U.S. Sues Bank of America for $1B for Mortgage Fraud!!

where we do foreclosure mediations, bankruptcies (representing borrowers / debtors).

This issue is dear to my heart.

So glad to see this!!

Your post jumped out at me.

Now let's go after the rest of them!

The timeline on your link is 10:25 for the AP. Sorry, but it's short notice to throw a parade. I'm looking forward to more in depth analysis.

Not to the Bank of America. To wit:



So, yeah. A billion dollar fine makes a great headline. It certainly sounds enormous. However, when compared to a trillion dollar taxpayer-funded insurance scam, not so much.

no big deal?

As for this particular civil case, though, they and their underlings at Countrywide in all probability won't.

Something else to consider: It's more than likely this case will head down the course to a nice settlement before there's any need to publicly name names, like what the DoJ did with the robo-signings they forgave the banks and the American billionaires over their secret Swiss bank account tax dodges.

Money, like the DoJ, is forgiving like that.

. . .that's what I expect this case was built on -- previous prosecutions.

I still don't agree with your level of cynicism on this. The case you cited has been debated here. It's never enough for some folks. This administration can never do enough for some. Perhaps, that's all well and good and how it should be.

As a newspaper reporter during the early 90s, I helped document how one Michigan Savings & Loan was hijacked by crooks connected to the GOP, the DEMs, and the Mafia. People would show up for a "commercial" loan and all they'd have to do for collateral was show a deed to a high-rise as theirs. The fact that the actual owner's name was hidden by White-Out still visible on the photocopy really was no problem. In this example, a guy got $6.5 million to start a business he had no intention of starting. After cashing the check, he distributed the cash to his hidden partners who disappeared the dough to the Caymans and beyond. When the original guy couldn't pay the loan back, he declared bankruptcy. No problem for the S&L, though, as the money would be put back into the S&L's accounts, thanks to the U.S. taxpayer backing the FSLIC. It was legalized bank robbery and it went on across the country, costing taxpayers about a trillion bucks. At the time, it was the biggest bank heist in history.

Background:

Know your BFEE: They Looted Your Nation s S&Ls for Power and Profit

Here's a good summary of why I write what I do:

Know your BFEE: Spawn of Wall Street and the Third Reich

They have gotten away with lying America into war; made fortunes unimagined in scale and scope from laws they helped write and enact; created an economic system based on finance rather than production of material wealth in which those of us still able and qualified for indentured servitude will march into their new world as submissive serfs.

Sorry to sound cynical.

Hello?!?!?