Bank Of America Fraud

Started by DigitalBuddha, April 21, 2013, 07:42:29 PM

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DigitalBuddha

April 21, 2013, 07:42:29 PM
Bank Of America Fraud

Bank of America, through its predecessor, Countrywide Home Loans, Inc., originated 3.5 million loans between 2003 and 2007 that were neither funded nor owned by CHL or BOA. These loans were derived from credit lines established by the Federal Reserve to Countrywide, which were public funds. Thus, Countrywide was entrusted with approximately 10B in tax payer funds for which it was allowed to make home mortgages to the very tax payers who supplied the money being used.

Once those loans were funded, Countrywide was then supposed to bundle and transfer those loans as securities to Wall Street Investment Firms as securitized investments, mostly held by trusts involving billions of dollars of American mortgages. Once that was done, the money paid by the Investment Firms then should have been paid back to the Federal Reserve so that the tax payers money was returned. But Countywide never transferred those loans, and they don?t own them.

Check out - https://op99.org/content/bank-america-fraud

Caesar dude

#1
April 21, 2013, 08:18:33 PM
Ahhh....you've finally understood our Royal Bank of Scotland scandal then! Don't worry though. If it follows the same script then YOU the taxpayer will bail the bank out and then you will pay the incumbent and successive CEO's massive (and I mean massive, 650 Million Pounds etc) bonuses!

Suck it up tax payers! oh and enjoy it as you're houses get repossessed !

No worries. It's just life. :(
Love is like a butterfly it goes where it pleases and it pleases where it goes. :)

meekon5

#2
April 22, 2013, 01:04:38 PM Last Edit: April 22, 2013, 01:06:23 PM by meekon5
Quote from: Caesar dude on April 21, 2013, 08:18:33 PM
Ahhh....you've finally understood our Royal Bank of Scotland scandal then! Don't worry though. If it follows the same script then YOU the taxpayer will bail the bank out and then you will pay the incumbent and successive CEO's massive (and I mean massive, 650 Million Pounds etc) bonuses!

Suck it up tax payers! oh and enjoy it as you're houses get repossessed !

No worries. It's just life. :(

Bitter but accurate, unfortunately.

The modern capitalist model seems to be those with access to the money fuck up then take what little those who don't have the money off them to make up for their mistakes.

Seems a fair and equitable system to me, why would they need outside bodies to regulate them?
"I have noticed even people who claim everything is predestined, and  that we can do nothing to change it, look before they cross the road."
Stephen Hawking

Where are you Dude? Place your pin @ http://tinyurl.com/dudemap

RevKHyler

#3
April 24, 2013, 05:25:11 PM
When will we learn that we need to stop bailing out these paraquat corporations? :-\
In the Book of Life, the answers aren't in the back. (Charlie Brown)

DigitalBuddha

#4
April 25, 2013, 12:57:17 AM
Quote from: Chaplain K on April 24, 2013, 05:25:11 PM
When will we learn that we need to stop bailing out these paraquat corporations? :-\

Fuckin' eh!

Rev. Gary (revgms)

#5
April 25, 2013, 04:55:25 AM
I only got four words, fuck Bank of America.

Had an epic battle with them, they tried to forclose on my wifes home, after we sold it. Think that's fucked up? Try this, they did not even have the note, it was not their loan, IBM had the loan, did not stop BoA from completely fucking my wife over. Fucking dicks.

Oh and check out the work of E. F . Shomacher, Budhist Economics (yeah its a shitty name).

DigitalBuddha

#6
April 25, 2013, 06:16:15 AM
Quote from: revgms on April 25, 2013, 04:55:25 AM
I only got four words, fuck Bank of America.

Had an epic battle with them, they tried to forclose on my wifes home, after we sold it. Think that's fucked up? Try this, they did not even have the note, it was not their loan, IBM had the loan, did not stop BoA from completely fucking my wife over. Fucking dicks.

Oh and check out the work of E. F . Shomacher, Budhist Economics (yeah its a shitty name).

Check out...

Ten Reasons Not to Bank On (or With) Bank of America - http://www.truth-out.org/news/item/4318:ten-reasons-not-to-bank-on-or-with-bank-of-america

http://crooksandliars.com/karoli/truth-about-bank-americas-derivatives-trans

This Dude Abides

#7
April 25, 2013, 10:46:24 AM
Bank of America treated me right in the beginning.  Was out of high school, stable job, first Credit Card with low APR.  I wasn't as stupid as some of my friends with credit cards, but I did manage to get myself into a bit of debt with some used cars that needed hefty repairs. 

Slowly but surely got it down.  Think I had about $800 left on it before I get a lovely letter

"Due to the fact that you've had a balance the past few months we're going to raise your APR and charge you a yearly fee to pay us money"

I'm sorry, but out of principal, I just can't have a credit card that has a fee.  Just can't get my head around paying someone per year for the privilege of paying them money.  Can't do Car leases either, pay you per month, then I have to give the car back?  I just can't get it. 

Took me about 3 months to get the card canceled, they were trying to charge me a monthly fee until it was paid off if I didn't agree to the annual fee.  Customer Service for them was a circle of hell I don't wish on anyone.  (And no, no missed payments, always pay over minimum etc)

Refuse to do business with them now.  Actually just had a small issuer that I used as an emergency card get picked up by BofA, called the day I got the notice and canceled. 

Swear once I get the Credit Monkey off my back they're all getting locked up in the basement for emergencies only. 
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