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Bank of America hit with $864mn penalty over mortgage fraud

10.11.2013 08:28

The US government wants Bank of America Corp to fork over $863.6 million in damages after a federal jury found it guilty of selling subprime mortgages, the defective securities largely responsible for triggering the Great Recession in 2008.

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Comments (15) Sort by: Highest rating Oldest first Newest first

 

Brandie Black 14.11.2013 01:35

Did they just now figure this out? I have friends that got a home mortgages in Bellevue WA I think around 2005 and they have really been effected by the recession. They are just hoping that things will get better so they are holding out.

Brandie

 

mary r 12.11.2013 13:46

When there is more of a concerted effort by the public to research and call into account those idiot members of Congress who are supporting these criminals, maybe we'll finally get some justice. Let's start by looking at who was at the the head of the committees on oversight- past and present who did absolutely nothing to stop the fraud, and instead were complicit. Vote these idiots out once and for all. And get big money out of Congress.

 

Sabrina 11.11.2013 21:11

Kenny Lee Lewis 11.11.2013 08:01

I'm suing these criminals in court next March for fraud and can't wait to see them squirm. Don't settle for being a statistic people. Fight this disease with a good lawyer and your best offense, the truth!

  


Good Luck, especially most attorney will only work for the banks, running foreclosure mills. I did real estate 10 years before the crash and saw it coming, wall street and banks are now handing over the foreclosures to corporate mgmt "Blackstone, Inc.

 

Helical 11.11.2013 20:31

Any chance of these Banksters being charge in a court of law, NO I thought not.

 

Rod Lloyd 11.11.2013 19:35

This is just a drop in the bucket , the price of doing crooked business compared to the amount of money this corrupt crooked bank has been paid by taxpayers to have their properties seized by these crooks, this is about the amount one of their bonuses comes to !! the penalty should have been seisure of all assets of the Bank and top management and returned mortgages and houses to those ILLEGALLY lossing their homes through this con.

 

Kevin Hoffman 11.11.2013 15:39

Nothing but smoke and mirrors. This is just a hoax to make Barack look like his coming down on bankers to gain public support. Then he takes campian money (bribes) to get reelected.

 

Michael Hutson 11.11.2013 14:26

I also fell into this trap in my early twenties and took a serious financial hit that took a bankruptcy and 10 years to eradicate. I accept 100% of the blame for my ignorance of the process at the time even though I was sold a lie. However, if I break the law I should pay the fine and/or do the time and so should BOA!

 

Kenny Lee Lewis 11.11.2013 08:01

I'm suing these criminals in court next March for fraud and can't wait to see them squirm. Don't settle for being a statistic people. Fight this disease with a good lawyer and your best offense, the truth!

 

Sid Allen 11.11.2013 00:06

Maybe me and will be asked to move in with B.O.A.big wigs.Ha

 

Sabrina 10.11.2013 16:52

What is sad, is what about all those people who lost their homes? It just an Oligarchy that keeps sucking fortunes from the working class, a never ending scheme of fraud and corruption is the American system.

 

Joe Elwell 10.11.2013 16:14

Better question to ask is what's going to become of the 863 million dollars!?

 

Alex Semiletow 10.11.2013 14:51

Speaks volumes about JPMorgan, doesn't it?

 

Alex Semiletow 10.11.2013 14:51

For them it is just the cost of doing business, the practice continue after the check is written. We are taken for a ride. Raped without even a a kiss.

 

riogrande 10.11.2013 14:29

For these guys, it's chump change. A small slap on the wrist to make the 99% think that the gummiment is helping them. What a joke.

 

Brent 10.11.2013 10:05

Funny thing is nobody got arrested and that 864m is a drop in the water compared to the profits they raked from commiting those fraudulent acts. Same happened to JP Morgan on a bigger scale last month. Yes to everybody else the sum of 864m looks like alot, but the reality of it is these bankers didn't lose a thing.

Lol i know what would happen if i commited fraud on that scale, i wouldn't just be paying a fine I'd be paying for my life.

God hate the U.S. Government.

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