All you LEFTIES out there.....when your NEXT check is less........

[kydonky]

BOA bought Countrywide, a huge player in the mortgage business who also known for 'risky' loan practices. They were applauded by DC politicians at the time. Fannie and Freddy which everyone knows is controlled by DC politicians bought these risky loans en masse from Countrywide/BOA and resold them as investments.

You really believe they innocently purchased a trillion in loans without knowing the score?

Then the collapse, after which fannie and freddie became government complete entities for intents and purposes. US attorneys then sued BOA.

The 10 billion is government shark repellent money for BOA, their stock has actually gone up since the settlement.

You have to read the whole article.

The mortgage settlements just keep coming. On Monday morning, Bank of America said it reached an agreement to resolve virtually all existing and future claims that it (and mortgage lender Countrywide, which BofA bought in 2008) misrepresented the quality of home loans it sold to Fannie Mae from 2000 through 2008. In the deal, Bank of America is paying $3.6 billion in cash and is also repurchasing about 30,000 mortgages for $6.75 billion. That money all goes to Fannie Mae.

The reference to poloticians applauding them at the time stems from the idea that BOA would be taking one of the "Bad Actors" out of the business. Countrywide was notorious for writing sloppy loans. Bank of America got a raw deal in that it's purchase of Contrywide has cost it $$$$$$$$$$$$ and more $$$$$$$$$ if fines a penalties assessed to the Countrywide portion of their business. Still in spite of the fines and penalties they have been able to make profit.

The artcle and settlement speaks for itself, loans were misrepresented and sold to Fannie Mae. There was no mandate to write bad loans, that is all urban legand, pure Bull Carp. If there was a mandate by law they followed the law and would not be fined. They were fined for writting and selling loans with misrepresentation.

The equal rights act only required that loans could not be denied based on race and the Community reinvestment act only prevented loans being denied based on geographic location.

If you give these Banks a pass for their behavior then you should not complain for bailing them out.

[GeoFisher]

You have to read the whole article.

The mortgage settlements just keep coming. On Monday morning, Bank of America said it reached an agreement to resolve virtually all existing and future claims that it (and mortgage lender Countrywide, which BofA bought in 2008) misrepresented the quality of home loans it sold to Fannie Mae from 2000 through 2008. In the deal, Bank of America is paying $3.6 billion in cash and is also repurchasing about 30,000 mortgages for $6.75 billion. That money all goes to Fannie Mae.

The reference to poloticians applauding them at the time stems from the idea that BOA would be taking one of the "Bad Actors" out of the business. Countrywide was notorious for writing sloppy loans. Bank of America got a raw deal in that it's purchase of Contrywide has cost it $$$$$$$$$$$$ and more $$$$$$$$$ if fines a penalties assessed to the Countrywide portion of their business. Still in spite of the fines and penalties they have been able to make profit.

The artcle and settlement speaks for itself, loans were misrepresented and sold to Fannie Mae. There was no mandate to write bad loans, that is all urban legand, pure Bull Carp. If there was a mandate by law they followed the law and would not be fined. They were fined for writting and selling loans with misrepresentation.

The equal rights act only required that loans could not be denied based on race and the Community reinvestment act only prevented loans being denied based on geographic location.

If you give these Banks a pass for their behavior then you should not complain for bailing them out.

AND most of those bad loans were because the GUBMENT made them write them due to the CRA.

What do you not get about this?

Banks have been evil since the dawn of time, but in decades past, the GUBMENT hasn't told them that they must load money to bad risks......then comes along the Democratic sponsored and supported CRA....

Now we have a silly mess all created by nosy gubment.......

Later,

Geo