JPMorgan, BofA sued over mortgage debt losses

preferred u · #1 10-01-2011, 06:39 PM

.J

Quote:

PMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors claiming losses on $4.5 billion of soured mortgage debt, adding to litigation targeting the two largest U.S. banks.
Bank of America is seeking court approval of an $8.5 billion global settlement covering investors in mortgage pools with $174 billion of unpaid Countrywide principal balances

http://news.yahoo.com/jpmorgan-bofa-...W9ucw--;_ylv=3

merrylander · #2 10-02-2011, 07:41 AM

Could not happen to a more deserving bunch. I sometime think they let Willie Sutton write all the banking laws.

wgrr · #3 10-02-2011, 10:43 AM

Quote:

Originally Posted by merrylander

Could not happen to a more deserving bunch. I sometime think they let Willie Sutton write all the banking laws.

Actually the banking laws were unwritten by the Commodity Futures Modernization Act of 2000. That allowed banks to become insurance companies and brokerage houses all wrapped into one with the "Enron" loophole. The bill removed all the banking regulations that had any teeth and the new super duper banks started to play and we payed.

But I know who really crashed the economy. It was ACORN and Freddie and Fannie.

Oh and fuck BOA. I don't have a clue why anyone would do business with them.