New post on Livinglies’s Weblog
New post on Livinglies’s Weblog
Mortgage group concerned about payment structures for fines
Group says large banks have the option to leverage loans they don’t own in order to settle violations
BY CHRIS DIMARCO
October 8, 2013 • Reprints
While the Department of Justice (DOJ) and J.P. Morgan and Chase Co. have still yet to reach a settlement to resolve a number of pending probes, investors are concerned that they could be unfairly required to shoulder the burden the banks pay out.
A group of mortgage bond investors has penned a letter to the DOJ, asking it to prevent any bank from using mortgage-backed security adjustments to pay fines. They did not directly imply that the settlement they were talking about stemmed from the ongoing discussions between JP and the DOJ, but raised concerns surrounding settlements with any major bank.
The group, the Association of Mortgage Investors (AMI), represents about 25 individuals and controls about $56 billion in assets under its organization. In the letter, which was reviewed by The Wall Street Journal, the group’s executive director Chris Katopis says, “Parties sued by the government or third-parties should not be able to settle with assets that they do not own, namely other people’s money.”
As of last week, J.P. Morgan and the DOJ had yet to come to agreement terms that would end a series of investigations pending for the bank. Settlement figures as high as $11 billion have been kicked around, according to individuals close to the case, although no official word has been made. According to speculation, $7 billion of that total would be paid out in fines, with an additional $4 billion going towards relief for struggling homeowners.
The Association of Mortgage Investors is said to be posturing proactively because of previous mortgage settlements made this year. In these settlements, banks could receive partial settlement credit if they reduced loan-balances. However, many of the mortgages they reduced balances on were managed by investors, and therefore not technically owned by the banks.
There has been little news out of the J.P. Morgan talks outside of speculation, and it is not known if the Department of Justice is considering the type of payment structure the AMI is fearful of in their talks.
There are thousands of people in Japan reporting to be suffering massive and recurring nosebleeds in recent days — Gundersen:
Japanese doctors explain that, “We know our patients have radiation illness” but we are forced to keep it secret (VIDEO)
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Over 3,000 ppl mostly of age under 30 are suffering from recurring massive nosebleeding in Japan
Source: Takahiro Katsumi (Foreign Policy Aide to Senator Tadashi Inuzuka, a member of the House of Councillors of the Japanese National Diet –Source)
Date: Updated Oct. 1, 2013
h/t Anonymous tips
- FACT: Over 5,000 ppl were reported of tweeting “nosebleed”（hanaji) over the past two-day period from 9/22-9/23 http://togetter.com/li/567445
- FACT: Over 3,000 ppl were reported of tweeting “can’t stop my nosebleed” (hanaji ga tomaranai) during the week of 9/20-9/30 (as of 12am 10/01/2013 JST)http://togetter.com/li/568710
- FACT: Over 2,500 ppl were reported of tweeting “I’m nosebleeding” (hanaji ga deta) during the short days of 9/28-9/30 (as of 12 am 10/01/2013 JST)http://togetter.com/li/570016
[…] WHAT YOU CAN DO:
For Japanese Facebook and Twitter users, I’ve been asking for assistance to help spread the survey to as much of the affected people as possible using the list shown above. For users overseas, I would like to ask the following: Help me create a database out of this massive list; Help me find reliable statistics on nosebleeding in general vis-a-vis abnormal nosebleeding; and Help me devise a way to bring in the international civic community’s attention on the matter.
‘Radioactive Spill’ at Fukushima: Tons seeping into ground; ‘Widespread structural problems’ indicated with tanks — Nitrogen injection for preventing explosions at reactors temporarily halted
Nuclear regulator criticized for ‘red tape’ job
Japan’s nuclear regulator is coming under fire from intellectuals. They’re being criticized for bureaucratic behavior.
The Nuclear Regulation Authority fielded comments on Monday from 6 experts who are studying the crisis in Fukushima. The discussion was a review of the NRA’s first year of operation.
“Fear of contaminated food and radioactivity in the metropolitan area” Takashi Hirose
The World Must Take Charge at Fukushima
Dr. Helen Caldicott Talks Bluntly About Fukushima
Bias Within the Court System, Blatantly Obvious, But They Refuse to Recuse Themselves
I have just received a copy of a daring and tempestuous motion for rehearing en banc filed by the winner of the appeal. The homeowner won because of precedent, law and common sense; but the court didn’t like their own decision and certified an absurd question to the Florida Supreme Court. The question was whether the Plaintiff in a foreclosure case needs to have standing at the commencement of the action. Whether it is jurisdictional or not (I think it is clearly jurisdictional) Stopa is both right on the law and right on his challenge to the Court on the grounds of BIAS.
The concurring opinion of the court actually says that the court is ruling for the homeowner because it must — but asserts that it is leading to a result that fails to expedite cases where the outcome of the inevitable foreclosure is never in doubt. In other…
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