Too bad...
 

....it's a civil court case...


NEW YORK (Reuters) - Bank of America Corp heads to trial this week over
allegations its Countrywide unit approved deficient home loans in a
process called "Hustle," defrauding Fannie Mae and Freddie Mac, the U.S.
government enterprises that underwrite mortgages.

In what would be the government's first financial crisis case to go to
trial against a major bank over defective mortgages, jury selection is
set to begin in federal court in New York on Tuesday, barring a
last-minute settlement.

The trial is also a reminder of the billions of dollars in legal
liabilities Bank of America has incurred as a result of its 2008
acquisition of Countrywide Financial Corp, which became a poster child
of the mortgage meltdown.

The U.S. Justice Department filed the civil lawsuit in 2012, blaming the
bank for more than $1 billion in losses to Fannie Mae and Freddie Mac,
which bought mortgages that later defaulted. Since then, new evidence
and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the
case back.

The case is U.S. ex rel. O'Donnell v. Bank of America Corp et al, U.S.
District Court, Southern District of New York, No. 12-01422.

Too bad...
 

In article , says...

On Tue, 24 Sep 2013 16:35:10 -0400, "F.O.A.D." wrote:

...it's a civil court case...


NEW YORK (Reuters) - Bank of America Corp heads to trial this week over
allegations its Countrywide unit approved deficient home loans in a
process called "Hustle," defrauding Fannie Mae and Freddie Mac, the U.S.
government enterprises that underwrite mortgages.

In what would be the government's first financial crisis case to go to
trial against a major bank over defective mortgages, jury selection is
set to begin in federal court in New York on Tuesday, barring a
last-minute settlement.

The trial is also a reminder of the billions of dollars in legal
liabilities Bank of America has incurred as a result of its 2008
acquisition of Countrywide Financial Corp, which became a poster child
of the mortgage meltdown.

The U.S. Justice Department filed the civil lawsuit in 2012, blaming the
bank for more than $1 billion in losses to Fannie Mae and Freddie Mac,
which bought mortgages that later defaulted. Since then, new evidence
and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the
case back.

The case is U.S. ex rel. O'Donnell v. Bank of America Corp et al, U.S.
District Court, Southern District of New York, No. 12-01422.

I am not sure who, at BoA, you could prosecute. They didn't own
Countrywide when the crimes occurred. Paulson forced them to buy
Countrywide after the fact in that big bailout deal (along with
Merrill)
The SEC did fine Mozilo $67M for looting the company right before the
crash but I agree that was not enough. 20 years in "**** you in the
ass" prison might be more appropriate.

Weren't most of the Democrat Senators and many House Democrat members on the friends of
Angelo list who received sweetheart deals from ****ry Wide when it was still Country Wide.

Too bad...
 

On 9/24/2013 9:25 PM, BAR wrote:
In article , says...

On Tue, 24 Sep 2013 16:35:10 -0400, "F.O.A.D." wrote:

...it's a civil court case...


NEW YORK (Reuters) - Bank of America Corp heads to trial this week over
allegations its Countrywide unit approved deficient home loans in a
process called "Hustle," defrauding Fannie Mae and Freddie Mac, the U.S.
government enterprises that underwrite mortgages.

In what would be the government's first financial crisis case to go to
trial against a major bank over defective mortgages, jury selection is
set to begin in federal court in New York on Tuesday, barring a
last-minute settlement.

The trial is also a reminder of the billions of dollars in legal
liabilities Bank of America has incurred as a result of its 2008
acquisition of Countrywide Financial Corp, which became a poster child
of the mortgage meltdown.

The U.S. Justice Department filed the civil lawsuit in 2012, blaming the
bank for more than $1 billion in losses to Fannie Mae and Freddie Mac,
which bought mortgages that later defaulted. Since then, new evidence
and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the
case back.

The case is U.S. ex rel. O'Donnell v. Bank of America Corp et al, U.S.
District Court, Southern District of New York, No. 12-01422.

I am not sure who, at BoA, you could prosecute. They didn't own
Countrywide when the crimes occurred. Paulson forced them to buy
Countrywide after the fact in that big bailout deal (along with
Merrill)
The SEC did fine Mozilo $67M for looting the company right before the
crash but I agree that was not enough. 20 years in "**** you in the
ass" prison might be more appropriate.

Weren't most of the Democrat Senators and many House Democrat members on the friends of
Angelo list who received sweetheart deals from ****ry Wide when it was still Country Wide.


My Senator Dodd stole and made millions on it and retired off to a cushy
retirement.... He sold out the whole country like we knew he would, and
half the state still loves him... Of course they like that fake indian
in mass too, but that's the hypocrisy of the NE Liberal...

Too bad...
 

In article ,
says...

On 9/24/2013 9:25 PM, BAR wrote:
In article , says...

On Tue, 24 Sep 2013 16:35:10 -0400, "F.O.A.D." wrote:

...it's a civil court case...


NEW YORK (Reuters) - Bank of America Corp heads to trial this week over
allegations its Countrywide unit approved deficient home loans in a
process called "Hustle," defrauding Fannie Mae and Freddie Mac, the U.S.
government enterprises that underwrite mortgages.

In what would be the government's first financial crisis case to go to
trial against a major bank over defective mortgages, jury selection is
set to begin in federal court in New York on Tuesday, barring a
last-minute settlement.

The trial is also a reminder of the billions of dollars in legal
liabilities Bank of America has incurred as a result of its 2008
acquisition of Countrywide Financial Corp, which became a poster child
of the mortgage meltdown.

The U.S. Justice Department filed the civil lawsuit in 2012, blaming the
bank for more than $1 billion in losses to Fannie Mae and Freddie Mac,
which bought mortgages that later defaulted. Since then, new evidence
and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the
case back.

The case is U.S. ex rel. O'Donnell v. Bank of America Corp et al, U.S.
District Court, Southern District of New York, No. 12-01422.

I am not sure who, at BoA, you could prosecute. They didn't own
Countrywide when the crimes occurred. Paulson forced them to buy
Countrywide after the fact in that big bailout deal (along with
Merrill)
The SEC did fine Mozilo $67M for looting the company right before the
crash but I agree that was not enough. 20 years in "**** you in the
ass" prison might be more appropriate.

Weren't most of the Democrat Senators and many House Democrat members on the friends of
Angelo list who received sweetheart deals from ****ry Wide when it was still Country Wide.


My Senator Dodd stole and made millions on it and retired off to a cushy
retirement.... He sold out the whole country like we knew he would, and
half the state still loves him... Of course they like that fake indian
in mass too, but that's the hypocrisy of the NE Liberal...

Speaking of "hypocriscy", I'm guessing you think that no conservative
would ever do anything like that, right?