Relevant:
- Seven Public Pension Systems Call Out Major Lenders on Their Foreclosure Practices
- Banks Lose Pivotal Massachusetts Foreclosure Case
- Wells Fargo Claws Back Millions From CEO And Division Head After Scandal
- Pimco: Foreclosure Deal Stiffs Pensions
- Wells Fargo Boardroom Showdown Looms, Pitting Ever-Smug Buffett vs. Public Pension Funds
2011-01-10 — zerohedge.com
``After on Friday two of the biggest mortgage lenders in the world were hit with bad news out of the Massachusetts supreme court, today it is seven of the nation's major pension funds, between them representing nearly half a trillion in capital, which are demanding that "the boards of directors of Bank of America, Citigroup, JP Morgan Chase, and Wells Fargo immediately undertake independent examinations of the banks’ mortgage and foreclosure practices." The coalition of pension funds called for the banks’ Audit Committees to launch independent examinations of their loan modification, foreclosure, and securitization policies and procedures''
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catherine at 07:40 2011-01-11 said:
yeppin they are getting it now, THOSE FORECLOSURES AND FALLING VALUES ARE KILLING the mortgage backed securities that pensions and insurance companies and banks are stuffed to the rafters with........... and there is not enough taxpayer dollars in the world to plug those damn holes..... it is no coincidence that the Fed and US government are buying up those toxics as fast as they can AT FULL DAMN VALUE with our money........they don't want to save Americans, they are spending as quick as they can TO SAVE THOSE UNION PENSIONS........(remember when the entire Congress raced back from vacation to pass a 'save the union jobs bill??) this is just starting guys............strap in and pay attention Permalinkachtung at 08:45 2011-01-11 said:
yeppin they are getting it now, THOSE FORECLOSURES AND FALLING VALUES ARE KILLING the mortgage backed securities that pensions and insurance companies and banks are stuffed to the rafters with........... and there is not enough taxpayer dollars in the world to plug those damn holes..... it is no coincidence that the Fed and US government are buying up those toxics as fast as they can AT FULL DAMN VALUE with our money........they don't want to save Americans, they are spending as quick as they can TO SAVE THOSE UNION PENSIONS........(remember when the entire Congress raced back from vacation to pass a 'save the union jobs bill??) this is just starting guys............strap in and pay attentionJust a note for the factually impaired folks on the forum: "The Council of Institutional Investors, a Washington, DC-based pension fund trade group, has surveyed 68 of its members, and found that on average, a relatively tiny 3.6% of their assets is in real estate, either through securities or direct investments, according to Ann Yerger, the organization's director of research." Must be low rafters .... or something... Permalink
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