Posted on 08/08/2013 5:16:06 AM PDT by SoFloFreeper
The U.S. government on Tuesday filed two civil lawsuits against Bank of America for what the Justice Department and securities regulators said was a fraud on investors involving $850 million of residential mortgage-backed securities.
The Justice Department and the U.S. Securities and Exchange Commission filed the parallel suits in U.S. District Court in Charlotte, according to the court filings.
The securities date to about January 2008, the government said, putting them just at the beginning of the global financial crisis.
But it is purely indicative, I think, of the pure hatred this regime and the mindset of socialists to hate private sector wealth.
Really, the assault on every sector of the private sector, with very few exceptions, has been targeted by these central planners.
What a disaster.
No, what you have is part of the real estate bust. Basically, these MBS packages were asserted to have been represented as A rated securities backed by home loans, when the loans were, in fact, very risky and, in some cases, fraudulent loans.
To see what happened, Google “Countrywide Home Loan fraud” as BofA bought Countrywide.
Actually, this is sweet.
BoA has long been a piggy-bank for the DemocRAT Party—One reason I stopped doing business with them.
If the RATs haven’t started eating their own, at least they’re soiling their nest.
Bank of America bought my father’s credit card account the year previous to his passing.
I went in with a death certificate and proof of being executrix of the estate, told BofA my dad had a life insurance policy that had been specifically for the account’s balance, and would they please contact me if they had further questions.
They told me the estate division would contact me.
Instead, I received a bill - in my name! - with an account number I had never seen before. My father’s estate had assets, but I did not.
Bank of America sucks.
True. But why now? Why wasn’t it the first order of business when the rats took office?
Let’s not confuse a big oligarchic/state-entangled mess like Bank of America with “capitalism”, though.
Impeachment File on Communist, Benghazi Coward “B. Hussein Obama,” formerly known as Barry Soetoro, currently a Legal Citizen of the Sovereign Nation of Indonesia.
The feral government is just taking a page out of “Jesse & Al: Shakedown Artists” book. They run the economy into the ground buying votes from the dependent classes, then go after any cash they see in the businesses they are regulating to death.
No wonder Apple stays in Ireland. Any business chartered in the USA is asking to be fleeced by a government of Takers that can shut them down.
All part of the plan...pay us money and no one will go to jail for their greedy misdeeds, including any complicit politicians.
BoA was forced to buy Countrywide by this very same government that is suing them. I’m no fan of BoA, but this appears absurd on the face of it.
I would argue it is intimidation, retribution. B of A was ordered to do something and didn’t .
The penalty is harassment.
The Democrat Party is a Criminal Enterprise. The DOJ is their legbreaker
They are trying to bluff you. If the amount is big enough, contact a lawyer.
BofA is as evil and anti-capitalist as the Obama administration.
Been there, done that.
Obama is using HUD to “compel diversity in neighborhoods.” Drudge reports that DOJ is investigating JP Morgan on mortgages. DOJ sues BoA over mortgages. Obama gives a talk on mortgages and Fannie Mae, a brand new theme for him, one that hasn’t surfaced in 4-1/2 years of “governing.”
Why is all of this sudden interest in punitive actions on housing and mortgages? Why is all of this happening now? There hasn’t been any clamor, uproar or agitation by the usual malcontents that I’m aware of.
Conclusion: all of this is a massive diversionary tactic away from the multitude of scandals swamping the Obama administration. In addition, he knows that this will punish white America and further endear him to brown America, so it’s a win-win for him. This will take over the front pages and yak-shows and push Benghazi, IRS, Snowden, et al off the stage.
It’s not unlike Billy-Jeff launching cruise missiles at aspirin factories and camel-humper tents, but on a much larger scale.
AMEN- anti-gun B&A.
They made their bed alongside the Dem party and now they’re finding out they too gotta lay in it.
I keep saying there’s tons of votes to be mined by smackin’ around bankers. Keep your eye on that Fake White Indian.
“Obama is using HUD to “compel diversity in neighborhoods.” Drudge reports that DOJ is investigating JP Morgan on mortgages. DOJ sues BoA over mortgages. Obama gives a talk on mortgages and Fannie Mae, a brand new theme for him, one that hasn’t surfaced in 4-1/2 years of “governing.”
Why is all of this sudden interest in punitive actions on housing and mortgages? Why is all of this happening now?”
~~~~~~~~~~~~~~~
JP Morgan link (this article was never posted on FR):
JPMorgan says being investigated by DOJ over mortgages [Aug 7, 2013]
http://www.cnbc.com/id/100928557
JPMorgan Chase & Co, the biggest U.S. bank by assets, said on Wednesday it is being investigated by civil and criminal divisions of the U.S. Department of Justice over offerings of mortgage-backed securities.
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