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Attorney Jason L. McCoy

Thursday, July 12, 2012

Libor Rate

Libor Rate-Rigging Scandal Sets Off Legal Fights for Restitution - NYTimes.com: Rate Scandal Stirs Scramble for Damages

Most consumer mortgages in the sub-prime market were linked to the Libor at adjustment but due to this conduct remain at a lower rate.  So the investor in sub-prime mortgages lost while the borrower benefited. Presumably the tax payers that funded the purchase of these sub-prime mortgages through TARP lost on interest but gained on less mortgages being subject to purchase based upon default. Likely this also impacted to some extent the AIG bailout for taxpayer.  HMMM?

You have to love those folks like banks, insurance companies and others that hate lawsuits unless they are wronged. Hypocritical positions?   Just another example of the falsity of tort reform.


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