Andrew Coumo in the News.another lender

[Brad Ellis]

Carnivore,

Why is it necesary for you to split hairs on this. The press release was from the NY State AG office. They got the money. Coumo is the current AG.

Sometimes they dont get the money!

I can understand why a lender or lender rep would want to diminish Mr Cuomos's credibility considering the current state of affairs in the mortgage industry.
__________________

I do not consider setting you stright on an erroneous statement to be splitting hairs. You attributed this succes to Cuomo; he had nothing at all to do with it. It was Spitzer (now NY Governor) along with numerous AGs from other states.

Just because Cuomo's office issued the statement ought not to be reason to attribute the success to him at all. And I am not trying to discredit Cuomo. His credibility was destroyed for me when he was Sec. of HUD and issued that stupid, infantile definition of a flip.

I'll say this about the younger Mr. Cuomo- he ain't his Daddy! And about all I really see from him is political opportunism. So go ahead and give him credit for something he was not involved in. Your reluctance to accept the facts tells me a great deal.

Now I understand that you, like many others, are hoping that this whole thing with the current suit implodes at least one AMC. That is fine- and this time, if he wins, it WILL be to his credit.

We are going to have to wait and see both the outcome of this AND whether or not he includes other firms. Pam has stated she has even more on LSI than on EAP. If true (and I am not doubting it) I must wonder why he has not already included them. Could it be lack of evidence? If so, have they not contacted Pammie for her stuff? And if she gave it to them already, what's the hold up?

Brad

 

[Kevin Mc]

I agree.

I'll say this about the younger Mr. Cuomo- he ain't his Daddy! And about all I really see from him is political opportunism.

but then again he is a politician. His daddy is a great intellectual but was an opportunist as well and did not leave NY State in any great shape when he left office. As for the splitting hairs debate, I think it is petty.

 

[Karl]

IF you were to actually take the time to read the HISTORY of Mr Cuomo & the OTHERS that are going after these lenders. THEN you MIGHT understand how this "Domino Affect" is going to play out. Mr Cuomo is NOT the only PLAYER but he is the ONE that needs the CREDIT this time around,

Read & see who else is in the mix of players are in this & read there history of the past five years. IF your a lender & a "TRAINEE" shows up at your office representing ANYONE of the key players Be scared; be very scared. Cause I have yet to see this group LOOSE!! easiest way OUT?? Volunteer to a settlement & change your company name & move on.

 

[Lost Cause]

While I am not a big fan of Mr. Cuomo, I am impressed that he is taking action while the Feds continue to doze.

As for his taking credit beyond his own achievements, that's the stuff that all politicians do, both the ones you like and the ones you don't.

And where have the Feds been all this time? Where are they now? Why haven't there been more people asking these questions?

 

[The Matrix]

I believe Cuomo was formally the head of HUD when many of the banking regulations were watered down so that even the unqualified could get loans...glad to see he's now trying to clean-up the mess....I wonder how much taxpayer money was used to collect the 18 mil.

 

[rcsone]

...Where are the Feds? They are part of the program to exchange energy and import deficits for all these interest rate leverages from a few years ago back when money was not worth anything.....low single digit returns for investors/savers........pile it up and the representative paper trails, like the airplane exhaust tails, become disappeared in effect quickly. The old S & L grab was a rupture of the market, so that the large banks and their relations could acquire the good assets by their signatures for capital. The additional capital was then "earned" by lowering the payout rates to depositors creating interest spreads that soon provided the needed capital base for the Regulators. Also these "business entities" had no liability on the managed units or their resulting loan portfilio. All win win for those of the SIGNATURE RIGHTS..........different drama this time with foreign unpaid players this time..............better this time------less US Government underwrite(I hope...).....best to all......rs

 

[Michael Tipton]

Cuomo was with HUD during the Clinton administration. I believe most of the "watered down" sub-prime lending occurred during the current administration.

 

[rcsone]

.....additionally, why would a bank take the trouble to appeal state supervisions over mortgage and other branches near now? Preparation was done before and Supreme Court's decision was 4-17-07 to confirm........did they know this was coming? Or did they make it happen?....................sure they did.........rs

 

[Brad Ellis]

Michael,

Cuomo was with HUD during the Clinton administration. I believe most of the "watered down" sub-prime lending occurred during the current administration.

That would really not be accurate. First, sub-prime lending has been with us for 30 years (that I can remember personally); what is new is the 80/20, no-doc/low-doc, stated incomes, NINAs, etc. types of loans.

And, sorry but those pretty much all occured during Mr. Bush's term- it has now been 7 years since. The hard data is out there.

What is troubling me here is this:

We have appraisers (you guys do remember what you do- no?) out there making statements that are neither factual nor accurate. And this happens within an environment in which we are all trained to find out the facts before forming an opinion. So what happens? Well we just fail to find out, report wrong stuff, and then, when someone says no- that is wrong- it now just becomes "splitting hairs".

OK- I'll start.

I am guilty of actually posting incorrect information on at least one occasion I can remember.

Now let's see how many of you have the guts to say so.

Brad

 

[Couch Potato]

Happens to us all.

OK- I'll start.

I am guilty of actually posting incorrect information on at least one occasion I can remember.

Now let's see how many of you have the guts to say so.

Brad

I thought I was wrong once, but I was mistaken.


Why spoil a good argument with the facts.


(Actually, I can recall at least three times where I was just plain wrong. I believe I posted that fact in each case. Not positive of that, nor am I going to reread every thread to be sure.) I think it greatly adds to one's credibility to admit mistakes when they occur. People can then be confident one means what is said, and is not just speaking out of pride. :new_smile-l: