Tag Archives: “Bank of America”

The Man Who May Bring the Banksters to Justice (If They Don’t Break His Knees First)

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Miles Mogulescu for HUFFINGTON POST
Entertainment attorney, writer, and political activist

New York State Attorney General Eric Schneiderman may go down in history as the most important public official in reforming the corrupt financial system that caused the great Financial Crisis of 2008 and holding the perps responsible — if he can hold out against pressure from Wall Street, the Federal Reserve, and the Obama administration to give Wall Street a “Get Out of Jail Free” card.

Eric Schneiderman has played a key role in the investigation of foreclosure fraud and robo-signing by 50 state attorneys general against JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Ally Bank. Reportedly, most of of the attorneys general — Continue reading →

Congressional Representatives’ Conflict of Interest in Regulating Wall Street

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The Most Popular Stock in  Congress

“One-fifth of the members of Congress own this company’s stock, making it the most popular investment among members of the House and Senate.

A) Apple (Nasdaq: AAPL)

B) Bank of America (NYSE: BOA) Continue reading →

Forget Failing Banks — Save More of Your Money with Credit Unions

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Forget Failing Banks — Save More of Your Money with Credit Unions

By John-Michael Haines

August 19, 2011
money in between mattressFor many Americans, saving money involves depositing part of our paycheck into a bank savings account. Sure, some people stash their cash under the mattress, but most of us are members of a large national bank that we trust to keep our money safe. Continue reading →

A Call to Action – Geithner Must Go!

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Last week, undercover, [we] the government bought the servicing rights to 400,000 Bank of America bad loans – quoted as the worst loans and this is just a pittance of what Countrywide and Bank of America wrote during the subprime catastrophe that collapsed the American economy. Apparently, with very little forethought [we] the government agreed to “buy” these servicing rights that will on average cost an additional $10k – $50,000 to service, maintain and/or foreclose. Who was behind this imbalanced deal? Continue reading →

Behind the Scenes: Bank of America – Another Bailout!

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Editor’s note:  Please participate in the Poll at the end of the Post.

“Robin Hood in Reverse”: Bank Bailout Bonanza Heats Up (Again)

The Daily Ticker Reports that last Friday Bank of America received ANOTHER so-called “bailout” using tax payer funds. They never really went away so don’t call it a comeback…but it’s been a big week for bailouts. 

Bank of America Corp. has agreed to sell part of its home-loan portfolio to government-controlled housing giant Fannie Mae, as the bank looks to shed assets and pare its exposure to an array of mortgage woes. Rithoitz, Blodget and Task have a lively discussion about the Fannie  Continue reading →

Screw Sam! Reconstruct the Mortgages with their Rightful Owners

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U.S.Seeks Ideas on Renting Out Foreclosed Property

By EDWARD WYATT
Published: August 10, 2011

WASHINGTON— Uncle Sam wants you — to rent a house from Uncle Sam.

The Obama administration said on Wednesday that it was soliciting ideas on how to turn the federal government’s inventory of foreclosed houses into rental properties that could be managed by private enterprises or sold in bulk.

The goal, the administration said, is to stabilize neighborhoods where large supplies of empty, foreclosed properties have hurt property values. In addition, the plan is an effort to clear the nation’s balance sheet of real estate holdings that, because they have been difficult to sell individually, have hung over the housing market and stunted sales of existing homes and new construction.  Continue reading →

“Most Basic Values” Bank of America video

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“Most Basic Values” Bank of America video – Sent by ACE at Foreclosure Hamlet

What if we came together and made the nation’s largest banks like Bank of America follow the same rules as we all do around fairness and honesty, paying their…

Yes, that’s what we want – but we need to be united to get it.  Yesterday BofA broke a dime.  That means their stock plummeted below $10 a share – at one point it was at $9.88.  Like most of the banks there has been a snowball effect as people, companies and nations withdraw their funds and short the bank stocks.

Nothing the government can do, short of taking over the banks or propping them up with more money, can stop the declining stock – this is Capitalism shaking out its dirty laundry.  Raising the debt ceiling to pour more money into the failing banks is not the Capitalism that big business continually cries for whining that it will police itself. Continue reading →

RSN Elizabeth Warren: A Real Probe Needed on Foreclosure Abuses

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Readers Support Network – Amen!

Elizabeth Warren: A Real Probe Needed on Foreclosure Abuses
By Shahien Nasiripour, Huffington Post

15 July 11Prof. Elizabeth Warren, chairman of the Consumer Financial Protection Bureau set up to oversee the TARP program, 04/21/09. (photo: Tim Sloan/AFP)

A top Obama administration official on Thursday questioned the scope of the state and federal investigations into alleged mortgage abuses and “illegal” foreclosures perpetrated by the nation’s largest mortgage companies, marking the first time a senior White House official publicly broke ranks with the administration over the issue and raising fresh questions about the wisdom of the government’s rush to settle with the firms.

Elizabeth Warren, a senior adviser to President Barack Obama and Treasury Secretary Timothy Geithner, told a congressional panel that government agencies may not have sufficiently investigated claims that borrowers’ homes were illegally seized by banks such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Ally Financial. Continue reading →