Another Drop In The Bucket

…from the US Attorney’s office in Manhattan.  I love how they file the complaint, settle the case and announce it all in a self-congratulatory press release naming three great federal AUSA’s who “worked” on it and, of course the judge – all at the same time.

Apparently Citibank wasn’t taking HUD lending restrictions seriously, like everyone else.  That’ll teach ’em:  $158 billion million or, roughly, 1.5 years or so of Lloyd Blankfein’s income from Goldman Sachs.

And if lenders actually do start taking HUD restrictions seriously, they won’t be making any loans.  And if that’s the case there won’t be many buyers for homes, and more current owners will wind up “under water” and there will be more foreclosures and evictions.

Sounds like a deflationary spiral to me.

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Filed under financial crisis, Judicial lying/cheating

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