poor banks.....Cry me a river so I can go fishing in it

[The Straight Story]

3 Banks Warn of Big Penalties in Mortgage Inquiries

Several big banks warned investors on Friday that they could face sizable financial penalties as a result of state and federal investigations into abusive mortgage practices.

The disclosures by Bank of America, Wells Fargo and Citigroup came after a furor late last year over how foreclosures were being conducted.

Until now, the banks have emphasized that the foreclosure controversy was mostly a threat to their reputation, rather than a financial worry. But the disclosures, made in the banks’ annual financial filings with the Securities and Exchange Commission, suggest that a settlement with the government may affect both.

State attorneys general and federal regulators began examining the servicers’ practices last fall after reports that some foreclosures were being pursued despite lost or missing documents. In other cases, employees had signed off on thousands of pages of paperwork a month, after only a cursory look.

http://dealbook.nytimes.com/2011/02/25/3-banks-warn-of-big-penalties-in-mortgage-inquiries/

[hobbit709]

1. Hey banks, you can find sympathy between shit and syphilis in the dictionary.

:nopity: :nopity: :nopity: :nopity:

[marmar]

2. They almost caused Great Depression II, were saved by the largesse of the taxpaying public....

..... continue to f**k people over with fees and usurious credit card charges, and now want to whine about accountability.

There needs to be a paradigm shift in the way the banking system functions in this country.

[DeadEyeDyck]

3. KnR

[rdking647]

4. fining banks isnt enough

the banks have committed numerou crimes. what really needs to happen is someone needs to charge the bank with a felony. not necessarily any specific individual but the bank as a corporate entity. You may as Why?

heres why. a company convicted as of a felony looses access to the markets. no more bond trading. no more stock trading.. a felony conviction of a bank or a securities firm for all intents and purposes puts it out of business.

look at what happened to arthur anderson in the enrom scandal. the company was convicted of a felony and had to close up shop. All you have to do is convict on of the big ones (id prefer JP Morgan since chase sems to be one of teh worst offenders although I wouldnt cry if it was Bank of America that was made an example of. I think if you even just charged on of them the result would be all the banks rushing to clean their shit up..