The Oddest Revelation From the Bank of America Fraud Suit

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The Oddest Revelation From the Bank of America Fraud Suit

The Oddest Revelation From the Bank of America Fraud Suit

Perhaps the oddest revelation is that BOA, Freddie and Fannie are business partners that own and used MERS to originate the loans. Am I the only one that sees this as a conflict?

Bloomberg-

There is something very weird about the civil complaint the Justice Department filed this week against Bank of America Corp. (BAC) for allegedly defrauding Fannie Mae and Freddie Mac.

Prosecutors are suing under a statute called the False Claims Act, which imposes liability on those who defraud the federal government. Curiously, the suit is seeking damages for acts that Countrywide Financial Corp. committed before Fannie and Freddie were seized by the government — back when U.S. officials were adamant that Fannie and Freddie didn’t have any implicit government guarantee. (Bank of America bought Countrywide in July 2008.)

[BLOOMBERG]

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4 Responses to “The Oddest Revelation From the Bank of America Fraud Suit”

  1. YEAH! ONE CROOK SUING ANOTHER CROOK. THEY ARE PART OF THE SAME CRIME. fREDDIE AND FANNIE SHELL GAME AND MERS SHELL GAME TACTIC. However if you suit and let them off the hook for pennies on the dollar liek the 25 billion dollar settlement, it will benefit all of the crooks. No one trust any thing these days and righfully so.

  2. Funny thing happened to the Freddie and Fannie, whom were not backed by tax payers, they became backed by tax payers after the crime was committed. See Shawn Newmans “Freddie and fannie the shell game article. Fannie and Freddie are a shell game for ponzie schemes and fraud like MERS, and now the tax payers are paying for it again and again and again. What a con onat inainewe a job played on Americans and all the globe.

  3. Tim Bryant says:

    That will be great for those wishing to “pierce the veil” and get to MERS shareholders directly.

  4. keepon says:

    Welcome to Freddie and Fannie’s Mortgage Shell Game, By Shawn T. Newman, J.D
    http://mandelman.ml-implode.com/2011/12/guest-post-welcome-to-freddie-and-fannies-mortgage-shell-game-by-shawn-t-newman-j-d/
    Did you know that Fannie & Freddie had a policy stating that they didn’t want to receive “notes?
    Where the mortgagee has “transferred” only the mortgage, the transaction is a nullity and his “assignee,” having received no interest in the underlying debt or obligation, has a worthless piece of paper.
    you must negotiate (deliver with proper endorsements) the promissory note to another for that person to claim ownership of the promissory note. Absent proper negotiation of the note, another party cannot claim ownership.

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