Comments on: Cuomo Using Martin Act to Pursue Subprime Securities Fraud http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue.html Sun, 22 Nov 2009 00:22:06 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue.html#comment-3578 Anonymous Thu, 31 Jan 2008 12:36:00 +0000 http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue-subprime-securities-fraud/#comment-3578 eh:<br/><br/>in a civil, as opposed to criminal, suit, the effect of borrowers who lied is, or can be, different because of the legal issues such as'notice' as well as inducemnet. this is not to say the actual cases will play out in that direction.... just that the likelihood of that approach is higher than in criminal litigation eh:

in a civil, as opposed to criminal, suit, the effect of borrowers who lied is, or can be, different because of the legal issues such as’notice’ as well as inducemnet. this is not to say the actual cases will play out in that direction…. just that the likelihood of that approach is higher than in criminal litigation

]]> By: eh http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue.html#comment-3572 eh Thu, 31 Jan 2008 09:51:00 +0000 http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue-subprime-securities-fraud/#comment-3572 It's hard to get too worked up over this. Every borrower who lied about his "stated income" is also guilty of fraud. But going after the bigger fish I guess scores PR points. It’s hard to get too worked up over this. Every borrower who lied about his “stated income” is also guilty of fraud. But going after the bigger fish I guess scores PR points.

]]> By: Yves Smith http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue.html#comment-3570 Yves Smith Thu, 31 Jan 2008 08:06:00 +0000 http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue-subprime-securities-fraud/#comment-3570 doc,<br/><br/>Scroll two post earlier. doc,

Scroll two post earlier.

]]> By: doc holiday http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue.html#comment-3569 doc holiday Thu, 31 Jan 2008 08:01:00 +0000 http://www.nakedcapitalism.com/2008/01/cuomo-using-martin-act-to-pursue-subprime-securities-fraud/#comment-3569 Better lok at this one!!<br/><br/>Subprime Lenders Get Big Accounting Break at SEC: Jonathan Weil <br/>Commentary by Jonathan Weil<br/>http://www.bloomberg.com/apps/news?pid=20601039&sid=aPSScH5rRBLM&refer=home<br/><br/>Jan. 30 (Bloomberg) -- Just when it seemed as if the mortgage mess had hit a new low, now comes this: The Securities and Exchange Commission's staff has granted the subprime-lending industry a huge exemption from the normal rules for off-balance- sheet accounting.<br/>By following new guidelines issued last month by a banking- industry group called the American Securitization Forum, Hewitt said servicers will be allowed to modify subprime mortgages where defaults are ``reasonably foreseeable,'' without jeopardizing the trusts' off-balance-sheet treatment.<br/>Hewitt's letter came in response to requests by the ASF, as well as the Treasury Department and others. On Dec. 6, the ASF published a ``streamlined'' framework for evaluating subprime mortgages issued from January 2005 to July 2007, where the initial rates are scheduled to reset before August 2010. Better lok at this one!!

Subprime Lenders Get Big Accounting Break at SEC: Jonathan Weil
Commentary by Jonathan Weil
http://www.bloomberg.com/apps/news?pid=20601039&sid=aPSScH5rRBLM&refer=home

Jan. 30 (Bloomberg) — Just when it seemed as if the mortgage mess had hit a new low, now comes this: The Securities and Exchange Commission’s staff has granted the subprime-lending industry a huge exemption from the normal rules for off-balance- sheet accounting.
By following new guidelines issued last month by a banking- industry group called the American Securitization Forum, Hewitt said servicers will be allowed to modify subprime mortgages where defaults are “reasonably foreseeable,” without jeopardizing the trusts’ off-balance-sheet treatment.
Hewitt’s letter came in response to requests by the ASF, as well as the Treasury Department and others. On Dec. 6, the ASF published a “streamlined” framework for evaluating subprime mortgages issued from January 2005 to July 2007, where the initial rates are scheduled to reset before August 2010.

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