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May 24, 2013
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BofA Takes $335M Hit in Countrywide SettlementPosted on Dec 21, 2011
Since Bank of America absorbed the imploding mortgage-market megafirm that was Countrywide Financial in 2008, BofA must now pay for Countrywide’s ignominious past of pushing sketchy subprime deals on vulnerable would-be homeowners. And Wednesday, the Justice Department sealed a settlement deal that ensures BofA will pay dearly indeed. —KA
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By Shenonymous, December 24, 2011 at 3:50 pm Link to this comment
For B of A it is just a drop in the bucket (of you now what!)
Report thisThis is part of what Occupy Wall Street is all about and it is
my hope they turn their attention to completely exposing this
financial debacle.
By berniem, December 24, 2011 at 10:55 am Link to this comment
Replacing a Gonzales with a Holder is like getting rid of the Shah for the Ayatollah! FREE BRADLEY MANNING!!!!!
Report thisBy litlpeep, December 24, 2011 at 10:44 am Link to this comment
What do we call it when we turn something upside down?
Has criminal justice in the United States of America not been turned upside down by the United States Government?
Who, pray tell, has overturned justice in these United States of America?
Report thisBy litlpeep, December 24, 2011 at 10:38 am Link to this comment
One has no doubt ‘Attorney General Eric Holder, Jr. said the settlement showed that the Justice Department would “vigorously pursue those who would take advantage of certain Americans because of their race, national origin, gender or disability,”’ One also wonders: how does 335 million dollars stack up against the money the criminals were paid for, in effect, having committed the crime in the first place?
How does that stack up against all the degradation of the US Government’s character, having once again demonstrated the US Government rubber stamps token “justice” against the world’s most heinous criminals, while simultaneously condoning the most bizarre and outlandishly “cruel and unusual punishments” against a hungry man who steals a loaf of bread to feed his starving children? Or against a hormone-stricken teen for puffing on a joint?
Anybody home in the US Criminal Justice culture?
Report thisBy gerard, December 22, 2011 at 3:26 pm Link to this comment
And will people who were cheated out of their homes get one single penny out of this? Naturally, that’s not even mentioned. So now what?
Report thisBy truedigger3, December 22, 2011 at 11:10 am Link to this comment
Again, not admitting any wrong doing! Not a single day in jail! A fine which is a small fraction of the fraudlently obtained profits! What a fu*king farce!
Report thisBy Blueokie, December 22, 2011 at 10:20 am Link to this comment
If the two tiered Justice system worked for everyone like it works for political and economic elites:
“Yes your Honor, I was driving against traffic, on the sidewalk, throwing my empty whiskey bottles out the window while doing 50 m.p.h. in a school zone. I admit to no wrong-doing. I have an endorsement from Pres. Obama saying what I did was unethical, but not illegal, and we must look forward and not backward. Here is a dime to cover my fine, where do I pick up my change?”
Report thisBy thecrow, December 22, 2011 at 6:09 am Link to this comment
http://michaelfury.wordpress.com/2011/11/11/illicit-but-ill-defined/
Report thisBy EmileZ, December 22, 2011 at 2:08 am Link to this comment
@ kimsarah
I guess you said it all (most eloquently).
But I just wanted to add a bit of insult to injury…
Bank of America merges with Countrywide (in order to save us from the next “great depression”) and takes on its financial liability. The question of criminal liability for Countrywide’s widespread fraud has apparently been settled long ago by fining Mozila (its CEO) something like 60 million which is closer to a kiss on the patootie then a slap on the wrist.
To all you subprime mortgage holders who aren’t getting doodely-squat from this latest bold justice department action…
Sorry suckers!!!!
That is just the way the “free market” works.
Haahahahaha!!!
You Lose!!!
Glub glub glub (underwater chuckling).
Report thisBy kimsarah, December 22, 2011 at 1:05 am Link to this comment
I’m real glad that once again no wrongdoing has been admitted, and that no criminal charges will be brought forward. The system’s sure working like a well-oiled machine.
Report this