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Goldman paying 3.15 BILLION to settle stinky mortgage claims

Not to mention B of A got to take a tax deduction for their penalty.
 
bmoneydeac said:
It's like 50% of a year's net income. Not exactly a rounding error.
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It's still a bargain. My guess is that it was only a fraction of what investors lost not to mention how much homeowners lost.
 
RJKarl said:
It's still a bargain. My guess is that it was only a fraction of what investors lost not to mention how much homeowners lost.
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Probably. Still one of the biggest fines in history. I'd much rather see the masterminds in jail and preserve the institution than just fine the shit out of them after the big players have already captured ridiculous wealth.
 
RJKarl said:
It's still a bargain. My guess is that it was only a fraction of what investors lost not to mention how much homeowners lost.
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Homeowners for the most part had nobody to blame but themselves.
 
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bmoneydeac said:
Probably. Still one of the biggest fines in history. I'd much rather see the masterminds in jail and preserve the institution than just fine the shit out of them after the big players have already captured ridiculous wealth.
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+1 The people responsible for this are long gone, free, and very wealthy...not exactly a deterrent to the behavior.
 
ONW said:
+1 The people responsible for this are long gone, free, and very wealthy.
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Oh, they're free and wealthy, but hardly long gone. Most of them are still coming to work every day in swanky offices in Manhattan, plotting the next big scheme to separate American investors and taxpayers from their money with the least amount of personal risk and work.
 
ChrisL68 said:
Homeowners for the most part have nobody to blame but themselves.
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The people selling them the mortgages and encouraging them to lie and that it was OK also have a lot to blame. Millions of Americans aren't capable of understanding intricate, tricked out mortgages.

Plus people do trust professionals.

The banks and investment companies misled investors dramatically.
 
RJKarl said:
The people selling them the mortgages and encouraging them to lie and that it was OK also have a lot to blame. Millions of Americans aren't capable of understanding intricate, tricked out mortgages.

Plus people do trust professionals.

The banks and investment companies misled investors dramatically.
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If you are that unsophisticated of a potential homeowner than you have no business buying a house.
 
ChrisL68 said:
If you are that unsophisticated of a potential homeowner than you have no business buying a house.
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You are basically saying uneducated folks deserve to be ripped off. Do you believe that?
 
Deacfreak07 said:
You are basically saying uneducated folks deserve to be ripped off. Do you believe that?
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The underwriting standards should have been much much better, but that won't stop somebody from buying in a market that has had unsustainable appreciation and it won't stop somebody from using a more exotic adjustable rate or balloon mortgage over a standard fixed rate loan.

Should we have a financial aptitude test before somebody can get something other than a fixed rate loan? Perhaps, but until we do there isn't much of a solution.

People should be free to make the financial decisions they think are in their best interest. Inherent in that is a certain risk and reward.
 
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