A panel of three judges overturned a $1.2 billion lawsuit that BofA suffered for bad Countrywide loans done in 2007 & 2008. Hey if that’s the case what lawsuit can’t be overturned? We don’t think banks should be getting sued for petty issues on HUD loans, but those Countrywide loans were pretty bad. But we hope BofA feels vindicated though considering they were forced to buy those Countrywide loans via threats from the Government.
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Finally some Justice! The government pushed homeownership, forced BOA to buy Countrywide and then sued them.
Yes but be more specific it was Democrats that force fed the loans and they are pushing for the same type loosening again. They created this housing bubble then blamed Banks and Bush when the economy went in the toilet. Bush even warned them it was coming if they didn’t stop.
Crony capitalism at its best. How many lawyers would have missed yacht payments without this lawsuit?
THANK YOU THANK YOU THANK YOU. Finally somebody is telling the truth about WHAT actually happened and not the made up crap Michael Moore is shoveling around….
The most amazing of all this is that Bofa attorney's didn't protect Bofa from the beginning. As in, yes, we'll buy these loans but we take no responsibility for the loan origination, the defaults or the poorly rated securities and we are immune to any lawsuits that would be attached. Happy to see this went down. Good for them. Tired of this witch hunt, and that is all it is; the tail wagging the dog. Everyone knew the securities were overrated, Wall Street knew, everyone knew, for heaven's sakes we all knew. No one had to be genious to figure out there was going to be high rate of defaults. There are few innocents in this whatsoever but there sure have been some pretty good fall guys. There are more important fish to fry and we're ten years out of the bottom. Time to move on.
I don’t see the banner to the right on the pre-app 1003
Did not know about Bernanke's extortion of BofA. Please provide the article that tells this.
You guys ROCK!!!!!!!!
B of A got off because they were forced to buy Countrywide just like Chase was forced to buy WAMU. They were not negligent and I think that is what this judgment bears out, not that Countrywide and WAMU were not negligent. B of A and Chase should have received indemnity agreements from the gov’t at the time the deal was conceived, but they never envisioned the CFPB. Just goes to show ya that you can’t trust the Gov’t or even your own lawyers.
Unbelievable that they sued BofA in the first place,,, right?
There are many, just search, some say yes, some say no, but Bernake was brought in front of Congressional hearing in 2009 and denied any wrong doing. So, somebody thought he did!
As I recall BofA did Not do the neg am or no qualifying loans, the ones with the 5 year prePayment penalty. Countrywide was the industry leader for these “Gangsta” loans. BofA got the raw deal. Happy that the lawsuit was overturned.
Gotta be kidding me….. The only reason this verdict was overturned is because bofa is a banking institution… That’s where the money is…. these guys along with other banks took full advantage of the American Public as a whole…. People say; citizens were given loans they could not afford, ok a lot of those people lost their homes during this debacle, why shouldn’t the banks also pay for their part…. These guys are not innocent with regards to the crash… Also, I know usually you guys lean to the right on most….. no all points discussed but let’s not lose our minds, banks are notoriously known for doing some crooked crap due to greed…
Only little guys will pay. Disgusting!
I’m quite sure you mean Ken Lewis, not Ken Lay who died in 2006 and was the CEO of Enron.