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Bank of America sued by US for $1B

 
mopar28m
Lev. 23:23-25

User ID: 14265444
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10/24/2012 12:51 PM

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Bank of America sued by US for $1B
[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.


[snip]
vaccinefreehealth.spam

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Racin​g to end vaccinations.
Anonymous Coward
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10/24/2012 12:56 PM
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Re: Bank of America sued by US for $1B
Wow.. didn't they just get sued a few months back???
Anonymous Coward
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10/24/2012 12:57 PM
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Re: Bank of America sued by US for $1B
Bofa is on the phone with Bernanke, --- 1 billion no problem.
5a
anonymous
User ID: 1511037
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10/24/2012 12:58 PM
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Re: Bank of America sued by US for $1B
That is too cool, criminals suing criminals, what next.
Anonymous Coward
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10/24/2012 01:00 PM
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Re: Bank of America sued by US for $1B
sorry but...so what?

these guys get tens of billions in bailout funds
give themselves millions and millions in bonuses

and, oh noes, they might have to pay a billion in a lawsuit?
honestly, if someone gave you billions and billions and wanted ONE billion back wouldn't you be okay with that?

hell yeah you would

this is nothing but a farce
kind of like when big pharma or big oil or gmo corps like monsanto get sued and has to pay out millions for the wrong they've committed AFTER they've made billions and caused destruction
Anonymous Coward
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10/24/2012 01:02 PM
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Re: Bank of America sued by US for $1B
Bofa is on the phone with Bernanke, --- 1 billion no problem.
5a
 Quoting: Anonymous Coward 4328761


ohyeah
No Dhimmi
Proud Infidel

User ID: 15685685
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10/24/2012 01:02 PM

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Re: Bank of America sued by US for $1B
Corzine and Obam
Background of my avatar: [link to en.wikipedia.org]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.
[link to www.cspipublishing.com]
[link to www.faithfreedom.org]
[link to thereligionofpeace.com]
[link to www.bibleprobe.com]
[link to www.fatherzakaria.net]

Ecclesiastes 10:2 “The heart of the wise inclines to the right, but the heart of the fool to the left.”

We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
No Dhimmi
Proud Infidel

User ID: 15685685
United States
10/24/2012 01:03 PM

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Re: Bank of America sued by US for $1B
2 year old with
Background of my avatar: [link to en.wikipedia.org]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.
[link to www.cspipublishing.com]
[link to www.faithfreedom.org]
[link to thereligionofpeace.com]
[link to www.bibleprobe.com]
[link to www.fatherzakaria.net]

Ecclesiastes 10:2 “The heart of the wise inclines to the right, but the heart of the fool to the left.”

We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
Anonymous Coward
User ID: 22148958
United States
10/24/2012 01:04 PM
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Re: Bank of America sued by US for $1B
You can not punish a money center or investment bank by collecting fines. It is like punishing a dog for peeing on the carpet by withholding its food. it will simply drink more water and pee more.

This basic fact is why the USA will be in a depression for 10 more years. we are in the phase now where mid-level elite are awakening. they are rejecting the final steps of training to become like the current PTB.

The 10 years we must endure is for the dirtbags like blankenfeild (god's work, on CNBC today) to atrophy and leave the system under their own power.

In china, they execute bankers, they dont fine them. in the USA, not a single architect of the evil was fired, much less imprisoned. in fact, we bailed their companies out, continued to give them bonuses, and then gave them positions in academia (hank paulson) or government (tim geithner)
Anonymous Coward
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10/24/2012 01:34 PM
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Re: Bank of America sued by US for $1B
Billion, Schmillion they don't care...
Anonymous Coward
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10/24/2012 01:35 PM
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Re: Bank of America sued by US for $1B
sorry but...so what?

these guys get tens of billions in bailout funds
give themselves millions and millions in bonuses

and, oh noes, they might have to pay a billion in a lawsuit?
honestly, if someone gave you billions and billions and wanted ONE billion back wouldn't you be okay with that?

hell yeah you would

this is nothing but a farce
kind of like when big pharma or big oil or gmo corps like monsanto get sued and has to pay out millions for the wrong they've committed AFTER they've made billions and caused destruction
 Quoting: Anonymous Coward 12779781


^THIS^
Anonymous Coward
User ID: 106502
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10/24/2012 01:37 PM
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Re: Bank of America sued by US for $1B
Where does the money from these "fines" go once they're collected? We never seem to hear that part of the story.
Anonymous Coward
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10/24/2012 01:44 PM
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Re: Bank of America sued by US for $1B
Where does the money from these "fines" go once they're collected? We never seem to hear that part of the story.
 Quoting: Anonymous Coward 106502


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?
Anonymous Coward
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10/24/2012 01:45 PM
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Re: Bank of America sued by US for $1B
only a billion?
Anonymous Coward
User ID: 26182892
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10/24/2012 01:47 PM
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Re: Bank of America sued by US for $1B
That is too cool, criminals suing criminals, what next.
 Quoting: anonymous 1511037


sockpuppet
Anonymous Coward
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10/24/2012 01:48 PM
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Re: Bank of America sued by US for $1B
Where does the money from these "fines" go once they're collected? We never seem to hear that part of the story.
 Quoting: Anonymous Coward 106502


It goes to the same place other sin taxes go. 100% of casino and lottery money supports the schools. 100% of tobacco and alcohol taxes goes to healthcare for those people. So that the "non sinners" dont have their rates go up. 100% of the $1.00+/gal in gasoline taxes goes to pay for roads and bridges.

And this guy did not have sex with that woman.pigchef

Sarcasm aside, the money will go to the SEC. Its chairman was on the Blomberg Tevee two days ago saying he needs more staff because his agency can not detect the crimes that happened 10 years ago, much less the crimes that are occurring today. Not joking, thats what he said.
Superheavyweight
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10/24/2012 01:49 PM
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Re: Bank of America sued by US for $1B
Eagle # 1
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10/24/2012 01:53 PM
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Re: Bank of America sued by US for $1B
WHAT a laugh !

One bankrupt corporation suing another !

Guess who will pay the courtroom costs ?

That's right ! Taxpayers, debt slaves .... YOU !

Eagle
Renegade (Me too)

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10/24/2012 01:53 PM

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Re: Bank of America sued by US for $1B
[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.


[snip]
 Quoting: mopar28m


Who would that billion go to?

The people who were fraudulently foreclosed on?

Thanks for the info! 5*

Last Edited by Renegade () on 10/24/2012 01:54 PM
Who is John Galt?
Anonymous Coward
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10/24/2012 01:56 PM
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Re: Bank of America sued by US for $1B
It probably won't phase them but I hope they burn and heads roll.
Anonymous Coward
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10/24/2012 01:59 PM
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Re: Bank of America sued by US for $1B
$1 billion? DROP IN THE BUCKET compared to what they were bailed out of and what they've been defrauding their customers for years.

Who says crime doesn't pay?
T Ceti H.C. Radnarg

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10/24/2012 02:01 PM
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Re: Bank of America sued by US for $1B
I'm loving it,BOA allowed my exwife to do a restructure mortgage/lower payments without my signature...whats really funny is i have the deed to the house in my hand and shes still paying that mortgage,roflmao...1rof1
How unfortunate for some rulers when men,women,and children continue to think... Keep repeating the lies loud enough and long enough and just maybe the people will start to believe the lies again and good luck with that...finding your energy open until mars becomes raging aries...
Anonymous Coward
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10/24/2012 02:01 PM
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Re: Bank of America sued by US for $1B
smoke and mirrors. Bank of america provides EBt cards and payments. The US probably pays BOFa billions for this service. Us probably cannot afford the payment this month.
FatalW1shes

User ID: 18009481
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10/24/2012 02:04 PM

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Re: Bank of America sued by US for $1B
Ahh so this is how the Government launders money.


They get BOFA to buy Countrywide....then start QE1 and QE2 and give BOFA enough cash to get going again, then print a billion dollars...then sue BOFA.

So BOFA goes back to that FDIC money window, gets a printed billion dollars, then gives it to the government.

So that billion that never existed is now real.....


Neat little operation they have going there...
MrAC2U

User ID: 18008148
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10/24/2012 02:10 PM
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Re: Bank of America sued by US for $1B
I am right in the middle of this with Countrywide/BoA/Freddymac.

I guess if we can't get our homes outright, the next best thing would be to have the gov adjust the principle amount owed so that people could stay in their homes with a lower monthly payment. I kind of see this happening with the mortgage backed securities being bought from the banks.

Like LW said - we would be paying our mortgages to the gov.

Hopefully the adjustment will be made from a combination of current home values and house hold income. This would take care of the many people displaced from their job due to the economy.

What I don't get- the banks surely know this will do in the dollar. Part of the plan?
Anonymous Coward
User ID: 5453499
United States
10/24/2012 02:11 PM
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Re: Bank of America sued by US for $1B
Ahh so this is how the Government launders money.


They get BOFA to buy Countrywide....then start QE1 and QE2 and give BOFA enough cash to get going again, then print a billion dollars...then sue BOFA.

So BOFA goes back to that FDIC money window, gets a printed billion dollars, then gives it to the government.

So that billion that never existed is now real.....


Neat little operation they have going there...
 Quoting: FatalW1shes


This practice is widely supported by both major parties. But that does not matter.
2012Portal
2012Portal - The Mayan Calendar

User ID: 15022013
Netherlands
10/24/2012 02:14 PM

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Re: Bank of America sued by US for $1B
Too big to matter.

The Fed will bail them out.
Mayan Calendar and 2012-
From the love of power to the power of Love -
[link to 2012portal.myfeedportal.com]
Renegade (Me too)

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10/24/2012 02:18 PM

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Re: Bank of America sued by US for $1B
I am right in the middle of this with Countrywide/BoA/Freddymac.

I guess if we can't get our homes outright, the next best thing would be to have the gov adjust the principle amount owed so that people could stay in their homes with a lower monthly payment. I kind of see this happening with the mortgage backed securities being bought from the banks.

Like LW said - we would be paying our mortgages to the gov.

Hopefully the adjustment will be made from a combination of current home values and house hold income. This would take care of the many people displaced from their job due to the economy.

What I don't get- the banks surely know this will do in the dollar. Part of the plan?
 Quoting: MrAC2U


I am in the middle too. Think some of that billion will go to our mortgages?
Who is John Galt?
Anonymous Coward
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Canada
10/24/2012 02:25 PM
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Re: Bank of America sued by US for $1B
Spit, rinse and repeat as needed.. not one single conviction, yet trillions of dollars have gone 'missing'. They'll keep doing it as long as they figure the people are buying it.

One billion lost turns up at another bank as a profit they borrow ten dollars on the dollar & bury the original fiction with nine new ones.. it's all fun and profitable until some one tosses a molotov into the lobby.
T Ceti H.C. Radnarg

User ID: 25547107
United States
10/24/2012 02:29 PM
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Re: Bank of America sued by US for $1B
Ahh so this is how the Government launders money.


They get BOFA to buy Countrywide....then start QE1 and QE2 and give BOFA enough cash to get going again, then print a billion dollars...then sue BOFA.

So BOFA goes back to that FDIC money window, gets a printed billion dollars, then gives it to the government.

So that billion that never existed is now real.....


Neat little operation they have going there...
 Quoting: FatalW1shes
agent move the presses ,their on to us..
How unfortunate for some rulers when men,women,and children continue to think... Keep repeating the lies loud enough and long enough and just maybe the people will start to believe the lies again and good luck with that...finding your energy open until mars becomes raging aries...
WVGAL
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10/24/2012 02:42 PM
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Re: Bank of America sued by US for $1B
BofA is foreclosing on houses whose borrowers' mortgages were insured. They are foreclosing, collecting the insurance $ on the mortgage, they selling the foreclosed property as well. How can this be legal?

They are also not foreclosing on properties correctly. I am in the RE industry and am always extra careful when dealing with a BofA foreclosure property. Always get title insurance when buying a foreclosure!

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