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Bank of America agrees
to nearly $17B settlement

USA Today, by Kevin McCoy & Kevin Johnson

Original Article

Posted By:LittleHoodedMonk, 8/20/2014 11:58:13 PM

Bank of America has agreed to pay nearly $17 billion to settle federal and state allegations it sold risky, mortgage-backed securities to investors before the national financial crisis, a person familiar with the matter said Wednesday. The settlement, the largest in history between the federal government and a single company, is expected to be unveiled as soon as Thursday, said the person, who spoke on condition of anonymity in advance of the official announcement. The tentative deal is expected to include billions to the Department of Justice and several states, with billions more going to reduce mortgage payments for struggling homeowners

Comments:
Wonder why Holder is untouchable? Follow the money. Billions in this settlement are going to the Justice Department. Guess who they will use it to prosecute (amongst other untraceable things)?

      


Post Reply  

Reply 1 - Posted by: Th-Gr-Sil-Majority, 8/21/2014 12:11:28 AM     (No. 9974535)

...they don´t mention specifics, but something tells me that the DOJ and states are getting the greatest portion of it all...

...something tells me that the investors, most affected, will be last on the list...



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Reply 2 - Posted by: Italiano, 8/21/2014 12:50:55 AM     (No. 9974545)

Eric the Shakedown Artist strikes again.

Al Capone should have been born black and 50 years later. He never would have even been indicted.

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Reply 3 - Posted by: Janylou, 8/21/2014 1:06:51 AM     (No. 9974547)

WithHolder is the shakedown artist exordinaire!

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Reply 4 - Posted by: Country Boy, 8/21/2014 4:44:43 AM     (No. 9974590)

Yup, gov will keep most if not all of this money. The headline keeps the LOFOs thinking the government is here to protect them. Which is nonsense.

Most of this mortgage/banking meltdown of 2008 was caused by the Clinton administration forcing banks to make these crazy loans.

"I´m from the government and I´m here to help."

Same old.

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Reply 5 - Posted by: reilly, 8/21/2014 7:32:45 AM     (No. 9974688)


Check out the earlier history of Countrywide giving sweetheart mortgages to Democrat congressmen like Chris Dodd. Angelo Manzillo is still free, and Bank of America picks up the tab and the blame.


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Reply 6 - Posted by: LadyVet, 8/21/2014 7:47:23 AM     (No. 9974710)

I don´t recall specific dates in the whole mortgage meltdown timeline, but generally the government asked B of A to do these takeovers and then sued them for doing so.

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Reply 7 - Posted by: TOOTALL, 8/21/2014 8:35:25 AM     (No. 9974758)

You are right #4, but most Politicians wanted NINJA loans available to all their constituents back home, so everyone (mostly) got on the band wagon. The Dems were not the only ones beating this drum!

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