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The infection in the world economy of subprime mortgages in 2008 that put the world in intensive care with mass evictions never seen before, seems to be endless and the solutions sought so far to contain the gangrene that destroys the “American Dream” of home ownership do not work as expected.
According to a recent calculation of Bloomberg News, the poor quality mortgages and foreclosures abuse cost him 65 000 dollars 700 million to the five largest lenders in the United States.
The Bloomberg calculations made on the basis of submissions to regulatory statements and company financial presentations of the five largest mortgage lenders in the nation. The data include forecasts and expenses attributable to repurchases, execution errors and abuse, reimbursement payments to investors for the value lost in poor-quality mortgages, legal settlements and costs of trials.
The sequel to the obvious damage and involvement of banks in the mortgage disaster prompted the Federal Housing Finance Agency (FHFA, according to its acronym in English) sued 17 banks and financial institutions.
In a statement, the FHFA said that with this complaint seeks to recover losses to Fannie Mae and Freddie Mac Among the defendants are the Société Générale and Credit Suisse, Bank of America, Goldman Sachs, Citigroup, JPMorgan Chase, Deutsche Bank, HSBC, Barclays and names, among others.
“The demands account for violations of federal law governing financial assets and the right in the sale of mortgage backed securities to residential conceived by these institutions,” the text said the federal agency.
And is that nobody doubts that the Gordian knot of the problems facing the world economy outside the housing bubble burst, which in the case of the U.S. was faced with some ingenuity on the part of President Barack Obama to rescue themselves banks guilty of the disaster.
Obama spent 75,000 million dollars to lenders willing to renegotiate with homeowners to avoid foreclosure. But the program was voluntary, and a very low percentage of mortgages were restructured, the government said in a report.
Professor at Harvard University and former chief economist of the International Monetary Fund, Kenneth Rogoff said it was a mistake the U.S. did not respond more decisively with the crisis of subprime mortgages.
“It was the biggest mistake of Washington, which spent much money on plugging the consequences, but did so in a way sufficient to compensate when their causes, ie mortgages. The Tea Party also contributed to it, saying it was unfair to help those who had bought, with easy mortgage, a home that was not related to their income. The Obama administration error was serious, “said the professor in an interview.
Wharton University, next to Penn Lauder CIBER (Center for Research and Education International and Santander Universities last year organized a conference entitled: “Global risk: New perspectives and opportunities and the experts concluded that the factors responsible for long-term instability remain active.
A report by the Californian firm CoreLogiv revealed that the number of homes with negative equity reached 10.9 million at the end of the first quarter of this year which represents 22.7 percent of all residential properties in the country.
The negative equity in homes is the fact that the house is worth less than the bank debt in the price of the mortgage and that dichotomy is one of the main causes of the economic crisis in the United States.
Analysts predict that banks will receive more complaints if housing prices continue to decline and foreclosures multiply. Notices of default sent to American homeowners in default rose 33 percent in August from the previous month, and applications of foreclosures rose 7 percent, according to a September 15 report prepared by RealtyTrac Inc., an California company that sells information.
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The federal funding for homes present the case against a list of “more than a dozen” to banks, including Bank of America and JPMorgan Chase
Madrid – The U.S. government bring an action for a “billion dollar” against several of the country’s leading banks for misleading investors about the quality of values ​​based on mortgages sold during the “bubble” real estate, the newspaper New York Times .
The federal funding for homes (FAH, its acronym in English), charged to watch the huge mortgage institutions Fannie Mae and Freddie Mac, will present the case against a list of “more than a dozen” to banks, including Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank.
US Bank Home Mortgage response about mortgage borrowers
In the process, the FHA will argue that the banks, the mortgage group in order to issue securities based on these assets, not fully ascertained the reliability of mortgage contracts, as required by the laws of stock exchanges.
When the “bubble” real estate exploded in late 2008, given the lack of payment by many mortgage borrowers, the price of mortgage securities has fallen sharply.
As a result, Fannie Mae and Freddie Mac lost more than $ 30 billion, losses which were covered mostly by federal coffers.
According to the sources of the New York Times, the action is brought by the FHA will be very similar to that formulated in July against UBS for $ 900 million.
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