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Bank of America just transfered $72 billion of toxic debt on the taxpayers

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posted on Sep, 18 2011 @ 12:43 PM
Originators of housing loans had always been the banks, through their slick advertising and small print to unconscionably get those whom cannot afford those loans to sign, so as to show a potential profit in a future NO HUMAN can ever predict, to collect tons of cash by the CEO and senior staffs in the present.

In the past of Fannie Mae, it was a stocktraded commodity, but by 2010, it was delisted. Its unconscionable practices were stopped as far back as 2008 when Paulson took it under the charge of the US treasury.

There will be unfornately many opinions on the merits of FM and GSEs, but the MOST critical is to always remember whenever such entities act, they act on authority of the ELECTED gov and are FULLY accountable for its directions, regardless of HOW the elected's conscience lays. It MUST represent the majority of its constituents, and no constituent would willing see another family evicted to face the cold severe winter comming soon.

FM had bought the assets of BOA, hopefully at the lowest price and the US treasury whom takes care of FM, may they have a social conscience and consider the plight of the hirers. Those lands now belongs to the Sovereign People through its elected legislatives - the gov.

And it is in the interest of the sovereign people tha none be left behind, even if means comming a bit more in taxes which would be unnecessary anyway as the land is now perpertual and can be leased base on lifespans, but if only the contentious Congress will for once, act on behalf of the sovereign people instead of facists corporations.

It's time to have a long talk or email to your congressman to act. For those whom are facing foreclosure now but are not under FM but standard banks, you will have to wait a bit longer when the banks will eventually have to falll, with the assets liquidated and bought at fire sale prices by the only wealthiest entity on planet Earth - the combined Sovereign People of a nation through their elected representatives.

posted on Sep, 18 2011 @ 12:57 PM
This is all about greed, because greed in America is applauded BofA reason for getting in the mortgage business and buying out Countrywide in my opinion was to get into the profitable servicing business.

This is from back in 2009,

But what does “BofA” mean in the message? Is it “BofA as lender who holds the mortgages on its books” or is it “BofA as servicer, who profits handsomely from foreclosures?” Remember, the rationale for buying Countrywide was to get hold of its servicing operation. And there has a good deal of evidence that regulators are tolerating some lax valuations on mortgages. Moreover, more aggressive liquidations might be seen, at least initially, as a plus by investors. Recall when banks first started taking subprime-related writedowns, the assumption was they were putting the losses behind them. And ironically, it seemed that with each quarter, the writeoffs kept getting bigger, yet the party line each time was, “Ah yes, they have really cleaned house, now haven’t they?”

Then this is now in 2011,

Taxpayer-owned Fannie Mae just bought the servicing rights to a bunch of bad loans from the struggling Bank of America. Where does it end?

FORTUNE -- Taxpayers may not realize it, but they just bailed out Bank of America again, this time to the tune of more than a half billion dollars.

The Charlotte, NC-based bank was one of the biggest recipients of bailout funds during the financial crisis. But Bank of America (BAC) continues to face deep problems related to its troubled mortgage portfolio and investors have battered the stock, which has plunged over 40% so far this year. That's escalated concerns that the bank may need to raise more capital. Yves Smith at Naked Capitalism has even started a BofA death watch.

But apparently the federal government is determined to resurrect BofA: the Wall Street Journal reports the feds have just used Fannie Mae, which is controlled by the U.S. government, to infuse BofA with $500 million and ease one of the bank's biggest headaches.

Now how in the hell all this deal went from $500 million to posible billion to 72 billions.

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