This is another bit of counter-evidence to the wingnut claim that the government caused the 2008 collapse -
Buried in Fine Print: $57B of FHA Loans Big Banks May Have to Eat
by Kate Berry
OCT 7, 2013 6:43pm ET
AMERICAN BANKER
The nation's four largest banks are holding $57 billion of seriously delinquent loans that they've been slow to move into foreclosure over concerns that the Federal Housing Administration, the government mortgage insurer, will refuse to cover the losses and hit them with damages, according to industry sources.
However, the FHA's guarantee does not apply if lenders are found to have violated underwriting or servicing standards, or to have engaged in misconduct. Banks can also be held liable for treble damages under the False Claims Act if they are found to have "falsely certified" that mortgages met all FHA requirements.
Posts
1 comment:
If we look at the banksters as the government they regulatorily captured.....
Post a Comment