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(The New York Times)   BoA will pay Fannie Mae $10 billion to compensate for or buy back bad mortgages   ( dealbook.nytimes.com) divider line
    More: Interesting, Fannie Mae, Bank of America, Brian T. Moynihan, Federal Reserve, mortgages, loan servicing, PIMCO  
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715 clicks; posted to Business » on 07 Jan 2013 at 11:17 AM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



16 Comments     (+0 »)
 
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2013-01-07 10:28:11 AM  
If the settlement doesn't involve sending BOA's board to prison and seizing their assets, then it's a slap on the wrist.
 
2013-01-07 10:44:17 AM  
If BOA were a person, I would punch it in the face.
 
2013-01-07 11:24:29 AM  
Yay! More fees for their account holders!!
 
2013-01-07 11:27:46 AM  

Grapple: Yay! More fees for their account holders!!


Who in their right mind still has an account with them?  Save yourself, and find a Credit Union or (if you qualify) USAA
 
2013-01-07 11:44:44 AM  
Why are they continuing to call forged foreclosure documents "flawed paperwork"? This is felony fraud we're talking about, not forgetting to dot the i's and cross the t's.
 
2013-01-07 11:49:30 AM  

BullBearMS: Why are they continuing to call forged foreclosure documents "flawed paperwork"? This is felony fraud we're talking about, not forgetting to dot the i's and cross the t's.


because when you get to write your own rules, you never suffer any consequences as a result.
 
2013-01-07 12:20:28 PM  

Grand_Moff_Joseph: If the settlement doesn't involve sending BOA's board to prison and seizing their assets, then it's a slap on the wrist.


Nah, I want to see severed heads hanging from lampposts
 
2013-01-07 12:31:18 PM  

Grand_Moff_Joseph: If the settlement doesn't involve sending BOA's board to prison and seizing their assets, then it's a slap on the wrist.


This particular case doesn't involve BOA wrongdoing so much as wrongdoing they inherited when they bought Countrywide,  in this case only THOSE are the people that should be behind bars-starting with Angelo Mozilla
 
2013-01-07 01:08:54 PM  

Evil Twin Skippy: Grand_Moff_Joseph: If the settlement doesn't involve sending BOA's board to prison and seizing their assets, then it's a slap on the wrist.

Nah, I want to see severed heads hanging from lampposts


fine.  but only AFTER we seize their assets and use it to pay off as many mortgages as possible - starting the the unemployed, and people with lower incomes.
 
2013-01-07 01:09:10 PM  
The Taylor, Bean, & Whitaker debacle was fun to watch. A little prison time  for their CEO, and lots of millions of dollars of restitution.

This 10 billion deal is good to see.  Real estate/mortgages is one of the biggest of the country's economic engines, and it needs to be stimulated. Looks like it's happening.
 
2013-01-07 02:07:04 PM  
My parents I swear where the only people to benefit from the whole Countrywide debacle.

Right before the shiat really hit the fan my Mom got a call from them offering a greatly reduced interest rate for their mortgage if they agreed to stay with Countrywide. My parents were not shopping around for a new mortgage either, it was weird.

My parents now pay like 600 a month for their house.
 
2013-01-07 04:01:11 PM  
Fines and punishments are great and all, but is the US Govt planning to replace Fannie and Freddie with anything that's workable, and NOT that susceptible to being hijacked by Wall Street?

I didn't follow the debate very closely but during the summer I seem to remember that a consensus had not been reached yet.
 
2013-01-07 09:12:06 PM  
www.motherjones.com

This blew my mind the first time I saw it. I can't imagine why we'd be having problems with banks.
 
2013-01-07 10:31:31 PM  

neaorin: Fines and punishments are great and all, but is the US Govt planning to replace Fannie and Freddie with anything that's workable, and NOT that susceptible to being hijacked by Wall Street?

I didn't follow the debate very closely but during the summer I seem to remember that a consensus had not been reached yet.


It would sure help - but it won't solve the problem. There are still a million ways these institutions can get their hands on piles of bad paper - and still being relatively unregulated, they can still stuff that shiat into blind portfolios, get some crooks like Moody's to give it a AAA rating, and sell it off to some bigger sucker.
 
2013-01-08 09:31:43 PM  

BullBearMS: Why are they continuing to call forged foreclosure documents "flawed paperwork"? This is felony fraud we're talking about, not forgetting to dot the i's and cross the t's.


Got any proof of that?
 
2013-01-09 02:10:17 AM  

jmr61: BullBearMS: Why are they continuing to call forged foreclosure documents "flawed paperwork"? This is felony fraud we're talking about, not forgetting to dot the i's and cross the t's.

Got any proof of that?


Where in the hell have you been? It's been in the news for years now.

Why do you think the banks were forced to halt foreclosures in all 50 States a couple of years ago? They got caught.

After that, the banks swore off the practice of submitting fraudulent foreclosure documents, but of course continued it.
 
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