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FMRFGOPGAL -> RE: US Government Sues Bank of America For Mortgage Fraud (10/24/2012 12:54:52 PM)
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quote:
ORIGINAL: ThatDamnedPanda
quote:
NEW YORK - The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis.
U.S. Attorney Preet Bharara said Countrywide Financial, which was later bought by Bank of America, churned out mortgage loans from 2007 to 2009 without making sure that borrowers could afford them.
Not that I'm complaining, of course, but does anyone else find the timing interesting? 4 years after the collapse of the financial system, Obama's Justice Department is just now getting to the point where they think they have grounds to file suit? It's almost as though there's some important event coming up in a couple of weeks, something they want to make sure they look good for...
Oh, Yeah, That Economy Thing... We Almost Forgot
Why? How long does it normally take you to bring together a billion dollar lawsuit against one of the largest financial institutions in the world?
The matter will continue well past the election.
And I have no illusion that between now and the election, that if we get even so much as an unseasonably warm fall day occurs, the "smart people" will be all over it.
[:D]
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