Pennsylvania court decision over RMBS fraud

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Federal Home Loan Bank of Pittsburgh Scores Victory in Lawsuit Over Fraudulent Sale of Securities

More information on Sub Prime loans, secruitization, and the housing crisis at SubPrime Shakeout

Quote From SubPrime Shakeout
"In the first substantive decision handed down in any of the five major lawsuits by the Federal Home Loan Banks (FHLB) over RMBS losses, the Hon. Stanton Wettick, Jr. of the Court of Common Pleas of Allegheny County, Pennsylvania dealt a blow to JPMorgan Chase, Countrywide and other securitizers of subprime and Alt-A mortgage loans, while letting the ratings agencies largely off the hook."

Time will tell if the courts will hold the banks accountable.  The country needs to see some penalties levied against those in the mortgage business in order to restore trust in the financial system.  We are seeing continued kid glove treatment of the banks as the current crisis remains an anchor hindering the economic recovery. 

The ratings agencies have gotten  free pass as well as the appraisers and the home builders who had used their own mortgage financing arms to drive prices higher with inaccurate appraisals and by creating scarcity hysteria that was completed fabricated. 
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The demand is there because home owners are being fleeced...who wants mortgages for .25 cents on dollar

They are are being valued by the larger banks because they have already made money off the mortgage boom and wall street made their money by creating securities with our mortgages and in turn undercutting our assets. They are writing things down 75% but the banks will then be expected to collect 100% on these assets while the people on main street get shafted because the underlying value has been cut in half even though they have not profited like wall street or the banks. The banks and wall street peeps seem to think it is OK to make 3, 4 or 10 times profit from on the backs of American home owners while they get screwed into the ground because of banking greed and government failure to protect home owners from being hurt by the leveraged cdo's. We are all being used as profit centers and they have made money from the the loans on origination, then more profit selling mortgages as securities and now the fire sale buyers will get to make 300 and 400% profits on homeowners again because home owners have to pay the full value of their mortgage regardless of what caused the drop in prices. It is a load of crap and if one other person says people that bought things they couldn't afford are the cause of this problem I will jump through the TV and smack the crap out of them.