Sealink Funding Ltd v. Countrywide Financial Corp et al, No. 652679/2011;
Landesbank Baden-Wurrtemberg et al v. Bear Stearns & Co et al, No. 652680/2011;
Sealink Funding Ltd v. Bear Stearns & Co et al, No. 652681/2011.
The lawsuits accuse the banks of packaging large amounts of high-risk mortgages by such issuers as Countrywide Financial now owned by Bank of America, and Bear Stearns and Washington Mutual, now owned by JPMorgan, in pursuit of higher profit.
These are the latest cases where it's bank vs. bank suing each other into poverty over toxic mortgage deals. In case you are wonder who the hell Sealink is... they are a ferry company. Stick with boats guys.
I am losing track of all the cases but in the end it won't be the Fed, Obama, Merkel or anyone else who will deliver hope and change. It will be the blood sucking lawyers who will be the only ones who will be able to spare some change. Hope already left town to parts unknown. Have at it boys.
In the meantime the Attorney Generals are trying to come to a cohesive and comprehensive 50 state agreement with MERS etc. There are a couple of AG's holding out against the bought and paid for AG's. Hopefully they are holding out for the rule of law and not a bigger personal payout. We shall see.
Now we know exactly why Jamie Demon and the other lesser demons are lawyering up.