements appear to serve as a vehicle for funding activist groups rather than as a means of securing relief for consumers actually harmed.”
So now, with Social Security cards, manpower and tons of money to go along with the two years before the next presidential election, the largest and most successful voter fraud campaign may alter the course of the elections not to mention the future of the United States.
The FIX IS IN..................
If Nomura wins, then all the other banks will sue to get their money back.................
Switzerland, Cayman Islands, Lichtenstein, Panama, Luxembourg, Beijing, Dubai...........
“Treason doth never prosper, what’s the reason? For if it prosper, none dare call it Treason.” - John Harington 1561-1612
Has anyone asked where these “fines” are going?
DEMOCRAT SLUSH FUNDS!!!
No accountability or traceability.
Unlike some of the other companies the Feds have shaken down, Nomura Holdings did not acquire any failing American lenders during the financial crisis and therefore has a complete historical record and understanding of its transactions.
Good on them for not knuckling under...
But Barnie Frank, the Queeeah from Massachusetts, knew. He set the whole thing up
Good. Its nice to see a bank catch a break with U.S. taxpayer money. Again.
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