Bank of American (BofA) $500 Million Countrywide Settlement Wins Approval
According to Bloomberg.com Bank of America Corp’s Countrywide unit won a final approval of a $500 class-action settlement with investors, who were duped into buying the too-big-to-fail banks toxic mortgage backed securities.
They won a final approval? I guess that’s one way of saying it.
Here’s another way you could say it: Bank of America is going to pay half a billion dollars to investors who were defrauded by Bank of America and Countrywide.
But either way you say it, it’s business as usual for the bad bankers and Wall Street who continue to commit mortgage, banking, and foreclosure fraud.
If you’re a bank and you commit fraud, you may have to pay a few hundred million dollars in fines; but who cares because after all, you have trillions of dollars in tax payer bailout money, so you can afford to break the law, right?
The Bloomberg article goes on to state that “U.S. District Judge Mariana Pfaelzer in Los Angeles said the settlement was a fair outcome because her previous rulings prevented the investors from recovering damages from Bank of America as Countywide’s parent and because the Charlotte, North Carolina-based bank said as recently as June that it might put Countrywide in Bankruptcy.”
Heaven forbid they go bankrupt!
Just what would we do without Countrywide, Bank of America, Nationstar, Greenpoint, or any of the other zombie banks that are currently playing Pass the Toxic Mortgage Potatoes back and forth between each other?
The Bloomberg article goes on to report that this $500 million “deal” (gee what a deal) has nothing to do with the $8.5 billion case that is still pending in New York state court over Countywide’s breaching its contractual obligation to replace delinquent mortgages. You can read the full Bloomberg article here.
Even though this case may have nothing to do with the $8.5 billion case, the $25 billion dollar settlement the 49 State Attorney Generals reached, or the hundreds of thousands of individual lawsuits that borrowers have filed against these zombie banks; one thing is for certain…with each new case, the bankers on Wall Street must be asking themselves what they will do if and when the 70 million borrowers who were harmed by their toxic mortgages decide to rise up and take action against them?
If you spot any of these 65 Signs of Fraud on your loan documents, you should contact Fraud Stoppers immediately because we will show you how to save your house from foreclosure by suing your pretender lender in federal court for legal violations, mortgage and appraisal fraud, quite title and clouded title issues, and other lawful causes of action that you may have against your lender, loan servicer, and/or their law firm(s).
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