So even though it seems BofA won’t have to pay a $1.2 billion dollar fine, the whistle blower that got the ball rolling still gets to keep his $57 million. Do you find that as strange as we do?
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No. I think it's a good thing! It's like when you bust your kid eating the cookies .He admits it. You give him a time out . He already ate them but he got straight A's so you forego the entire time out as a reward because at least he was honest and the cookies are already gone and your husbnad didn't need to eat them anyway. BOFA has learned an imortant lesson here and will be more careful on compliance. but for those of us who did Foreclosure review Board in lieu of Cash for keys and got very small reward($800) for all the fraud this is little compensatoin. That fine shoud lhave been given to those of us who were promised..Hamp, Harp, mortgage reduction and other BS until they foreclosed on us..
Bofa wasn't the one that sold or originated the loans. They acquired them when they bought Countrywide and also claimed they were co-erced to buy Countrywide. Then they were sued for the Countrywide loans; loans they didn't originate. Then they were found NOT guilty in the recently settled lawsuit. They also were forced into millions in loan modifications and debt forgiveness. This is very different from not following through on punishing a child because of something they did well. And yes, I do agree the model for handling the programs that were supposed to give debt relief were both poorly executed and downright mean in many instances.
You two have turned into TOOLS! More like clowns! Seriously ! I use to watch you two before you became speaking heads for the banks. Let’s be clear, not all of the country execs were part of the problem or crooks. I personally met one of the top execs who his job was to package and sell the loans to Wall Street. He told me a story where he brought up the condition of the loans they were selling before the crash and was told to keep his mouth shut or look for another job. He had his entire retirement invested into countrywide stock and lost everything. He is now working for a University at 66 years and will never be able to retire. Is this guy part of the problem?
As far as the guy keeping the money! Heck yeah! We need more people blowing their horn to the crimes that are being committed against the public. What, did you forget the robo signing by the banks? Let’s see, if anyone else did this off to jail you go! The banks got a pass! As of today not one banker or Wall Street person who caused the crash went to jail, well unless they lived in Iceland! It is a no wonder most of the Real Estate agents have stopped watching you guys, your nothing more then puppets for the banks.
Talk about being a tool James. Your comments sound like they are coming from a shill for Bernie. These law suite are ridiculous. If you want to place blame on the housing crash look no further than Congress and all Presidents since Carter who pressured lenders to make loans to folks who under typical circumstances could not have gotten loans. All of this was under the guise of “Fairness”. Was it really fair to make loans to folks with credit scores in the 500 range? Barnie Frank through so among many others. Banks by nature exist to make a profit through strict underwriting of loans unless of course their other lines of business are threatened (see Barney Frank at several House hearing from the 1990’s and early 2000’s). Congress led my Mr. Frank threatened lenders to make money available to people who could not purchase a home under normal underwriting guidelines. Hence, Government Coercion and Undue Interference into the mortgage lending practices ultimately leading to bad loans being made in increasingly greatly numbers. Not to mention that BOA was forced by the Feds to purchase Countrywide. Why should BOA be responsible for Countrywide loans when they did not want to purchase the firm but were FORCED to by the Federal Government.
As to your final point my from experience and knowledge more Realtors in my area of the country now watch to Frank and Brian because they are willing to speak “Truth to Stupid.”
James – it's true the bankers did not get personally punished and one guy got 57 million. None of this adds up – it's all a farce.
Don 't forget, the attorney gets to keep 23M of the 57M
Amazing! Maybe, this executive has a paper trail of confronting the wrong doings of Countrywide, while he was an exec. there. It is possible he was bringing to light the bad decisions and trying to fix it, to no prevail, then turned whistleblower. Unbelievable, if the lawsuit was thrown out, and he still got paid. Who pays the $57M, if B of A is not required to??? This might make for another show.
What nobody seems to see, are the elusive devil attornies fiercly at work behind the scenes coaxing unsuspecting, morally deprived persons in order to create for themselves dishonest gain, even an industry. I bet the reason O'Donnel was able to keep that money was because then the attornies wouldn't have their share either! It'd be a pretty big, darn waste of billable hours if in the end their practices came up empty.. wouldn't it? These spin doctors write their own checks, right into the contract that supports those dirty letters to low-life people. Sorry, it had to be said. Nevertheless, that day is fast approaching when this farcity will all be brought to judgment.