Skip to comments.BofA settles unfair lending claims for $335 million
Posted on 12/21/2011 2:22:50 PM PST by alex2011
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0bama is entering the campaign season with the attitude "When you have nothing, you've got nothing to lose" to get himself reelected.
What an "effed" up scenario that idiot has created for the greatest country in the world.
The pharmaceutical industry has been dealing with billion dollar government shakedowns for a long time. They pay their mega fines periodically and raise their prices. It's just another routine cost of doing business in the USSA that more and more industries cannot avoid. The socialists got the idea from the mafia. "You wanna protection? You gotta pay."
What a crock . . . This forced lending to people who have bad credit is what got us into the current financial crisis.
I don’t believe that number for one second! All of the cases brought for that reason never numbered more than a couple of hundred at a time.
damned if they did and damned if they didn’t.
Any other lenders that turned these people down will get the same treatment.
Have y’all noticed how all the DoJ cases have to do with making minorities whole? This case, the ridiculous charges against Sheriff Joe and the shutdown of the Black Panther voter intimidation case come to mind.
Meanwhile, the crooks on Wall Street get away with financial murder over and over and over and nothing is done.
And of course the panzies in the GOP are silent like lemmings.
I never applied for a mortgage, even though I have a VA loan chit, and a decent,steady job.
Why didn't I?
I had no savings to speak of, except for a 401K, and couldn't afford to own a home that cost over 100K.
Based on income coupled with a VA loan guarantee, I technically qualified for a normal loan. But I would have been unable to afford or perform routine maintenance, not to mention taxes and insurance.
I wonder just how many of these people who were “discriminated against” were essentially just like me, except they stupidly bought a ticket to the song and dance the Realtors were singing, that they would be much better off “owning” something they couldn't afford, instead of renting?
I've watched friends and coworkers go through the process of buying property with a normal loan. It wasn't pretty, it cost a lot of time and stress, and doesn't allow for instant gratification...unless you took the sub-prime loan route.
I can’t say what I really feel right now.
I thought (from something on the radio) that these were Countrywide loans. I think BofA was strong-armed by the gov't into taking over Countrywide as it was into buying Merrill Lynch -- and is again getting screwed by the gov't.
I manage a new car dealership, and we do a lot of indirect loans with banks, which is what Countrywide did with morgages for the most part. There is not a place on the application for race/color. Banks don’t care what color you are if you pay the bills, this was another case of Holder/Obama theft.
Holder said a federal probe found discrimination against at least 200,000 qualified African American and Latino borrowers from 2004 to 2008, during the height of the housing market boom. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.
Movin’ on up on everyone else’s dime.
so only minorities were cheated?
Holder only represents certain people?
it seems ANY QUALIFIED person should have part of this.
335 mil? that is a joke and a drop in the bucket to the banks.
Reparations, Part Deux
I have no words either.
The problem in the USA is obviously that either the pols are in love with those that have nothing, or they are in bed with the ultra rich corrupt Wall St thieves who have everything including $1000 hamburgers.
BTW this isn’t class warfare it is fact. Wall Street has played a huge part in redistributing our income from middle America to themselves at our expense be it stadiums or bailouts. No one is looking out for the middle class. The pols take care of those on the bottom and the top while most of us have been sucked dry paying for both.
The too big to fail banks needed busted up just like the TBTF media. I love small business because they are too small to own our government, not too rich either, and generally tied into reality. Competition is America, consolidation is anti-America.
The Clinton dereg and consolidation of banks needed busted up long ago before they had the power to control our govt and Congress. The real problem is that our government is owned by the few not the many as it should be in a democracy.
“”What a crock . . . This forced lending to people who have bad credit is what got us into the current financial crisis.””
For great reading on this subject and see who the usual suspects are/were going back to Carter days - read
Peter Schweizer’s “Architects of Ruin.” None of the names will come as a surprise. Borrowers with no money, bad credit had politicians going to bat for them the whole time.
Now their successors sit back and point the fingers elsewhere and have escaped all blame for the fiasco they created.
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