Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Ohio Mortgage Market Probe Gains Steam

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-07-07 08:17 PM
Original message
Ohio Mortgage Market Probe Gains Steam
Source: Reuters

NEW YORK (Reuters) - A few months into his investigation into the subprime mortgage industry, Ohio Attorney General Marc Dann sees early signs Wall Street underwriters were not just participants in a mortgage boom- turned-bust, but potentially its key leaders.

Prompted by a rash of homeowner defaults and foreclosures rocking Ohio communities, Dann this summer launched an investigation that questions whether mortgage lenders, investment banks and rating agencies created a system that sold homes and loans to families who could not afford them.

"I've gone from saying, 'They must have known,' to it's possible the investment banks were directive of the mortgage companies who were directive of mortgage brokers," Dann told Reuters on Friday.

. . .

In June Dann told Reuters he had sued 10 mortgage brokers, lenders and appraisers as part of predatory lending schemes. A month later he turned his sights on credit rating agencies, who gave the highest credit grades to securities that have since proved to be riddled with risky assets.

Dann, who declined to comment on the recipients of his demand letters, said Ohio has been collaborating with prosectors from other states as fallout from mortgage market meltdown become a national issue.

Read more: http://www.reuters.com/article/bankingFinancial/idUSN0732967320071207



Ohio is becoming impressive now that it doesn't have that choke hold the corrupt GOPers had on it.
Printer Friendly | Permalink |  | Top
Sam Ervin jret Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-07-07 08:57 PM
Response to Original message
1. But Bush said It was all people greedy for fancy houses. Ws he WRONG?
Say it ain't so!
Printer Friendly | Permalink |  | Top
 
cliss Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-07-07 09:06 PM
Response to Original message
2. I just heard on the radio today -
Secretary of the Treasury Paulson was involved in this. Apparently he made a $ billion dollars personally??

OMG...I hope the crap hits the fan for this weasel.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat May 18th 2024, 05:30 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC