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11:08 PM
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Bank of America sued by US for $1B
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Anonymous Coward 18046020:MV8yMDI3NjY4XzM0MDc2MjIyXzg3OEQ4M0Ex] [quote:Anonymous Coward 106502:MV8yMDI3NjY4XzM0MDc2MTQzX0E0OTZBQUU4] Where does the money from these "fines" go once they're collected? We never seem to hear that part of the story. [/quote] The money from the fines are spent on buying up all the MBS's, seriously, sort of anyway, I mean the Fed is buying up all the toxic mbs's to the tune of $45 BILLION each month, now we are suing One of the banks who committed these crimes in the first place? Who the fuck is on first? [/quote]
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[
link to www.kcci.com
]
(CNN) —
The Justice Department is seeking $1 billion from Bank of America, alleging the bank committed fraud by selling defective mortgages from a program it says was known within the bank as "the Hustle."
Those mortgages were purchased by government-backed mortgage finance firms Fannie Mae and Freddie Mac, resulting in over $1 billion in losses for taxpayers and countless foreclosures, according to the complaint announced Wednesday the U.S. Attorney for the Southern District of New York.
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