Friday’s Rates

What a news day for the mortgage industry.   This morning the SEC has charged Goldman Sachs with fraud involving subprime mortgages:

The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter.

One has to wonder who the SEC will go after next.

As I write this post, representatives from the OTS and FDIC are testifying before a Senate Subcommittee on Investigations regarding the failure of Washington Mutual.   If you’re interested in watching, you can watch this on CSPAN-2.

OTS regulators authorized Washington Mutual to embark upon a high risk lending strategy.  OTS examiners also repeatedly criticized the bank for inadequate controls.  OTS examination documents cite “less than satisfactory

About Rhonda Porter

Rhonda Porter is an NMLS Licensed Mortgage Originator MLO121324 for homes located in Washington state. Her blog, The Mortgage Porter, is nationally recognized for sharing relevant information to consumers about mortgages.

She has been originating mortgages since 2000 at Mortgage Master Service Corporation #40445 Consumer NMLS Website: http://www.nmlsconsumeraccess.org/TuringTestPage.aspx?ReturnUrl=/EntityDetails.aspx/COMPANY/40445
NMLS ID 40445. Equal Housing Opportunity.

You can follow Rhonda on @mortgageporter, Facebook and/or Google+

Leave a Reply