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To: TheDailyChange
BoA underwrote - I'll repeat that - underwrote mortgage-backed securities which are just complete garbage. Not just "not worth a lot" but "worth practically nothing" thanks to the destruction of wet signature notes.

Plus every one of those securities can be returned to BoA, because there's a buyback clause in the case of fraud. Not owning the wet signature note and then perjuring yourselves in the creation of no-note affadavits are classic acts of fraud.

BoA is on the hook, and they're not the only banks in dire trouble here.

13 posted on 10/25/2010 11:52:09 AM PDT by agere_contra (...what if we won't eat the dog food?)
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To: agere_contra

“BoA is on the hook, and they’re not the only banks in dire trouble here.”

BoA will just deflect this to the ‘dead beats’ and then to the American Tax Payers and continue doing business as usual. Any way BoA has done nothing wrong that a little clearing up of the paperwork won’t fix. Any wrong doing on their part was is purely technical.


18 posted on 10/25/2010 12:10:20 PM PDT by Kartographer (".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
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