Wednesday, April 9, 2014

Survey says!

Bank of America sent me a survey today about how they have treated us with our mortgage---guess they don't know there is more than one. I rated every single box "not satisfied at all". They are the absolute worst, care nothing about their customers as they claim.

All their advertising and claims of wanting to give the best customer service are all just a ploy to lure people in, sadly.

Tuesday, April 8, 2014

And on, and on…..

"Citigroup has agreed to pay $1.13 billion to settle claims by investors who demanded that it buy back billions in residential mortgage-backed securities.
The bank said on Monday that the pact it reached with 18 institutional investors called for Citigroup to make a binding offer to the trustees of 68 trusts it sponsored that bundled some $59.4 billion in home loans into securities from 2005 to 2008.
The settlement offer, which is subject to approval by the trustees and the court, would release Citigroup from having to buy back mortgages sold to the trusts.
But it would remain vulnerable to other types of investor claims, including misrepresentations in the offering documents associated with the securities. It could also face potential actions by regulators."

Monday, April 7, 2014

Lawsuit

"A federal judge recommended letting the U.S. Securities and Exchange Commission pursue a lawsuit against Bank of America Corp over $855 million of mortgage securities that soured during the global financial crisis."

All these lawsuits are amazing and the fines these banks are paying for committing fraud (fraud yes FRAUD), yet no single person is being held accountable. Were the CEO's sleeping at the wheel? Or just getting off with no responsibility what-so-ever? 

Sunday, April 6, 2014

The Wolf of Wall Street

Watching that movie last night….for me it was not surprising at all. Whether people loved it or hated it I think entirely too much of that went on and continues to. I think most American's would be astounded by the greed and fraud of Wall Street, which our government tends to turn a blind eye to. This isn't an example of a first time, second, or third, and on and on.

Watch out for yourself, because I can promise you big brother will not.

Citi's Mexican fraud

"Citigroup can’t seem to get out of its own way.
+

The sprawling global banking giant finds itself once again ensnared in an international business scandal—this time in Mexico—which threatens to ding its bottom line. The latest problem for Citi, which could potentially deliver a blow to its reputation, centers on a Mexican fraud scandal that has forced the US banking giant to re-state its fourth-quarter results by $235 million and lower its 2013 net income to $13.7 billion from $13.9 billion, due to alleged fake billings issued to Citi’s giant Mexican subsidiary Banamex by oil company Oceanografia S.A. de C.V.
+

This isn’t the first time the bank, which has touted its global reach as a boon, has gotten caught up in an embarrassing international scandal. Back in 2004, Citi was compelled to close a private bank after running afoul of Japanese regulations. Five years later, Citibank Japan was ordered to suspend its activities over concernsaround money laundering (paywall). Citi also has been one of the main targets of international regulators looking into banks’ manipulation of a key rate known as London interbank offered rate (Libor)."
$400 million missing……..maybe they should give the CEO a raise

Saturday, March 29, 2014

89% raise

Just a day after Bank of America agreed to pay 9.3 BILLION in lawsuits stemming from the 2008 financial crisis CEO Brian Moynihan gets a 89% raise in pay......................

Only in banking can someone commitment such fraud, not go to jail, and get an 89% pay raise because?   Well obviously it's because he's done such a phenomenal job of stealing other peoples hard earned money.

Friday, March 28, 2014

And again

 "Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
The bank agreed on Wednesday to pay that sum to settle a lawsuit filed on behalf of the two government-sponsored mortgage finance firms by their regulator, the Federal Housing Finance Agency. As part of the settlement, Bank of America will also repurchase mortgage securities from Fannie and Freddie that are valued at about $3.2 billion.
The agreement covers what are known as private-label mortgage-backed securities sold by Bank of America and its affiliated entities like Countrywide Financial and Merrill Lynch."
Once again pay a fine and walk away………….all these fines and settlements; still it's the average American who got foreclosed on that none of the money went to help.