A.I.G. to Sue Bank of America Over Mortgage Bonds
The American International Group is planning to sue Bank of America over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis.
The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in possibly the largest mortgage-security-related action filed by a single investor.
It claims that Bank of America and its Merrill Lynch and Countrywide Financial units misrepresented the quality of the mortgages placed in securities and sold to investors, according to three people with knowledge of the complaint.
Check out the rest here…
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Constitutioal adoption is what we really need. To show what holds this Republic together.
BANK OF AMERICA DOWN 6$ PLUS TODAY AND ONE HEDGEFUND MANAGER SOLD OUT ALL HIS SHARES! IT’S WILD MO– USE AND ROLLERCOSTER TIME AND….HERE WE GO!! THIS COULD BE THE BEGINNING OF THE END FOR BOA!
Can anyone please help me know how to do a post of a new article here that I would like to submit rather than post as a comment to this article?
Thanks,
Michael @ The “MIXED WAR” Room organizing The Relentless Resistance Renascence Rant Rank, Level 1
574.804.0006
mlfwf@yahoo.com
bankreoforfeiture@yahoo.com
BOFA,I would like to quote these words from the recording artist, Jewel, “Who will save your soul, and those lies that you told?” ALL THAT YOU CARED ABOUT WAS.. The addictions you feed and the mouths YOU PAY…To get your evil work done……………………
Watching their stock price (and the market) today – like so many others. Might be time to make some popcorn…
Looks like Rome is burning………
LMAO, the crazy bastards are suing themselves again. WE THE PEOPLE should be suing ALL OF THESE CROOKS. We have the proof they have committed massive and pernicious fraud in our names…and it was meant to cause permanent harm to not only our economy, but our freedom and democracy…We The People were undermined by those we trusted under the disguise of American politicians and American institutions..they are not..They are TWO-FACED, .they are all in an evil elite globalist cult of pretenders and deceivers……!!!. They are a cabal of liars and theives.
Reports today that Bank of America is heading for BANKRUPTCY. In other words, they’ll be foreclosed upon.!!! Source is Zerohedge. What goes around, comes around.
The truth must be told then, good will triumph over this evil empire..Their only protection to hide behind was lies. Take away the lies and the emperor has no clothes……
timmy g gave the banksters 16 trill $ according to the GAO report that Bernie Sanders forced and NO ONE mentions it! this was not part of TARP. GAVE them $16 trillion! GOD BLESS US ALL
Unless A.I.G. can prove they were misled in any agreement or their interests not protected, they may not have a case. B of A will probably pay off unless it gets ugly and they think they have a solid enough defense or protection that would get the case dismissed on Summary. I don’t see B of A going to court on this at all. You have to sue to get a position for payment. Since B of A is “too big to fail” they will probably get a little government help if they really encounter risk.
I suspect they could handle this one.
As usual, homeowners have not received much benefit from the fraud nor do I expect them to. Unfair that B of A can reduce ‘principal’ on those buy-back deals with investors but we are left holding the bag in a market that is 30+% underwater value deficit because of their actions.
As bad as I hate B of A, I see them benefiting from these agreements in the end. They will find enough of the ‘pieces’ of those securitized loans to retain as REOs and eventually sell off even if they have to enlist holding banks or the Fed. B of A suits so far have allowed them to retain foreclosure, servicing rights with the ability to continue foreclosure activity during contested suits. To counter chaint of title problems will fall to the individual down the road and not likely to be a major issue unless a civil suit is filed. No blanket dropping of principal that I can see. The investors are not interested in helping homeowners or in modification or holding the property. Their bottom line is money. With the market dropping, they will settle sooner rather than later perhaps. There is nothing to be gained by criminal charges by either homeowners or investors. This mess will play out in the civil courts but likely B of A will pay off. Even AGs are bidding for agreements and money for states, not homeowners. If you want to recover, reduce principal or can prove fraud, sue. It is the only way to recover on an individual basis. All agreements that promise modification, short sale or etc are just more of the same garbage we’ve heard all along.
Thats just my take on these suits.
If it gets too hot, look for the Government to try grant some type of amnesty arrangement in the end. They will blame it on the current administration. GOP bears responsibility for the stock market drop because of their stubbornness over the debt ceiling. Had they not tried to knock off Obama, they would not be in this fix.
Today, every stockholder is blaming somebody!:) What a mess!
The homeowner has few advocates, his 401K and IRA is in the tubes. Their home equity is gone and the GOP will see that we lose our mortgage tax deduction before they will up taxes on the wealthy. Best thing is to let the Bush tax cuts expire. I guess they are hoping that the teaparty supporters will take control of Congress and White House and save everyone, at least those in big business.
Here is another “tidbit” from today’s Ticker:
“There’s a tidbit in here however, that I wasn’t aware of – and is particularly troubling:
A.I.G. faced some limits on the lawsuits it could bring, because during the bailout the company signed a waiver that it would not sue big banks over mortgage bonds it had insured.
What?
Where was that disclosed? And why did the government insist on a waiver to provide a bailout?
Who, specifically, intentionally protected the banks against being sued for fraud in return for a bailout for AIG?
See what sort of incest we have going on in our government? The folks in Treasury and The Fed – along with our Presidents, past and present – tried to protect the banks against the proper and just legal recourse that was due them for any fraud they committed against AIG when they bought “insurance” from the company!
If you’re wondering why there’s such a weak-kneed non-response when it comes to prosecuting the looters, well, here you have it – giving banks a pass on fraud was and is an intentional government policy.”
http://market-ticker.org/akcs-www?post=191681
INQUIRING MINDS WOULD LIKE TO KNOW – WHO IN CON-GRESS OR WHO IN OUR CAPTURED “REGULATORS” SOLD US OUT? I WANT SOME NAMES.
Not surprised. In these U S of America, we are fed a line that we are both free and in control of our destiny. In the best Machievellian theory, it keeps the natives happy thinking they are in charge. The only control we have is at the polls. Even the party that tells us big government control is bad is busy giving control to their viewpoint. The truth is both parties, Democrats and Republicans sell out because the players are all in the banking industry. Where was Geithner (who by the way has decided to stay) before he came to government? Yes, he was head of the Federal Bank. Look to the legal heads of the government to conspire with bank legals to make the best deal for the banks. You can bet that there was a clause that shut out legal responsibility and there will be the same thing that limits homeowners.
The only chance individuals have is to sue so your suit is grandfathered in before deals are made!
What happened to the “damaging” report from Wikileaks?
They threw his in jail on ridiculous rape charges, deleted his website and now he has been silenced?
How much are we idiot American’s going to put up with before we “March on Washington?”
Is everyone on drugs here? What happened to our backbone?
We are being raped and all we can do is sue the banks? The Judges are in on it…
Too few homeowners are winning anything but a homelss future!
WAKE UP…no one is coming to our rescue..
WE NEED TO WALK ON WASHINGTON to get attention…what we have done IS NOT WORKING!!!
elyse@gte.net
in California
You expected them to shut up Julian Assange(sp) didn’t you? He never had a chance against the powers of banking. I expect he was promised a free ride to get out of the B of A exposure. Hands tied now.
You know everyone who promises to “tell it like it is” has a price. Its just sometimes a higher price, maybe your freedom, maybe your life, maybe just money. Not many can stand the kind of heat Julian and Wilkileaks had on him even with his support.
I really hope that everyone sues these jerks (BofA). Their racketeering is out of control and no one is going to prison for it. Where is the justice, really? If I were to consistently commit half of the racketeering (RICO) crimes that Bank of America is committing, I would be rotting in prison right now. I honestly think that they have a “get out of jail free” card. They ask for immunity from prosecution (guilty, guilty, guilty) and they will probably get it. It is disgusting.
If you would like more information about Bank of America’s racketeering practices please read this article “Bank of America is a Racketeering Enterprise”: http://www.piggybankblog.com/2010/11/16/bofa-racketeering/
Everyone can do their part and sign a petition that will hold Bank of America accountable for RICO violations: Please sign this petition: http://www.change.org/petitions/the-president-of-the-united-states-hold-bank-of-america-accountable-under-rico-laws
No one should tolerate the illegal behavior of this Mafia called Bank of America.
ALL WHO LOST THEIR HOMES, OR LOST VALUE IN THEIR HOMES ARE VICTIMS OF THE MORTGAGE FRAUD THUGS. WE MUST FIND HIGH POWER LAWYERS AND FILE A 50 STATE CLASS ACTION SUIT, WHERE WE ARE ALL CO-PLAINTIFFS. IMAGINE OWNING A HOME FREE AND CLEAR AND HAVING SUNK YOUR LIFE SAVINGS INTO READYING IT FOR SALE. THEN THE MARKET COLLAPSES, AND WE ARE LIED TO IN THE COVER UP ABOUT HOW, WHY AND WHO SO WE CANNOT MAKE AN INFORMED DECISION AS TO WHAT TO DO, SELL OR HOLD.. IF WE HELD, WE LOST OUR LIFE SAVINGS.
THE DOT COME BUBBLE WAS VERY DIFFERENT. IT WAS IRRATIONAL EXUBERANCE. THE MORTGAGE FRAUD WAS A TOTALLY DIFFERENT ANIMAL. IT WAS AND IS A BEAST.OF ANOTHER KIND ENTIRELY
There certainly is a lot of money for AIG to tap into
The first ever Fed Reserve disbursement report was issued in late July 2011-
http://sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf
Bank of America received $1.3 Trillion and Merrill Lynch received $1.2 trillion in loans at only .25% interest rate from the federal reserve in first quarter 2009. This gives BAC control over $2.50 Trillion to cover multiple categories of loss claims.
I have not been able to identify this on the 2009 or 2010 BAC balance sheets required to be publicly reported and it looks like they have deliberately been hiding it.
If you read the fine print in the Federal Reserve expenditures it appears they were promised that when they “gave themselves” money there would be no conflict of interest for their employees or other persons of importance that would allow them to be sued. Remember, it is always in the fine print!
Please excuse me, y’all. I’m gonna go fwow up.