"It's all too tedious reading about investor losses and writedowns while so many are having homes stolen and lives wrecked. Does Z-Man even get that what servicers do to homeowners is intrinsic part of what banksters did to investors? Who would knowingly invest in hedge funds with pools of CDO's in which servicers actively perpetrate MSF rendering those investments worthless while "trusted????" bankers line their pockets with CDS profits?
``The real question is, Are there appropriate firewalls between trading desks and captive servicing businesses?'' said Joshua Rosner, a managing director at Graham Fisher & Co., an investment research firm in New York. ``If there are not, it would appear to pose real ethical and possibly legal risks in pitting the fiduciary responsibilities of those banks against those investors they have an obligation to.''
BTW - Bear Stearn's credit default swaps against asset-backed securities reduced its overall exposure by $2.4 billion at the end of November. $2.4 billion...............Hello!
Blossom your point is well taken with regard to the untold grief and
illicit schemes inflicted on homeowner victims who could least
afford to lose their home, their equity and be unfairly deprived of
their right to a basic fair hearing. So many of them lacked the real
financial muscle and expertise needed to make it a fair fight. The fact
is that these particular victims couldn't afford an extra $20K for a
competent winner take all legal battle. HOWEVER...
As we all know, this was all part of the illegal plan by the Bear/EMC,
Ameriquest/AMC etc. white collar crime machines of the world.
Sure the class actions can and will ultimately put a monster financial
hickey on these shameless greedy charlatans. Make that criminals.
But Joe and Jane Average will have to wait an est. 48 months for that
kind of competent “free of charge” representation. But rest assured they
will indeed ultimately prevail without risk. However in most cases the
rewards will be only a fraction of what they were actually swindled out of.
(Here's hoping class action firms like James, Hoyer don't rush to settle.)
But this will be their solace: Without the deep pockets of the investors who
were defrauded we would not have the ultimate satisfaction of seeing
major white collar crime factories and their executives face a new kind of
justice the homeowners could never have achieved on their own.
Personally I am thankful for the Mr. Z’s of the world.
Ed Cage | 1804 Cross Bend, Plano Texas | firstname.lastname@example.org | 972-596-4363