Bank of America Gave Bonuses to Foreclose on Clients, Lied To Homeowners

By: Wednesday June 19, 2013 6:35 am

Another heartwarming Bank of America story. The latest story is courtesy of one of those much maligned whistle-blowers who saw something and said something. In this case the whistle-blower disclosed that the Too Big To Fail/Jail bank had a bonus system setup encouraging foreclosure on desperate homeowners.

 

Preet Bharara Picks on Small Fry Again

By: Sunday February 3, 2013 10:40 am

Preet Bharara can’t figure out how to sue a Wall Street CEO, let alone investigate and indict one.

Elizabeth Warren Demands Mortgage Settlement Documents From Regulators

By: Thursday January 31, 2013 10:28 am

Elizabeth Warren is not wasting any time trying to get answers from Wall Street’s regulators. Warren asked for documents relating to the recent mortgage settlement.

Frontline Exposes DOJ’s Failure To Prosecute Wall Street

By: Wednesday January 23, 2013 6:51 am

Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for the integrity of the loans that were being originated from firms like Countrywide (now Bank of America) then chopped up into derivatives and sold by Wall Street to the world.

Banks Win Mortgage Settlement From Regulators

By: Tuesday January 8, 2013 2:20 pm

In what can only be described as a slap to the face of victims of the housing crisis and an insult to even the vaguest notion of the rule of law, the banks responsible for the mortgage meltdown and subsequent financial crisis and recession have once again escaped justice. After criminal cases were dropped despite massive evidence the civil cases are now settled with regulators and its a slam dunk for the banks. Total victory

Banks Win Delay On Derivatives Rule

By: Friday January 4, 2013 1:38 pm

In what is becoming a trend, the Wall Street banks have been able to once again dodge Dodd-Frank, at least for now.

Musical Chairs

By: Thursday November 29, 2012 8:00 pm

If I were a Republican at this particular moment, I’d have but one wish: Better grifters, please.

Yes, Banks Are Paying “Penalties” in Foreclosure Fraud Settlement With Other People’s Money

By: Thursday November 15, 2012 9:22 am

This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money. HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. But it was clearly set up by the terms of the settlement. Banks would get credit under the settlement for modifying loans in private label mortgage backed securities, which means the investors take the hit.

This became more clear in Bank of America’s side deal, where they would reduce their penalty through modifying loans they don’t own.

More Noises About Administration Firing Ed DeMarco After the Election

By: Saturday November 3, 2012 2:24 pm

Zach Carter find yet another indicator that, after the election, Barack Obama plans to fire Federal Housing Finance Agency Administrator Ed DeMarco. But this claim has even less meat on its bones than the previous pledge.

It comes from Bank of America analyst Ralph Axel, who argues that the Administration plans to use housing policy as its “secret weapon.”

More on the Lawsuit Against BofA Over Countrywide’s “Hustle” Program

By: Thursday October 25, 2012 9:30 am

I’ve taken a closer look at the US Attorney from the Southern District of New York’s $1 billion lawsuit against Bank of America – particularly their subsidiary Countrywide – for “the hustle,” the program of selling mortgages with practically no underwriting and passing them on to Fannie Mae and Freddie Mac. And there’s something interesting right on the first page. The lawsuit isn’t called “The US v. Countrywide Financial Corp.,” but “The US, ex rel. Edward O’Donnell v. Countrywide Financial Corp.”

Who’s Edward O’Donnell?

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