So... Countrywide and BOFA, among others, committed massive mortgage fraud

[Vast LWC]

So, Countrywide and BOA gave a crapload of mortgages to people, knowing that there was no way they would be able to pay, and then sold them to Fannie Mae and Freddie Mac without mentioning the fact that the mortgages were bad.

Yep, that would be mortgage fraud, pure and simple.

So, who's going to jail?

US suit cites ‘brazen’ mortgage fraud at Countrywide, even after Bank of America purchase - The Washington Post

 

[Vast LWC]

Tell me again how the mortgage crisis is all Freddie Mac and Fannie Mae's fault....

Fuck this civil suit bullshit, I want to see people going to prison.

 

[Rct_Tsoul]

Vast LWC, I hope for your own sake that the caption in your Avitar is just refering to just some random guy named Mohammed.

 

[Vast LWC]

I put that in there on purpose. It's the South Park representation of Mohammed, before South Park was forced to censor it.

If people don't like it? Oh well.

 

[g5000]

So, Countrywide and BOA gave a crapload of mortgages to people, knowing that there was no way they would be able to pay, and then sold them to Fannie Mae and Freddie Mac without mentioning the fact that the mortgages were bad.

Yep, that would be mortgage fraud, pure and simple.

So, who's going to jail?

US suit cites ‘brazen’ mortgage fraud at Countrywide, even after Bank of America purchase - The Washington Post

No one went to jail, that's who. I can give you a list of name of actual crooks who committed massive fraud at the large financial firms. Only one that I know of (Brian Stoker) was actually put on trial, and he was acquitted because the jury could not understand the nature of the fraud. The SEC flubbed it. The jurors were also convinced by Stoker's defense team that the CEO (Lloyd Blankfein) should have been the one on trial, and not the guy who assembled the fraudulent derivative (Stoker).

Hell, they BOTH should have been on trial.

The banks did not sell fraudulent derivatives just to the GSEs, you know. They sold them to your home insurance company, your health insurance company, your auto insurance company, your local college's endowment fund, your city treasurer, your state employee pension fund, your 401k manager, and to others entities all over the planet.

Tuition going up? Public employee pension fund broke? Taxes going up? Insurance premiums going up?

Hmmmm...that's strange.

Until you discover that 40 percent of ALL corporate profits in America were made by the financial services sector.

"Vampire squid."




.

 

[Rct_Tsoul]

I SHALL HAVE YOU CANED INTO SUBMISSION YOU SILLY Ameri-CAN !!!

 

[Plasmaball]

bayonets are more important

 

[g5000]

bayonets are more important

Ab-so-toot-ley!

.

 

[Oddball]

So, Countrywide and BOA gave a crapload of mortgages to people, knowing that there was no way they would be able to pay, and then sold them to Fannie Mae and Freddie Mac without mentioning the fact that the mortgages were bad.

Yep, that would be mortgage fraud, pure and simple.

So, who's going to jail?

US suit cites ‘brazen’ mortgage fraud at Countrywide, even after Bank of America purchase - The Washington Post

Never heard of the moral hazard, haveya?