Bank of America Reaches $8.5 Billion Settlement: Is It Enough?

by SodaHead Fun Posted 2011/06/29 13:07:38

Related Topics: Mortgage Backed, Court, Mortgage, Bank Of America, Cash, Securities, 8.5 Billion, America, Lending, Bank

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	Yes	10 votes	34%
	No	16 votes	55%
	Undecided	3 votes	10%

Bank of America is avoiding court by settling the claims by a group of 22 investors who lost money on pre-GFC securities.

Bank of America Corp settled nearly all of the claims related to the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure for $8.5 billion in cash.

Some might wonder if they are getting off rather easily considering their share price rose 3.5 percent after the news of the settlement was released.

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Tom 2011/06/29 13:12:36

No

+7
How about jail time and seizure of personal assets? These crooks and their ilk at places like Goldman-Sachs are half the reason why 16% of Americans need jobs. Why did they do it? So they could line their pockets. Crooks, all of them.
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More polls by SodaHead Fun

sglmom 2011/06/30 07:10:15

No

How the blazes is this in "FUN"?

Seriously .. what about RICO prosecution for the ones who participated in this .. you know .. jail time, seizure of their personal assets and see them SERVE their time in jail too?
OF COURSE .. the Taxpayers are picking up the COSTS of this mess .. as BOA has fed at the /trough/ multiple times ..

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S. Gompers 2011/06/30 06:32:28

Yes

There should be bankers behind bars. I bet that they got away with more than they had to pay in this "financial crisis". White collar crime is big business these days.

My answer should have been no.

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Libby 2011/06/29 22:13:46

No

+1
When it comes to banking and corporations it's never enough. Wakovia gets a fine for laundering Mexican drug money and they still made a profit. JP Morgan was nailed manipulating the physical silver market but their penalty had yet to come. America is all about money but only for the select American's the GOP values more than America itself.

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Tau_Seti 2011/06/29 20:32:35

Yes

That was suppose to be a "No".

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Tuna 2011/06/29 19:35:33

Undecided

+1
Heeeeeeere we go; you get mad at BofA, so you don't get mad at the fat ases in Washington that caused the mess; you get mad at big oil for gas prices, not Washington for devaluing the dollar; they want you mad at everyone so they get off scott-free as usual.

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Dana to Tuna 2011/06/29 20:27:02
Tuna to Dana 2011/06/29 20:32:14

+2
We are paying the PRICE for government intervention; if the government raises taxes on the rich, who do you think pays for it? we do !!!!! If the government tightens the leash on banking who pays for it? we do !!!!! We did just fine until the government stuck its nose in the housing market; then into everything it screwed up when it did so. it goes on & on & on & on; the government screws them, they screw us !!!

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jimrthy... to Tuna 2011/06/29 22:28:27

Don't forget that government intervention works both ways.

"You're going to have to make riskier loans" followed by "Oopsie...you're too big to fail. Have a billion or so until you can get back on your feet."

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Tuna to jimrthy... 2011/06/30 11:30:32 (edited)

+1
Obama did all the payback; he asked Gregg and Paulson to stay over and implement the TARP and the Stimulus; when they saw the changes Obama made, THEY QUIT !!!!!! Attorney Obama in 1999 SUED his country, namely Janet Reno, on behalf of ACORN to force the banks to make the risky loans or lose their FDIC rating and not be allowed to expand across state lines as Glass-Steagall had forbade. That's when banks gobbled up banks, grew like weeds. Then the CRA loans began to default; banks stopped lending; Obama sued Citicorp and Lehman Bros., the sub-prime loans were born and the rest is miserable history.

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Dana to Tuna 2011/06/30 01:19:34 (edited)
Tuna to Dana 2011/06/30 11:36:43

The large banks, Wachovia, Regions, Citi, etc. swallowed up the smaller banks; we got free checking, 10% CDs, money market accounts; everybody was doing well when the Glass-Steagall act was lifted; then came the lawsuit in 1999 that changed all of that; Obama sued the Federal Gvmnt on behalf of ACORN forcing banks to make those risky affirmative action CRA loans brought the entire US economy down.

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Dana to Tuna 2011/06/30 14:38:20
Tuna to Dana 2011/06/30 14:56:35

Most LIBS don't acknowledge it when I do produce the documentation; let's see about you !! #1. www.theobamafile.com #2. www.realclearmarkets.com/arti... Read it ans weep; Obama has been a foe of the USA for quite some time.

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Dana to Tuna 2011/06/30 18:13:19

Obama was in politics in 1999? Really?

Are you on the same planet as the rest of us?

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Tuna to Dana 2011/06/30 18:16:13

Obama and ACORN go waaaaaay back if you did the research; in 1999 ATTORNEY Obama sued the Federal Government; do that research, we need for LIBS to be educated as to what IT is they voted for.

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Dana to Tuna 2011/07/01 00:45:06

You were implying... inaccurately... of course... as you RWNJ's ;love to do... that Obama as PRESIDENT had done this.

Can you idiots ever tell the truth about ANYTHING?

Too much limbaugh, beck and fixed news for you to even know what the truth is?

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Tuna to Dana 2011/07/01 11:38:15

I most certainly did NOT say Obama as POTUS; your reading comprehension is to blame as well as your inability to know when you've been lied to. I gave you documentation; you coulda said "thanks I didn't know that"; far be that from any Lib that has swallowed all the propoganda. Why won't Obama let us audit where all of the TARP and Stimulus went? Audit the Federal Reserve where another $1 trillion of our retirement/profit sharing/ IRAs/ 401Ks/ and all of our gold in Ft. Knox is gone; why is he hiding all of this?????

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Dana to Tuna 2011/07/01 16:13:55
Tuna to Dana 2011/07/01 20:04:26

Please don't vote !!

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Dana to Tuna 2011/07/02 04:53:16

No apologies from me... I vote and damn proud of it too.

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NPC 2011/06/29 19:20:01 (edited)

No

+2
B of A should be in bankruptcy and out of the lending and banking sector all together !

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Gabhain 2011/06/29 19:05:54

Yes

+1
It takes two to reach a settlement.

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NPC to Gabhain 2011/06/29 19:21:41

+2
This was negotiated by law firms no doubt. The Feds don't really give a rat's ass as long as B of A is a donor the Democrat cause

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Gabhain to NPC 2011/06/29 19:26:53

+1
Lawyers can't agree to squat without the approval of the client.

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BlueMax372 to Gabhain 2011/06/29 19:30:09

LOL! New to "The System?"

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Gabhain to BlueMax372 2011/06/29 19:41:44

Hardly.

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Stan Kapusta 2011/06/29 19:03:03

No

+3
Must be nice to pay your way out of breaking the law.

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NPC to Stan Ka... 2011/06/29 19:22:16

+2
B of A is bunch of AHoles at the top level

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Bulanova (Team Hargitay) 2011/06/29 18:13:48

Yes

+1
Oh my God, I did NOT vote. I was just trying to see the results and it clicked yes!

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2468 2011/06/29 18:10:25

Undecided

+1
I would think if we dug hard the root cause of the problem was deregulation.

Would you want to have pro sports without referees?

Isn't our economy and trust in our financial institutions more important than a game?

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NPC to 2468 2011/06/29 19:23:17

+2
There were regulations and the then federal examiners looked the other way.

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2468 to NPC 2011/06/29 20:13:29

Defunding the regulators is a trick that has the same effect as deregulation.

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BlueMax372 to 2468 2011/06/29 19:30:59

+1
More likely TOO MUCH GOVERNMENT INTERFERENCE.

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jimrthy... to BlueMax372 2011/06/29 22:16:50

+1
Or, maybe more accurately, our trust in that government interference.

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BlueMax372 to jimrthy... 2011/06/29 22:22:20

+1
In reality, more accurately, the dumbing down of the American Electorate at the hands of the teachers' unions and the lamestream media.

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2468 to BlueMax372 2011/06/30 05:15:15

+1
They were bundling good and bad loans and making lots of money by selling them as all good.

This would be like selling Pastrami but delivering hot dog meat. That is fraud in my book.

I would want the government to use their power to not allow that or to provide punishments once the offense was found.

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BlueMax372 to 2468 2011/06/30 12:54:41

+1
The laws and regs are in place but when their enforcement is left to those less than capable (Wow, I sure cleaned THAT up!), the results are all too obvious..

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jimrthy... to 2468 2011/06/29 22:24:32

+2
The problem with this analogy is that a sports game is really simple and easy to regulate.

If every football game on a weekend were played simultaneously on the same field, with two homeless people you picked off the street at random for refs, with the owners negotiating rules changes as the game progresses, and the players bribing the refs...that might be a slightly more accurate analogy.

Though it still misses just how broken and corrupt the system is.

http://www.rollingstone.com/p... is a fascinating and infuriating read.

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BlueMax372 2011/06/29 17:26:37

No

+3
BOA should also have to add to that fine what they paid to the DNC to get the deal in the first place.

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NPC to BlueMax372 2011/06/29 19:23:40

+2
Where's the beef ?

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