US government sues Bank of America over mortgage securities

US government sues Bank of America over mortgage securities

www.bbc.co.uk

The US government filed two lawsuits against Bank of America relating to fraud on $850m (£553m) of mortgage-backed securities.

The Justice Department and the Securities and Exchange Commission filed parallel suits in North Carolina.
Attorney General Eric Holder said the government wanted "justice for those who have been victimized."

Bank of America denied the charges, arguing "these were prime mortgages sold to sophisticated investors."

The bank already hinted it expected the suits in a filing last week.

(visit the link for the full news article)

Wow, looks like US Government are trying to grab every penny, why sue the Bank of America?

my thoughts......
War is coming and the Government need funds to put quickly (and quietly expand there forces), maybe its the start of this cull?

I'm not an expert at this stuff but can someone from the US who is explain what this actually means?

www.bbc.co.uk
(visit the link for the full news article)

open secrets . org / bank of america / contributions

Well,
either they are angry about their political contributions
being uneven, and more going to the other
party, or they don't like the idea of a young
boy being the center of their
corporate Mural.


ATS / Bank of America Murals

/who knows
Mike

I found it astounding that after 5 years the US government sue Bank of America over mortgage securities

I don't think they are the only financial institution who "knowingly and wilfully misled investors about the quality and safety of their investments" in residential mortgage-backed securities, perhaps just the first to get charged.
The BOA has just settled 2 civil lawsuits but that is nothing compared to being investigated and charged by the Department of Justice and the U.S. Securities and Exchange Commission.

This will be far reaching. incredibly.

reply to post by Phatdamage


Ha ha ha, Dog and pony show. Must be a shake down. 850 million?? Trust and believe that is just the crap they bundled and sold from one of the counties in that state.

They have the freaking audacity to make the claim that those that purchased that dog dung were "Sophisticated" investors. The game is so rigged they fugged all of us.

Guess how many municipalities and pension funds bought that stuff?? They stole everything that wasn't tied down. And our government crafted legislation so that they could fleece this country.

I want to just puke right now.

And people are screaming about birth certificates et al.

It doesn't mean anything at all, they just be throwin the dogs a bone.

The banks got away with it, possession is 9/10ths of the law.

If one doesn't use banks to buy what one can't afford through taking out loans to buy it, they just manipulate the prices of everything else, so one ends up paying either way.

The cycle usually repeats after war is used as the final distraction.

Round and round it goes, BOA will change it's name, and live to steal another day if the suit comes to fruition, besides, the suit is for nearly nothing compared to what was taken.

It's all a big joke.

LOL. 5 replies. A few stars and flags but....that is it.

You were upstaged by the Al Queda guys who can make explosives out of their clothing or some stupid crap like that.

Start a thread about a birth certificate. You'll be on the homepage in about 15 minutes, AND at the top.

Originally posted by GrantedBail
reply to post by Phatdamage

 

. And our government crafted legislation so that they could fleece this country.

I want to just puke right now.

Quoted above for truth. Both the gov't and BoA are complicit. As a former banker, it is simply astounding how the pyramid scheme worked so WELL on so MANY people.

Derek

The end results:

BOA agrees to a 50 million dollar fine and promise to restructure and oversee the mortgage process. Lawyers get some big bucks and the victims get $30 off on their next mortgage. No one goes to jail.

It pays to be a white collar criminal.

Peace

Originally posted by GrantedBail
LOL. 5 replies. A few stars and flags but....that is it.

i agree, I flagged this for the ATS Live! show thinking it was of importance, and woke up thinking id have to sift through pages of replies.....