Hopefully, Judge Rakoff upholds the jury verdict.
Bank of America is asking for leniency from a federal judge regarding the jury verdict in a separate mortgage fraud ruling. The district judge had ordered the big bank to pay $1.3 billion after a jury found its Countrywide unit guilty of fraudulent mortgage loans to Fannie Mae and Freddie Mac.
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Wow! This ought to be a thriller… And surely a sequel.
Andrew Garfield, who stars in the Amazing Spiderman, is leaving his web-slinging behind to play a bluecollar everyman who gets caught up in the 2008 foreclosure crisis.
The new film, 99 Homes, was co-written and directed by Ramin Bahrani, who spent time learning about the housing meltdown and its impacts on consumers with Palm Beach Gardens foreclosure fighter Lynn Szymoniak.
The movie, set in Orlando, premiered last weekend at the Telluride Film Festival. Bahrani toured foreclosed homes in Lake Worth and Belle Glade, and sat in on Palm Beach County foreclosure hearings under three different judges.
In a Monday story from Deadline Hollywood, Bahrani describes watching as homeowners faced Palm Beach County foreclosure judges during “rocket docket” hearings.
“After a while, the people started winning, and I turned to Lynn and asked, ‘What is going on?’ and she said, ‘The judge is seeing you with…
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Nahhh…Countrywide didn’t have their own appaisers come into markets and inflate appraisals. Underwriters just assumed 1960 block homes were worth $600,000. Just “FUND ‘EM”!
Now that is the joke of the day…
Six years after the financial crisis and the government is still seeking justice for the financial pain and meltdown of America’s economy.
But according to an article in Bloomberg, the Countrywide CEO Angelo Mozilo, seen as one of the main culprits behind the subprime crisis and speaking in a rare interview, is baffled by a new effort to punish him.
Remorse for heading a company that made so many bad loans? Not a chance.
Instead, Mozilo said he is proud of his past triumphs and it his critics who are misguided:
“You’ll have to ask those people, ‘What do you have against Mozilo, what did he do?’” Countrywide Financial co-founder Angelo Mozilo said. “Countrywide didn’t change. I didn’t change. The world changed.”
“No, no, no, we didn’t do anything wrong,” he said, adding that a real estate collapse was…
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Deadly Clear 