Fincial Times on August 26, 2014 5:24 pm published an article behind
its pay wall where in part CEO J ohn Stumpf is alleged to have stated the following or at least implied: If you guys want to stick with this programme of putting back any time, any way, whatever, thats fine, were just not going to make those loans and theres going to be a whole bunch of Americans that are underserved in the mortgage market, Mr Stumpf told the Financial Times
Alongside record penalties for banks that acknowledged wrongdoing, which continue today, officials have demanded more rigorous underwriting and tightened lending criteria. But there is a growing body of opinion, among some officials not just bankers, that credit in the market has become too tight. Wells Fargo, the worlds biggest bank by market capitalisation, is lobbying regulators to absolve banks from responsibility for later defaults that the bank says are often unrelated to underwriting standards.
If youre going to pick through each one looking for a technical fault not to pay your insurance policy were not going to be in that business.
All said and done, the above statement to an average person appears to be a warning of blackmail. Where is it said that blackmailing the government is not blackmailing the people? As the following statement is out of order to the Financial Times article, reference is paramount: John Stumpf said government-backed agencies that buy mortgages, such as Fannie Mae, Freddie Mac and the Federal Housing Administration, were too quick to accuse banks of faulty underwriting on mortgages that default and force them to repurchase the soured loans, known as put- back risk. The world for thousand(s) plus years has lived by you cannot sale what you do not own. [Nemo Dat] Where it is possible that underwriting has an error, the bigger issue of violating law is a criminal offense if one conspires to conceal is such that simplicity of law requires that a Mortgage Note and the Mortgage Notes Security Instrument (Mortgage, Deed of Trust, Security Deed) be in compliance with all applicable federal and state law, it is not a simple underwriting error, maybe CEOs like Stumpf would rather believe an opinion of counsel, concern would need to rise if such opinion accounted for all applicable law(s), would a law firm risk all their money and a RICO violation to avail themselves to make a Crystal Tower Friday Paycheck. The serious question that all these same illicit attorneys should concern themselves with, will the banks sacrifice the law firm for providing an incorrect interpretation of law as to be a tadpole subject to be fed to the sharks?
Does history repeat? Will thieves lie? Will a sinner make Heaven or is the soul bound to hell without rest. Will Satan have mercy on a soul? What question(s) should one ask of oneself?