Bank of America settles loan dispute with Fannie Mae, Freddie Mac

Washington Post ^ | 1/3/11 | David S. Hilzenrath

[Kartographer]

Fannie Mae and Freddie Mac, the financial giants whose failed mortgage investments made them wards of the government, have accepted $2.8 billion from Bank of America to largely put to rest claims that the bank sold them faulty loans.

[Kartographer]

Once agin the crooked banks get a pass and the taxpayers get the shaft!

[Kartographer]

PING!!

[jessduntno]

“Once agin the crooked banks get a pass and the taxpayers get the shaft!”

GSE. The Dems don’t want us to look at Fannie and Freddie and the banks don’t really care, because when they were deregulated, they were given a license to steal. GSE.

We get the shaft from the Dems as far as I see it.

Not that the Banks are clean, but they did EXACTLY what the Dems wanted them to ... the Dems figured out a way to buy everyone a house with our money and watch us go broke doing it, but they never could have done it without the GSE move in the 90’s and the repeal of the regs that kept them from doing just this.

Shit, let someone leverage their assets 90-1, package garbage with a little good stuff and they WILL steal you blind. This was a good old fashioned gold rush - the Dems allowed the bundlers to “salt the mines” with a few nuggets and sell them all over the world.

They ALL screwed us, but the Socialists did it and want us to burn down the greedy bastrds that did their dirty work for them. They just played on the greed. That’s what they do. Then they whip “the little guy” into a frenzy of hate for the “fat cats” in power and step in to save us.

The DEms are running the same old socialist con, using the GSE as a vehicle. Bastards. GSE pimping bastards.

[Kartographer]

Well the Dems didn’t create MERS they merely looked the other way. The banks created that nighmare all by their greedy little selves.

[steveab]

I bet that money came out of the board of directors’ pockets. Someone needs to go to jail.

[DoughtyOne]

The banks and other lending institutions were taken to court and forced to make bad loans. 0ur current president actually filed one of the cases. Janet Reno filed others. Leftist judges sided against the lending institutions and the rest is history.

Then when those loans went bad some folks who should know better, agreed with Obama & Barney Frank that this was all the greedy banks fault.

B.S.

[M-cubed]

spot on!

[Kartographer]

So who forced them to break the real estate laws of 50 states and create their own with MERS and there by making it all but impossible for hundreds of thousand honest homeowners of ever getting a clear title? Who force them to cheat states and counties of legally require recording fees? Who made them package up these loans and sell them multiple times there by getting back the face value of the loans multiple times while still colecting mortgage management fees?

[jessduntno]

“Well the Dems didn’t create MERS they merely looked the other way.”

You are mistaken. They created the collapse of the housing market through the use of their usual “useful idiots” in the poor and dedicated (and sometimes, actually well meaning) social re-constructionists and executed it flawlessly.

We are now out to hang the greedy bastards that helped them sink us and paying no attention to the whole range of Dem inspired coalitions that brought it about, from Rainbow Push and ACLU leveraged lawsuits to bank boycotts inspired andd financed by “Community Organizations” like ACORN, backed by the ACLU.

You are mistaken if you think this is just a simple rape of the banks like the S&L debacle and not part of a socialist inspired and well planned coup.

We lose these next elections at our peril.

[Kartographer]

You are mistaken, its like thieves and fences, yes both commit different crimes yet in the end they are both criminals who need each other.

[dixiechick2000]

From now on, in my mind, your nic is “jessDOnolotsastuff”. ;o)

Thank you for your insight, and your post.

[NTHockey]

Our money given to the banks who now give it to the government and they count it as paying back the loan.

Round and round it goes; where it stops, nobody knows.

[screaminsunshine]

Trying to get out in front of the investigations?

[Jimmy Valentine's brother]

Reand “The Big Short” by Michael Lewis.

[Jimmy Valentine's brother]

Read “The Big Short” by Michael Lewis.

[azhenfud]

$2.8 billion is chump change in comparison to the damage BofA has inflicted upon US property laws and what they’ve recovered through securitizations and default title insurance payouts.

[jessduntno]

“Trying to get out in front of the investigations?”

Exactly.

[Vaduz]

Largely put to rest claims that the bank sold them faulty loans.
Wow how much grease is flosting around on the east coast now days?.

[DoughtyOne]

So who forced them to break the real estate laws of 50 states and create their own with MERS and there by making it all but impossible for hundreds of thousand honest homeowners of ever getting a clear title?

There are over 3,000 lender organizations that participate in MERS.  They're not all banks.  I'm sure you knew that.  This is certainly a fly by the seat of your pants type operation huh.  NOT!  MERS does not profit by any foreclosures.  You knew that too right?  It receives all it's funding from participating lending institutions.  As I understand it, there are problems.  Those problems need to be addressed.  I am not intimately familiar with the problems or the finer details, but there ARE questions that need to be asked, I'm sure.

What lending institutions have been closed due to MERS?  Which CEOs have been prosecuted and placed in prison?  Name the banks and the lending institutions that have been fined, and the amount of those fines.  And are any such fines actually legit, or are they mearly attempts by Congress and the Courts to cover their own posteriors for their complicity in this meltdown?

Just becaues they were called before Congress, that doesn't mean they have done a thing wrong.  Now they may have, but this certainly is not proof of it.  Who really set up this house of cards, the banks lending instutions or Congress and the courts?  How many judges or Congressmen have been called before Congress to answer for forcing lending institutions to grant loans to low income people who had no ability or intention to ever pay them off?  How many of them have been censured, fined, or fired?

Who force them to cheat states and counties of legally require recording fees?

Look, there are 3,000 lending institutions that participate in the MERS program.  Evidently MERS isn't stiffing everyone across the board.  Perhaps there have beem some negative things done, but that is by no means the total scope of the operation.

This is the same dog and pony show that Congress runs every time they are responsible for something.  They call in industry officials that have been forced into doing Congress' bidding, and act as if they are the cause for the disasters that Congress has created.

Has anyone called Barney Frank on the carpet?  Has anyone called Janet Reno on the carpet?  Has anyone called Barack Obama on the carpet?  How about the Clinton administration that played a part in all this?  Obama played a lesser role, but he was involved in one case and certainly knows how this thing got started.  Why hasn't his arse been called over to Congress to explain why lending institutions were sued in order to force them to grant loans to low income players?

Who made them package up these loans and sell them multiple times there by getting back the face value of the loans multiple times while still colecting mortgage management fees?

You crack me up.  Congress, Acorn, and the courts forced lending institutions to make bad loans.  Then you and they get all pissed off because the lending institutions bundled loans and sold them to Fannie May and Freddie Mack.  They also sold them to financial institutions in the U. S. and abroad.  What did you expect them to do, hold on to the paper until everything went belly up and our lending industry was compeletely destroyed?  Who didn't see this coming?  Ever since I heard of these loans being out there, I was waiting for the other shoe to drop, and I'm not even in the industry.  Any kid with a fifth grade grasp of math could see this house of cards for what it was.

If you think things are bad now, what if those banks and other lending institutions had held on to ALL that paper?  Would it have been better for every bank in the U. S. to have become insolvent in the same 60 day stretch?  Would it have been better if all home mortage lending institutions went belly up too in the same 60 day period?  What are you thinking?

You can't screw the lending institutions into the dirt, then expect them to not try to diversify their holdings so as not to become destroyed while they twiddled their thumbs.

Which office in the White House or Congress do you work for anyway?

[Kartographer]

Sounds to me that someone has a horse in this race and they are worried about it ending up wearing striped pj’s.