Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

BOA to pay investors $8.5bn in mortgage settlement

Notify me of new replies via email
Mortgage Professional America | 31 Jan 2014, 11:11 AM Agree 0
Bank of America will pay $8.5bn to mortgage bond investors to settle claims that the mortgages backing securities sold by the bank didn't meet quality standards
  • guern | | 31 Jan 2014, 01:22 PM Agree 0
    A paltry sum............
  • Gordon | | 31 Jan 2014, 01:46 PM Agree 0
    Don't be duped! Tax payers bail the banks out,
    the Feds are as much as fault as the banks.All the mortgage money came from the bond market
    to start with. What about the millions of homeowners...nothing for them! This is just politics, the goverment saying they are doing something so they can buy votes. Why are the CEO,S of Countrywide, BoA, FannyMae and Freddiemac and many others not in prison
    where they belong. Who is helping the famlies who lost their homes?
  • Lisa | | 31 Jan 2014, 02:45 PM Agree 0
    All so true, the borrowers once again get nothing to offset their losses and the bank get a small slap. Bank of NY is just as evil as B of A. Sickening that the CEO's and SEC are not punished individually, so wrong.
  • Wilson, community Bk CE0 | | 31 Jan 2014, 03:14 PM Agree 0
    Congress, regulators, FNMA, FHLMC were all thrilled so many Americans were achieving homeownership during the bubble 2001-2006. The banks enjoyed the profits and CRA credit from making the mortgages, but the banks believed they were doing what Washington DC wanted. I don't know what BOA did to deserve this settlement. I don't think they should be accountable for what CountryWide did before being acquired. HUD needs to be careful so that FHA and VA don't repeat the mistakes of FNMA and FREDDIE.
  • Cheyenne Shala | | 01 Feb 2014, 08:22 AM Agree 0
    Are you kidding me? BofA deserves every bit of accountability for acquiring Countrywide. They fully understood the type of mortgages they were closing including the fact that they were also heavily involved in sub-prime lending and the grossly undermanaged credit qualifications associated with those mortgages. It was all about greed and market share. Do you think the banking lobby has nothing to do with the fact that the leaders at the top are not being personally held accountable? I could go on and on...
  • marina | | 01 Feb 2014, 10:40 AM Agree 0
    Settlement means fraud concealment. Their version of don't ask don't tell. Judges are too often too quick to approve settlements in spite of investors objection. Why? Because our government Legislative Executive and Judicial are all in bed with the banks. Money means power and influence, folks. Just like a bad marriage they may fight like hell during the day but still sleep together at night.
Post a reply