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B of A: Will Pay Billions for Corruption?

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  • B of A: Will Pay Billions for Corruption?

    Bank of America is corrupt. It has ruined the lives of tens of thousands of families. it has violated numerous laws in lots of States. In just one effort, B of A, through it acquired subsidy Countrywide, was involved in $47 billion of mortgage fraud.

    "The big investors may have reached their decision to refuse the settlement, reached last May, after seeing the growing pool of litigation involving investors in mortgage-backed securities and Countrywide’s parent Bank of America. (NYSE: BAC) The $600 million settlement also includes Countrywide’s auditor KPMG.

    The investors allege Countrywide made false statements and omissions about its mortgage underwriting policies and procedures that made their mortgage-backed securities riskier.

    This week alone, another group of investors sued BofA over mortgage-backed securities in New York State Supreme Court in Manhattan.

    Separately, B of A is fighting with some of the nation’s largest investors, including Pimco, MetLife (NYSE: MET) and the New York Fed, over $47 billion in mortgages they want to push back onto the bank."

    Maybe this is a bank too big to fail--but not to big to send hundreds of employees and officers to jail--B of A could finance a new prison wing for its crooked employees.


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