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Bank of America's (BAC +0.5%) $8.5B settlement to take care of claims from Countrywide-backed...

Bank of America's (BAC +0.5%) $8.5B settlement to take care of claims from Countrywide-backed MBS should be rejected, says a group of investors led by AIG in a NY State Supreme Court filing today. Separately however, the FHFA withdrew its "conditional objection" to the settlement. The Article 77 hearing is set to begin on May 30. BofA would be open to massive liability should a judge throw out the agreement.
Comments (8)
  • 164446
    , contributor
    Comments (19) | Send Message
     
    At what point is the former CEO of Banc America made liable, pays, and sent to jail? The same goes for Fanny & Freddie, and Congress.
    3 May 2013, 03:02 PM Reply Like
  • Vipertom
    , contributor
    Comments (167) | Send Message
     
    Don't forget to throw the CEO of Countrywide in there with them.
    3 May 2013, 08:20 PM Reply Like
  • Vipertom
    , contributor
    Comments (167) | Send Message
     
    Don't forget to throw the CEO of Countrywide in there with them. He kept most of the millions he made (stole) from the taxpayers. Same old story. Borow a 100k from a bank and they will chase you to the end of the earth. Borrow 10 million, and you are a partner.
    3 May 2013, 08:22 PM Reply Like
  • 164446
    , contributor
    Comments (19) | Send Message
     
    AIG fall into the same category like BOA. Both lost most of my investment via wild speculation!
    3 May 2013, 03:06 PM Reply Like
  • mphill47
    , contributor
    Comments (483) | Send Message
     
    I think it would be more appropriate to throw the former CEO of Countrywide in the klink. What a crook.
    3 May 2013, 03:08 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2482) | Send Message
     
    He got a slap on the wrist and banned from the industry.
    3 May 2013, 03:22 PM Reply Like
  • Renoira
    , contributor
    Comments (86) | Send Message
     
    And his cohort - Stanford Kurland - got a new venue called PennyMac.
    4 May 2013, 03:41 AM Reply Like
  • OILGROWTH
    , contributor
    Comments (38) | Send Message
     
    Does anyone know if Monzillo is on the hook for any of this settlement money? Did BofA really buy Countrywide without any recourse surrounding Countrywide's representation on the condition of all of those loans? If there was none, the acquisition attorneys should be lined up against a wall alongside Ken.

     

    The story is more complex and criminal then the railings above would lead us to believe. If you get a copy of Predator Nation by Charles Ferguson, give it a read.
    4 May 2013, 01:30 AM Reply Like
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