When BOA says it is a “Successor by merger” to Countrywide, it is no more true than Chase’s claims that it is the successor by merger to WAMU and no different than the false claims of OneWest as to IndyMac. In each instance there was a merger but in none of them were loans acquired because they had already been sold.

If you look at the actual merger disclosures, it is highly doubtful and even inconsistent with other disclosures that Bank of America Corp or Bank of America N.A. actually owns any loans originated by Countrywide. In fact, as you drill deeper you will be drawn to my conclusion —— that Countrywide was a conduit and not a lender, who operated through other thinly capitalized “originators” none of whom were actually making loans.

None of them were lenders. None were creditors. The money for the alleged loans…