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If proven, Countrywide's mortgage fraud could threaten Bank of America

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posted on Nov, 24 2010 @ 06:36 AM
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If proven, Countrywide's mortgage fraud could threaten Bank of America


www.rawstory.com

Problems with mortgage documents Bank of American acquired when it purchased the mortgage provider Countrywide Financial in 2008 could cost the bank billions, if a testimony in a New Jersey foreclosure case proves accurate.

If her testimony is proven, Countrywide may have not properly transferred the necessary mortgage documents when it sold loans to other banks who then used the loans to create residential mortgage backed securities (RMBS).
(visit the link for the full news article)




posted on Nov, 24 2010 @ 06:36 AM
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Will this be the final blow to Bank of America?

Please please please please!

Or another bailout coming?

No no no no no...

Or worse... legalization of all the fraud committed by the banks regarding foreclosures in the last 15 years or so?

Anyway, I hope those bastards go down... they deserve it with all the frauds they've committed and all the money they've stolen from the taxpayers.

www.rawstory.com
(visit the link for the full news article)



posted on Nov, 24 2010 @ 07:00 AM
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I can only hope they fail, and they all are out on their backsides, so they too can feel the despair that so many Americans have felt when they were wrongly and illegally foreclosed on. However, I tend to think that we will bail them out again. Before we were married my wife had a mortgage through Countrywide. She applied for a loan modification and they sent her all the paperwork. She filled it all out, sent it in and they lowered her mortgage. She made the new payments monthly and then after about 6 months they contacted her and said that a "crucial piece of the paperwork was missing." She told them that she would re-send it and they said that was fine. Well a few more months passed and she got a letter from them stating that since she didn't submit the "crucial" piece with the original modification application that her loan couldn't be modified. Then the letter proceeded to state that since the loan couldn't be modified, she hasn't been making the proper payment on her mortgage and they were starting the foreclosure process. What these banks have done is criminal, yet not a single banking exec will ever see one moment of jail time. Instead we bail them out and give them permission to continue their criminal acts. Gotta love this country.



posted on Nov, 24 2010 @ 07:14 AM
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reply to post by Vitchilo
 


Time to steal some more money from the TAX payers, and pay the elite to pay back the politicians in the next election.

US is turning out to be such a joke, the whole system.

Someone has to step up and start the revolution before they completely dig a whole in the ship and take everyone down.



posted on Nov, 24 2010 @ 07:37 AM
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reply to post by oozyism
 


I agree with you on starting the revolution. Problem is, that whomever starts it will not have anyone to join them. People are either too afraid of the government, or as someone said to me the other day, "well it hasn't had an effect on me yet, so what do I care." Most people in this country are too busy with their self absorbed lives to care about their fellow citizens. This country truly sickens me.



posted on Nov, 24 2010 @ 07:42 AM
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Originally posted by IamAbeliever
reply to post by oozyism
 


I agree with you on starting the revolution. Problem is, that whomever starts it will not have anyone to join them. People are either too afraid of the government, or as someone said to me the other day, "well it hasn't had an effect on me yet, so what do I care." Most people in this country are too busy with their self absorbed lives to care about their fellow citizens. This country truly sickens me.


OK forget about revolution, how about show your message to your government, make them hear it one way or another.

How about give 5 minutes of your day to stand in protest against your government's actions.

I'm sure this tactic will spread like fire, and then you will see more and more people using 5 minute of their day to stand in protest with a sign describing their disagreements, and their anger.



posted on Nov, 24 2010 @ 07:52 AM
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reply to post by oozyism
 


You may be on to something. However, it seems that lately you can't do anything in this country that deviates from the "norm" without being labeled an extremist or domestic terrorist and then thrown in jail. I am not sure at what point it happened, but even I will not say anything about the government unless it is behind closed doors. When and how did it come about that we are too fearful to speak out against the government?



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