4-May-11 News -- U.S. sues Deutsche Bank for $1 billion

[John]

4-May-11 News -- U.S. sues Deutsche Bank for $1 billion, as the EU investigates antitrust violations

Deutsche Bank's actions make you want to vomit

** 4-May-11 News -- U.S. sues Deutsche Bank for $1 billion, as the EU investigates antitrust violations
** http://www.generationaldynamics.com/cgi ... b#e110504b

** 4-May-11 World View -- Greece's bond yields at 25%
** http://www.generationaldynamics.com/cgi ... 04#e110504

Contents:
"U.S. sues Deutsche Bank for $1 billion, as the EU investigates antitrust violations"


### World View -- Greece's bond yields at 25%

"Greece's bond yields fall from 26% to 24.78%"
"Syria arrests hundreds, charging 'degrading the state'"
"Egypt's Hosni Mubarak could be executed"
"Superman renounces U.S. citizenship"
"China's media reflect border disputes with India"
"Map of China's 'String of Pearls' strategy"

[jldavid47]

You keep referring to the Boomers as incompetent, but the actions you describe are better classified as unprincipled, rather than incompetent. If the Boomer bosses were incompetent, they would never have realized what the Gen-X-ers were up to. The fact that they knew what they were up to and condoned it show a lack of principles/ethics/morals not a lack of competence.

[mannfm11]

John, I read that case. I spent about a dozen years in the real estate and mortgage business. Direct endorsement is a system that allows a company to approve its own loans without spending a month waiting on a FHA underwriter. There used to be some oversight in place. It is clear the guys running that mortgage outfit were no going by the book, but in my time in the mortgage business, those loans covered near the end of the suit would have been forced buybacks. Plus, HUD knew these guys were not running their shop according to Hoyle and not only their direct endorsement, but their right to originate FHA/VA loans, which are sold in GNMA pools should have been terminated no later than 2004. As much as the government wants to whine about the losses, the buck should have stopped with them. I have not only been a loan officer, a real estate agent, but for awhile I was a broker and I packaged and originated my loans from application to closing. The packages that were described in that suit couldn't have even made it to an underwriters desk, much less gone past it approved. The loan should have been rejected by the pool, even if there was insurance on it. Mortgage companies don't make money off loans they can't market. The government was as complicit in this matter as Deutsche Bank, as Deutsche Bank should have been cut off. If I were the defendant in this case, I would point my finger back at the government. If they didn't mind taking trash in 2002 and were still getting trash in 2005, why was it the company was still doing FHA loans in 2009? There was a cavalier attitude as to what was allowed into the pools. Quality control on all sides went out the window. I would seriously doubt there weren't bribes paid to politicians and HUD and GNMA employees.