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  • http://HPnoreply@blogger.com HP

    >I understand investors are able to proceed with lawsuits. Though, I do not agree since investing carries risk and they all understand there is a risk. My concern is with the individual that lost his home. He may have not been able to qualify for a mortgage but the banks gave it to him anyhow. The banks got away from the standarts of lending practice and misled them into a home they could not afford. Most of the population is not aware of the standarts of lending and the formulas for qualifying for a loan. Who is at fault. If it is the banker that approved or later sold and packaged the loan, should the class action include every lost home?I think the class action should include every lost home. The banker deviated from the norm to make money. The street shold not be the one paying. Open the lawsuit. It will be the biggest one in history.

  • http://www.blogger.com/profile/11501168638041947453 Isaac Gradman

    >Certainly, you are correct that investing carries risk. However, the way that investors determine whether the investment carries an acceptable level of risk compared to the expected return is by evaluating the prospectus for the deal and the governing contracts. Investors should be able to rely on the representations made in those documents regarding the contents of the deal and the manner in which it was put together. If there were material misrepresentations or omissions in those documents, investors have a viable claim that they were misled about the nature and amount of the risk they were taking on.I agree with you that borrowers who were misled into homes they could not afford may have viable claims against the originators or brokers connected with their loans. However, many borrowers were complicit in the irresponsible lending practices of the last five years. If a borrower lied about his or her income to qualify for a loan, and now can't make the payments, the home should be sold to somebody who can pay the mortgage and the borrower has nobody to blame but him or herself. I would also agree that any class action against a bank for improper origination or securitization practices should include every loan impacted by those practices. The makeup of the class will be determined by whether the claimants have common issues of law and fact that would benefit from joint resolution. After that, it's up to the individual claimants regarding whether to participate. Thanks for your comments,IMG

  • http://Anonymousnoreply@blogger.com Anonymous

    >It is my view that the financial crisis and recession which still plagues us was not a part of the regular business cycle, but rather was caused by the irresponsible and knowingly negligent actions of the investment banks and others. It seems to me that anyone who has been negatively affected by the "Great Recession" could possibly have standing in a class action suit. My wife and I were perfectly able to afford our mortgage payments and other obligations until our income was decreased by about two thirds due to the recession. Now we're doing a little better, but our credit is trashed and we're just barely hanging on. I have the feeling that the bankers who came up with the CDO/CDS schemes and continued pushing them even while they knew they were going down are doing just fine, thank you, and the banks which employed them are now making good profits thanks to being rescued by the taxpayers. How can we ordinary Americans, who ended up being victimized by this conduct get justice? What class action suits could be created or could we join?