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HUFFPOST SUPER USER
CncrndCtzns
12:57 PM on 08/07/2013
I have an idea. Instead of financing casinos why don't labor union pension funds finance homes for their members. It would take the banks out of the loop and keep the money in this country and out of MBS's and cash flowing where it can immedialtey be used again. It would also help the funds to grow independently of corporate contributions
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HUFFPOST BLOGGER
Virginia Sullivan
12:50 PM on 08/07/2013
This is an appropriate investigation, as they all should be investigated. But, I'm sure BofA followed all the guidelines and gave proper information to investors. There is no area of finances that wasn't impacted by the economic downturn that occurred during those years. I lost plenty- but I also knew the risk I was taking. I guess I have to take responsibility for that. Virginia- FirstClassWoman
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LibRule
So how did that one-term thingy work for you?
05:58 PM on 08/07/2013
"I'm sure BofA followed all the guidelines and gave proper information to investors." Seriously? Do you think the DOJ would file FRAUD lawsuits without good reason? Issa isn't running DOJ, you know.
HUFFPOST SUPER USER
Dad2three
CONservatives are the prob!em, never the solution!
11:19 PM on 08/07/2013
The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence. To understand the crisis we have to focus on how the mortgage fraud epidemic produced widespread accounting fraud.

http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!

Bush's official press release states on June 17, 2002:
"Today, President Bush announced a new goal to help increase the number of minority homeowners by at least 5.5 million before the end of the decade. The President's aggressive housing agenda will help dismantle the barriers to homeownership by providing down payment assistance, increasing the supply of affordable homes, increasing support for self-help homeownership programs, and simplifying the home buying process & increasing education.
12:47 PM on 08/07/2013
Bank of America has been freeing up MSR's since January.

They have been selling notes like candy...

In short, they have been freeing up money.

www.LendersUnited.com
www.forum.lendersunited.com
12:09 PM on 08/07/2013
I guess this is why they don't have time to investigate the IRS...LMAO
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HUFFPOST SUPER USER
lallen
A meat eating nonpc proud Liberal
11:47 AM on 08/07/2013
BOA will pay another fine, and continue business as usual.
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LibRule
So how did that one-term thingy work for you?
06:01 PM on 08/07/2013
..with "business as usual" consisting of passing those fines onto their customers.
krist6804
retired, tired and been retreaded 3x
11:34 AM on 08/07/2013
Do we have corruption in our DOJ?

How can $850 million of residential mortgage fraud not be a CRIMINAL CASE?

How could the CEO banking executives who pull the corporate strings be exempt from jail?

How could the fraudulent bond rating agencies escape jail for their fraudulent safety stamps on bundled mortgage investments they never opened up to inspect?
11:32 AM on 08/07/2013
As a stockbroker, I clearly remember how bad the markets were in 2008 and how nearly all the banks went bust, Is it "appropriate" for BAC to have been bailed out and supported and now being sued?. They paid back their loans and taxpayers made money on the investment. Clearly a touchy subject.

Craig Lieber
This user has chosen to opt out of the Badges program
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12:32 PM on 08/07/2013
Did they in fact "pay it back" or was it "paid back" with other forms of corporate welfare: QE, ZIRP, Twist, TAG, 1.334 trillion per GAO Audit. I guess it depends on your definition of "paid back".
HUFFPOST SUPER USER
Dad2three
CONservatives are the prob!em, never the solution!
11:21 PM on 08/07/2013
Sure, let me commit FRAUD, get a loan till things 'come around'. IS THAT APPROPRIATE?

http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html
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HUFFPOST SUPER USER
Jwj1220
11:12 AM on 08/07/2013
So let me get this right. Big banks eff just about every American who bought a house during the boom. They fail because they got way too greedy and lax in giving loans. We bail them out with our tax dollars (so we the people paid them twice) and now the government is going to sue them and keep all the money we paid them twice. Seems legit.......
11:09 AM on 08/07/2013
Credit Unions treat you better.......

Try your local credit union out.....
11:08 AM on 08/07/2013
Move your money... don't do business with the too big to fail Wall Street banks.

Find a local bank, Credit Union or Savings and Loan....they will treat you better.
11:07 AM on 08/07/2013
The Too Big to Fail Banks need to be broken up into 3 or 4 smaller banks.....

It is time to end too big to fail and bring some competition back to the banking business.
11:06 AM on 08/07/2013
FRAUD IN THE FACTUM is a type of fraud where misrepresentation causes one to enter a transaction without accurately realizing the risks, duties, or obligations incurred.[1] This can be when the maker or drawer of a negotiable instrument, such as a promissory note or check, is induced to sign the instrument without a reasonable opportunity to learn of its fraudulent character or essential terms. Fraud in the factum usually voids the instrument under state law and is a real defense against even an holder in due course. Follow the money and you will find the fraud! The homeowners got screwed on this deal as well not just the investors.
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Bethany Quartz
Liberty and Justice for All Humanity
11:05 AM on 08/07/2013
Sues? I clicked on this hoping to see indictments and arrests. I'm very disappointed but not surprised.
10:59 AM on 08/07/2013
What ever happened to monopoly laws? Remember when Ma Bell was broken up? The too big to fail, too big to jail institutions are destroying our country. Libor rate scandal, mortage fraud,commodities price fixing, consumer fraud..and the list goes on.
Bank lobbiest and the corrupt politicians who accept campaign money from these corrupt institutions are all to blame. Money in exchange for legislation is what has brought us here.
HUFFPOST SUPER USER
appelonia
10:56 AM on 08/07/2013
ABOUT GD TIME!!!! Now, when The People win this case, be sure to give back the money they stole TO The People they stole it from (including my husband, via Merrill Lynch, to the tune of $140k)!!!