Bank Of America Goes To Trial Over Mortgage Fraud Charges - Reuters/HuffPo

[WillyT]

Bank Of America Goes To Trial Over Mortgage Fraud Charges
Reuters | HuffPo - By Nate Raymond
Posted: 09/24/2013 9:12 am EDT | Updated: 09/24/2013 2:25 pm EDT

<snip>

NEW YORK (Reuters) - Bank of America Corp heads to trial this week over allegations its Countrywide unit approved deficient home loans in a process called "Hustle," defrauding Fannie Mae and Freddie Mac, the U.S. government enterprises that underwrite mortgages.

In what would be the government's first financial crisis case to go to trial against a major bank over defective mortgages, jury selection is set to begin in federal court in New York on Tuesday, barring a last-minute settlement.

The trial is also a reminder of the billions of dollars in legal liabilities Bank of America has incurred as a result of its 2008 acquisition of Countrywide Financial Corp, which became a poster child of the mortgage meltdown.

The U.S. Justice Department filed the civil lawsuit in 2012, blaming the bank for more than $1 billion in losses to Fannie Mae and Freddie Mac, which bought mortgages that later defaulted. Since then, new evidence and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the case back.

Bank of America has said the lawsuit's claims are "simply false" and that it "can't be expected to compensate every entity that claims losses that actually were caused by the economic downturn."

A spokesman for the bank declined comment ahead of the trial, which is expected to last five weeks.

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More: http://www.huffingtonpost.com/2013/09/24/bank-of-america-mortgage-fraud-charges_n_3981355.html?utm_hp_ref=business

[WillyT]

1. Um... Isn't This Good ??? - I Mean, I Know We've Been Waiting A Long Time For This...

Or Something LIKE This... But...

[WillyT]

2. Nevermind... Just Noticed The Food Fight...

[Egalitarian Thug]

3. Hey Willie, would you be so kind as to clue me in?

I'm in and out for a few minutes at a time, here and there these days, so I miss much of the best idiocy going down here.

Thanks.

[WillyT]

4. Always Check Here... And Always Look For Number 1...

DULink: http://www.democraticunderground.com/?com=latest_threads&mode=latest&sort1=replies

[Egalitarian Thug]

5. Oh that. Thank you. I wasn't thinking and thought that there was something relevant to this

issue, you know, something that actually might effect people's lives.

Perhaps we should call this phenomenon DU syndrome.

[Cali_Democrat]

6. So the Obama Admin is indeed prosecuting the the big banks for mortgage fraud

But people here told me otherwise.

That's why I don't listen to people here.

[WillyT]

7. Yeah !!! - Ain't It GREAT ??? - Finally...

I think so...

[Cali_Democrat]

8. Actually:

My post from last month:

http://www.democraticunderground.com/10023493385

[Cali_Democrat]

10. Also:

http://www.democraticunderground.com/10023424416

Notice how these posts got very few replies?

Of course if there was a post which said the Obama admin will not investigate, it would get 100+ replies where everyone would be bashing and calling Obama a whore for the banks.

You know it too.

[WillyT]

11. Well... That's Probably Because People Lost Faith...

My faith is encouraged... however, if they settle for money, with no admission of guilt...

I withdraw my faith.

[malaise]

9. Get thee to the greatest page

right effin' now

[WillyT]

12. I Thank Thee...

[malaise]

13. You're welcome