Securitization finally hits the Fan

[righty]

http://www.globalresearch.ca/housing-ponzi-scheme-losses-american-homeowners-battling-wall-street/5391538

Here we go the proverbial is finally gonna hit the fan big-time

Will this have any effect on the UK Market?
I think it will in that UK Banks are involved & these litigants have both the money & the clout to root out criminal wrongdoing. This in turn will mean that all securitized contracts/mortgages are recindable and that all monies paid, including interest charges AND damages/compensation would become payable by the banks to the debtors

As a footnote if this comes to pass, then the bank's shareholders & creditors would have to pick up the tab. If you have money in the bank that means you like the Greeks last year, you as a creditor would be expected to forfeit a percentage of our savings to save the banks again!

Better to buy gold & stick it under the mattress

[Sparkie1723]

Re: Securitization finally hits the Fan

Citi Bank have just had to pay 1.6 billion in compensation on this issue. Heavily involved in the American sub prime market.
Sparkie

[righty]

Re: Securitization finally hits the Fan

Citi Bank have just had to pay 1.6 billion in compensation on this issue. Heavily involved in the American sub prime market.
Sparkie

BUT now its their LARGE investors who are coming after them primarily because the banks didn't sue the sellers of these bonds or force a buyback under the terms of the agreement AND if they find criminal wrongdoing then all bets are off AND all contracts will probably be declared null & void AND that will include those ordinary citizens who did or do hold mortgages that went into the pot, some of which weren't sub-prime