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Bank of America to pay $16.65 billion over mortgages

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iguanaman

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On Thursday, the bank reached a $16.65 billion agreement to pay the biggest settlement in history, adding to what was already a hefty bill for the bank.

The latest agreement settles probes by the Justice Department and six states that accused the bank of misleading the buyers of mortgage-backed bonds about the quality of the loans. The bank admitted responsibility, but the announcement did not include criminal charges.

The settlement includes almost $10 billion in various penalties and civil suit claims from federal and state regulators, with the rest earmarked for homeowner relief.

It's been an expensive few years for Bank of America (BAC):
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Bank of America to pay $16.65 billion over mortgages - Aug. 21, 2014

That brings BAC to a staggering $74 Billion in penalties due to misconduct in the mortgage boom. Yet there are some who doubt the culpability of the banks for causing the crisis. They had help of course, GW Bush was invaluable in his support of the bankers scheme and it could not have happened without his help.

HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)
 
iguanaman said:
Bank of America to pay $16.65 billion over mortgages - Aug. 21, 2014

That brings BAC to a staggering $74 Billion in penalties due to misconduct in the mortgage boom. Yet there are some who doubt the culpability of the banks for causing the crisis. They had help of course, GW Bush was invaluable in his support of the bankers scheme and it could not have happened without his help.

HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)
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I wish these people would go to jail.
 
EnigmaO01 said:
I wish these people would go to jail.
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Of that we agree, and I say we start the line with the politicians that went right along with them. As to the OP and blaming just GWB, he's already marginalized himself in this debate at the get-go. Anyone that knows the truth about the meltdown knows there were many players, and no specific person to blame.

Tim-
 
Hicup said:
Isn't congress controlling the money? How does Obama and the DOJ get to decide? I don't get this?

Tim-
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Guessing DoJ assesses the penalties and get the money. It damn sure shouldn't go to ACORN or the racists La Raza
 
iguanaman said:
Bank of America to pay $16.65 billion over mortgages - Aug. 21, 2014

That brings BAC to a staggering $74 Billion in penalties due to misconduct in the mortgage boom. Yet there are some who doubt the culpability of the banks for causing the crisis. They had help of course, GW Bush was invaluable in his support of the bankers scheme and it could not have happened without his help.

HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)
Click to expand...

OMG now that's funny. You have no idea what the BofA fine is all about, do you?
 
WCH said:
Guessing DoJ assesses the penalties and get the money. It damn sure shouldn't go to ACORN.
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The DOJ is just the lawyer for the government, note, government. It's the governments money, IE the peoples money, and who spends it is the people, NOT an arm of the administration.

I need to look into this further. Does anyone know how or where money from awards goes?

Tim-
 
Mr. Invisible said:
Did you read the article? It's talking about how former members of the now-defunct ACORN organization are now involved in other organizations and movements.



Do you have it from a source that is not so blatantly biased?
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The ACORN doesn't fall far from the tree. Why would these other groups be any different?

La Raza is certainly one to be concerned with. (without the ACORN ties)
 
iguanaman said:
Bank of America to pay $16.65 billion over mortgages - Aug. 21, 2014

That brings BAC to a staggering $74 Billion in penalties due to misconduct in the mortgage boom. Yet there are some who doubt the culpability of the banks for causing the crisis. They had help of course, GW Bush was invaluable in his support of the bankers scheme and it could not have happened without his help.

HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)
Click to expand...

Howdy i-man,

Addressing the 16.65 Billion:

This action was actually Gov. BS. Important missing background:

This fine was exclusively due to improprieties of Countrywide Financial only. and not BA maleficence. BA did not own Countrywide during the time period the problems occurred.

When Countrywide was failing, BA was coerced, by the Feds, to buy the organization and effectively absorb the financially plagued institution; then sued by the Feds for Countrywide's bad dealings.

Just more gov. showboating.

For me, I want to see specifically where every penny of that settlement goes. But, you can make a safe bet, that will not be exhibited. The action effectively lined the gov. coffers and hurt both private and institutional investors solely for appearances.

GW did influence some things but generally this is not one of them; he actually warned of the bank problem in 2001 but could not get Congress to act. The Housing melt down final coffin nail occurred during the Clinton administration and was initiated during the Carter years.. The entire debacle is quite involved and not so simplistic as to be able to blame the situation on one man (particularly the wrong man).

Celebrate "good" today

my 2 cents

Thom Paine
 
So, now the B of A is paying out nearly 17B to La Raza and the defunct ACORN, is that what we're to believe?
 
tres borrachos said:
OMG now that's funny. You have no idea what the BofA fine is all about, do you?
Click to expand...

A click of the link would tell you but you want to judge for yourself? What is ypur opinion?...your honor.
The latest agreement settles probes by the Justice Department and six states that accused the bank of misleading the buyers of mortgage-backed bonds about the quality of the loans. The bank admitted responsibility, but the announcement did not include criminal charges.
Click to expand...
 
iguanaman said:
A click of the link would tell you but you want to decide for yourself? What is ypur opinion?...your honor.
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Which has nothing to do with the link you put to Bush and his homeownership push. You really don't know that, do you?
 
tres borrachos said:
Which has nothing to do with the link you put to Bush and his homeownership push. You really don't know that, do you?
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You still haven't figured out the scheme? Here it is in a nutshell. Sell a bunch of predatory mortgages with balloon interest rates to people who couldn't afford them then bundle those mortgages up as "investment grade" bonds and resell them to unsuspecting investors. Then take out CDS's on those bonds that pay out if the bonds fail, which the banks already knew they would. It reminds me of W.C. Fields movie when a hick asks him if poker was a game of chance. "Not the way I play it...No" was his answer.
 
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