What is wrong with these bankers. Just following the rules they can make tons of money risk free and legal. Instead they all seem to want to make billions before they are fifty years old and retire to a mansion with a trophy wife in Boca Raton FL!!!! What make this even scary is the one who cook up these schemes come from prestiges colleges. What the hell are they teaching in these colleges!!!!!
Recommend freepers look up Meredith Whitney. One of her interviews a reporter ask how she saw the bank collapse when other analysts had the same data and did not see it. She pointed out that part of her analysis was the culture within management. She detected recklessness and disregard for traditional proven business practices. Add that to the data she detected she concluded financial disaster in the banking industry. She and a minority group of analysts were right in 2008.
Unfortunately she may have fallen to the get rich quick mentality. Her recent announcement that over 100 billion dollars of muni bonds would collapse caused a panic in the muni bond market. Problem is when she announced that on TV she also advised a hedge fund to bet against the muni bond market. Did her premature announcement conflicted with her hedge fund interests???? That may be why she refused to appear before Congress concern with the muni market report she announced. She made enemies involved with muni bonds and has competitors who would love to squash her before her firm gets large enough to compete against them. This conflict of interest may be raised to the SEC and Congress. Nothing surprises me about Wall Street and freepers should not put full faith in it. Leave it to the Wall Street schemers and Dem leftists to fight with each other. If both dies the country would be better off.
Sci-Fi fans will hearken back to the newest Battlestar Galactic where the phones are hardwired, and the computers aren’t linked to one an another. Computers are vulnerable, but typewriters (or offline computers + Printers) and messengers are truly secure. I predict a resurgence.
This could be bad for honest homeowners. That could be said for any BOA action however.
.........Sounds like how 0bambiCare is supposed to work behind the scene.
Does this include any ‘Bank of Amigo’ loans (to illegal aliens)?
I just purchased a foreclosure property in January where the first mortgage was held by BoA. They are crooks. They not only did not forgive one cent, they tacked on so much extra that I was ready to cancel the deal.
They were charging the former owner $8,600 per year for insurance through their own BoA insurance company. My insurance on the property with better coverage is $1,200 per year. In order to clear the property, I had to reimburse BoA all escrow expenditures for insurance and taxes that they paid on behalf of the previous homeowner. I paid the $8,600 full one year premium to the escrow and purchased the property. Now I am trying to get a refund of the unused premium. It’s like talking to the wall. This week I am turning them in to the insurance commission for fraud. No, they didn’t give it to the previous homeowner either!
This is only one of the crooked things I observed in my dealings with BoA. They are getting a pretty good return on their O’Bummer political contributions! (and Acorn contributions)
Further, they charged far more than the original loan amount, without even considering escrow payments. State law forbids them from collecting accrued interest and principle beyond the original loan amount (and lien amaount in the courthouse) when there are other mortgages. They just ignore the law and do what they want.
I hope this would be a tipping point to end husseins criminal carreer
TARP money?
They also took out insurance on my personal property in the structure. After several discussions, my insurance company talked to them and mentioned that it's illegal for them to insure themselves on property in which they have no tangible interest. Got a very polite call from them dropping all claims and removing all penalties and charges.
I read the article and could not figure out the fraud involved.
Personally, if I was holding the note, I would want to be sure that coverage was in effect to protect my interest in the property.