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It's just a matter of time, takes time, but some Justice is happening!
At least Better Friggin' Late than Never!
Because we seldom get real news anymore so many Major Concerns get forgotten, tossed under the bus, put on a back burner as we are distracted by shiny 15 carat diamond rings, rehab celebs, and bad weather...So when I see some Justice I have to note it somewhere.

JP Morgan was first, Now its Bank of America time!!!

Bank of America’s subprime lender Countrywide found guilty of mortgage fraud

The lending program was created by Countrywide, once a giant in subprime mortgages, prior to its 2008 acquisition by Bank of America.

The Justice Department alleged that Countrywide created the so-called “Hustle” program in 2007 as government-backed Freddie and Fannie were tightening their underwriting guidelines and loan purchase requirements in response to rising loan defaults.

The verdict comes as the US continues to press ahead with litigation against giant banks over their handling of mortgages and mortgage-backed securities ahead of the 2008 financial crisis.
I use to love the disco hustle (big dance back in the 70s for the young ones here). But I think I'm going to enjoy the banks' hustling getting busted more!

Love the Beat of the Justice Drum...Bam! bam! bam! GUILTY!

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Comment Preferences

  •  Tip Jar (6+ / 0-)

    "Life without emotions is like an engine without fuel."

    "It's said that the honest man has nothing to hide. Not true. The honest man has to hide himself, because honest men are the prime targets of those who lie."

    by roseeriter on Thu Oct 24, 2013 at 02:32:09 AM PDT

  •  Ha ha ha (2+ / 0-)
    Recommended by:
    roseeriter, skohayes

    "Do it! Do it! Do it! Do the hustle! Do the hustle!"

    Thanks for reminding me of this song. My wife and I sometimes try to get songs stuck in each other's heads, and this is the perfect brain virus with which to start her day. I will sing it to her when she wakes up!

    On a more substantive note, it's great to see these convictions. I do worry though that the penalties and consequences are far too light. B of A and J P Morgan Chase should be made to broadcast, on major channels and at prime time, commercials advertising the fact that they that they have been convicted of fraud that we the people get to design.

    Maybe something like "honey, what's in your wallet?" "Oh, a credit card from Bank of America! They committed fraud worth billions of dollars, so I thought I'd trust them with our personal finances!"

    “If the misery of the poor be caused not by the laws of nature, but by our institutions, great is our sin.” Charles Darwin

    by ivorybill on Thu Oct 24, 2013 at 03:10:39 AM PDT

  •  Why would I want to dance over companies (0+ / 0-)

    having some fines levied that probably amount to a pittance of what they actually made through their  illegal and irresponsible activities. I won't even go into the lack of criminal charges.

  •  Lovely title. A real gem. (1+ / 0-)
    Recommended by:

    The problem with ethics in the financial realm is, first of all, that what is being "lifted" is not real to begin with and all our criminal law is based on material injury. That's hard to come by when we're dealing with figments of the imagination, not just dollars, but promises to pay them.
    Yes, when mortgages are in the mix, there are real houses involved and their theft can resemble a home invasion -- i.e. a basic violation of the principle that a man's home is his castle. However, because at the front there's a figment of the imagination, money, the law has brought consent into play. That is, if someone consents to handing over dollars, now or in the future, even under self-injurious conditions, then the crime (extortion, fraud, theft)  is cancelled out by that agreement. So, if a crime is to be proved, regardless of the disposition of the real property (houses), in financial matters it has to be shown that consent was either not given or fraudulently extracted. Which is why the paper-work was so often lost -- to get rid of the evidence. Indeed, the lost paperwork, if it is real, is evidence in itself, but also has to be proved. Proving what should be there, but isn't, takes time.

    The following is an example of what borrowers had to agree to get mortgage loans.

    Waiver of Rights

    By execution of this Instrument Borrower expressly,

    (1) Acknowledges the Lender's Right to Accelerate the debt and the power of attorney given hereby to Lender to sell the premises by nonjudicial foreclosure upon default by borrower without any judicial hearing and without any notice other than such notice as is specifically required to be given under the provisions of said Deed to Secure Debt;

    (2)Waives all rights which Borrower may have under the Fifth and Fourteenth Amendments to the Constitution of the United States, the various several states, the Constitution of the State of Georgia, or by reason of any other applicable law, to NOTICE AND TO JUDICIAL HEARING prior to the exercise by the lender of the right or remedy herein provided to Lender, except such notice as is specifically required to be provided in said Deed to Secure Debt;

    (3)Acknowledges that Borrower has read this deed and its provisions have been fully explained to Borrower and Borrower has been afforded the opportunity to consult with counsel of Borrower's choice prior to executing this deed;

    (4)Acknowledges that all Waives of the aforesaid rights of Borrower Have Been Made Knowingly, Intentionally and Willingly by Borrower as part of a bargain for loan transaction;

    (5)Agrees that Borrower's right to notice shall be limited to those rights to notice provided by this deed and no other; and

    (6)Agrees the provisions hereof are incorporated and made part of the Deed to Secure Debt.


    •  Yikes, I confess to being a skimmer of fine print- (1+ / 0-)
      Recommended by:

      and I'll bet most don't even skim.
       It seems the fraudsters tell us what they can, will, do and we, ignore, don't comprehend or don't believe/trust the black and white of it all...OY!

      "Life without emotions is like an engine without fuel."

      "It's said that the honest man has nothing to hide. Not true. The honest man has to hide himself, because honest men are the prime targets of those who lie."

      by roseeriter on Thu Oct 24, 2013 at 04:03:49 AM PDT

      [ Parent ]

  •  Countrywide was always slimy and complicit (0+ / 0-)

    in the liar loan business with equally shady consumers.

    Bank of America should have known better and not agreed to purchase them.  

    "The way to see by faith is to shut the eye of reason." - Thomas Paine

    by shrike on Thu Oct 24, 2013 at 05:01:20 AM PDT

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