Causes of the foreclosures and the meltdown:
Will lawsuits follow from consumers against Barclays?
Barclays Chief Executive Bob Diamond ought to be terminated and refund to every homeowner who were fraudlently overcharged based on his and senior executives price fixing on an index that controls interest rates on mortgages on about 90% of all American Adjustable rate loans. (Five Year Seven Year and Ten Year Mortgage rates were manipulated falsely/ increased by this scam.)
Barclays' Bank particular submissions to LIBOR - THE rate compiled daily through a panel of banks quoting the rate at which each bank estimates what they can borrow from one another, in various currencies - were much higher than many competitors.
I would love to read the internal emails and instructional power points that FSA, CFTC were able to view. This certainly is only the tip of the iceberg. Shame on you Bob Diamond
Posted by Caroline Gerardo