As many of you know, I am not an advocate of Bank of America, having said that, I don’t understand this one at all. It is my understanding that this settlement stems from B of A’s purchase of Countrywide. This was a purchase that they didn’t want to do, but were literally forced to do by the FED. If I recall the purchase price was $4 billion, which means that the settlement was two and a half times the purchase price. Now that is what I call a great deal.
I have always been curious, where does the money go, is it paying off the deficit in this country. With all of the settlements that the FED has worked out over the past couple of years, where does the money go?
Check out this article for details on the settlement:
BofA, Fannie Mae Resolve Repurchase Claims
"Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires B of A to pay the GSE $1.3 billion in compensatory fee obligations."
does anyone wonder why so many foreign criminals are leaping at the chance to grab any piece of their ill gotten gains? if the banks get stung, they just file a claim to the Fed Reserve and bingo they get REIMBURSED with YOUR TAX MONEY. it a no lose game, both for the criminals overseas AND the ones HERE in the banks. the ones losing are the saps paying taxes, the ones who actually DO pay taxes. so that excludes some of the BIGGEST most profitable corporate schemers known to mankind. (excluding the Chinese, but, who are quickly getting their playbook in order to cash in TOO!) enjoy the east coast, at least until you end up in a tent.
Joe
'It Wasn't Up to Me': Excerpts From Ken Lewis's Testimony http://online.wsj.com/article/SB124050112892948367.html This will hurt BoA even more now with more litigation: http://www.boasecuritieslitigation.com/ And perhaps more for ERISA litigation... Of course stockholders will see pennies returned as with the recent SEC settlement ): It is too bad. The Execs ruined a pretty decent company with purchases of CountryWide, ML and MBNA.
they hold the paper that you signed saying you are obligated to pay on, yet they can swap them about as if they were an actual item. so if countrywide decides to put your 'paper' in a box with others, they can somehow 'sell' it to another institution, thus giving the new 'owner' of your debt, the say so and the nightmares you are suffering. they are playing everyone of us as puppets on strings, with little or no regulations on how tight and jerky they yank those strings either! THEY OWN YOU, don't you get it? (well at least they own enough of your debt to threaten you and get away with it!)