Free Republic

Investors may be seeking to derail negotiations between powerful bondholders and Bank of America Corp. that could cripple the leverage that others have in demanding payback for faulty mortgage loans, said William Frey, president of Greenwich Financial Services. The investors would be picking a fight with Pacific Investment Management Co., the Federal Reserve Bank of New York and other huge players in the market for residential mortgage-backed securities. The Pimco group, led by Houston law firm Gibbs & Bruns, said in December it opened a dialogue with Bank of America over its demands, which include compensation from lenders that misrepresented...

The first pair! I'm impressed.The former treasurer of Taylor, Bean & Whitaker Mortgage Corporation, once one of the largest mortgage lenders in the country, admitted to helping run a $1.9 billion fraud scheme that was directed at the government’s Troubled Asset Relief Program and contributed to the failure of Colonial Bank. Up to 30 years in the Bubbette Motel. That's a start... Of course one straw prosecution doesn't impress me. There should be thousands. Colonial alone was a massive screw job as I repeatedly documented, and BB&T set forth in stark relief exactly how bad the malfeasance and misfeasance related...

Full title..Fresh Group Of Life Insurance Companies Sue Countrywide Alleging "Massive Fraud" In Mortgage Security Sales Just another taste of the legal worries that will keep Brian Moynihan's lawyers busy putting out mortgage related fires. A group of life insurance companies has sued Countrywide alleging massive mortgage fraud. Here's the list of plaintiffs. Here's the intro of their complaint: