Quotes of the month
"We don’t think there are cases where people have been evicted out of homes where they shouldn’t have been"
You would hope that Jamie Dimon, chief executive of JPMorgan, would know for sure
"If the investigation of front-end documentation practices uncovers assignment failures in any scale resembling the back-end foreclosure processing failures, the scale of uncertainty could create a market response reminiscent of the Lehman period"
Joshua Rosner, lawyer at Graham Fisher, sees a legal basis for calling into question the whole securitization process
"If there’s no guarantee in the banking system then that adds to concerns in the sovereign spread, then the whole thing becomes a self-reinforcing negative loop. We’ve got to get out of that, by stabilizing the whole environment across a multi-year horizon"
Willie Slattery, head of State Street Ireland, on the need for an extension of government guarantees for Ireland’s banks, which are due to expire at the end of the year
"No other bank has any kind of major problem that we know of"
Noorullah Delawari, member of the Afghan central bank’s supreme council, on the aftermath of the run on Kabulbank
"Alan Greenspan lauded the growth of the markets in CDS and CDOs and said the effect would be to dissipate risk throughout the financial system to the point where it no longer mattered. In hindsight that proposition was stupid"
Dick Saunders chief executive of the UK Investment Management Association, points out the difficulties of macro-prudential supervision