Saturday, October 26, 2013

Pay a fine, walk away



"Bank of America was found liable for fraud Wednesday for a program — dubbed "the Hustle" — that caused millions in losses to federally backed mortgage finance firms Fannie Mae and Freddie Mac amid fallout from the financial crisis.

The civil verdict by a Manhattan federal court jury similarly found the bank's Countrywide Financial unit found liable, and also determined that former Countrywide executive Rebecca Mairone committed fraud while overseeing the loan-origination program."



http://www.usatoday.com/story/money/business/2013/10/23/bank-of-america-countrywide-mortgage-fraud/3172797/

The problem here is they walk away and all the millions of people who lost there homes still have never been compensated.

Wednesday, October 2, 2013

Who's making them

"Fielding complaints from borrowers struggling to save their homes, New York’s top prosecutor is preparing a lawsuit against Wells Fargo, accusing the bank, the nation’s largest home lender, of flouting the terms of a multibillion-dollar settlement aimed at stanching foreclosure abuses.

The lawsuit, which is expected to be filed as early as Wednesday, accuses Wells Fargo of violating the guidelines of a broad agreement reached last year between five of the nation’s largest banks and 49 state attorneys general."

Of course they didn't comply.....who's making them