Mon Jan 7, 2013, 10:57 AM
No Compromise (373 posts)
BofA lawyer (Fannie CEO) makes settlement with BofA '6.75 Billion to buy houses at discount'
Fannie, whose CEO Tim Mayopoulous was BofA's former General Counsel
And THIS is punishment?
Under the terms of the pact, Bank of America will pay Fannie Mae $3.6 billion, and will also spend $6.75 billion to buy back mortgages from the housing finance giant at a discount to their original value....The bank had settled its fight with Freddie Mac, the other government-owned mortgage giant, in 2011.
So they stole everyone's homes, ripped off fannie and now get to buy back the homes on the cheap?
The fact that our government is not mad as hell and wanting to shut BofA down for lying and stealing, means this is just no problem, just a minor speed bump and a pittance of a penalty for stealing millions of people's homes.
Millions of homeless school children get to pay the price for these crimes.
8 replies, 461 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
BofA lawyer (Fannie CEO) makes settlement with BofA '6.75 Billion to buy houses at discount' (Original post)
|No Compromise||Jan 2013||OP|
|Jackpine Radical||Jan 2013||#1|
|No Compromise||Jan 2013||#4|
|No Compromise||Jan 2013||#6|
|No Compromise||Jan 2013||#7|
|No Compromise||Jan 2013||#8|
Response to No Compromise (Original post)
Mon Jan 7, 2013, 11:53 AM
2pooped2pop (2,796 posts)
5. the ones they already foreclosed on
were sold at auction on the court house steps. That's an auction that few attend. But the houses the bankers want are bought right there for pennies on the dollars to the bank that took them. The bank probably already got an insurance type payment for the default. Then they buy any valuable property back for pennies on the dollar since few even know about the auctions.
Then they sell them at full market value. Then they go to the past homeowner and sue him for the difference between the price they sold it to themselves on the courthouse steps and the price you owe on it after two or three years of being in the process and ringing up an additional 30 thousand in late fees and payments.
So they collect on that house about 4 times. My lifesavings...gone.
very few will collect that 125,000. Many may get 2 grand, but what the hell is that compared to 15 years of paying on that mortgage?