Big Banks Told Not To 'Fix' A Fraud

A student of history will notice that while technology advances, certain things within the core of society remain the same. The boom bust cycle, while maintaining subtle differences in description, remains largely the same. Extended periods of easy money based on lax credit terms tends to culminate in what few call acceptable rewards relative to the risks and many other's depict as outright fraud. The description chosen depends always depends on who received those rewards.

In two letters released Friday, Attorney General Richard Cordray criticized a number of banks and loan-servicing companies, including Wells Fargo & Co.; Ally Financial Inc.'s GMAC Mortgage; Bank of America Corp.; and J.P. Morgan Chase & Co. Mr. Cordray said the banks are trying to paper over fraud committed in foreclosures with temporary fixes that don't address underlying problems in the banks' practices.

Source: online.wsj.com
From Bob