BofA's legal costs mount in Countrywide mortgage fiasco

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BofA’s legal costs mount in Countrywide mortgage fiasco

BofA’s legal costs mount in Countrywide mortgage fiasco

LA TIMES-

A federal judge will soon decide how much Bank of America should pay for some of Countrywide Financial Corp.’s sins in the lead-up to the financial crisis.

Federal prosecutors want BofA to pay $864 million after the bank’s stinging defeat in a major civil fraud trial in October. A jury found BofA liable in a case centered on a Countrywide program called “The Hustle,” which churned out risky home loans before selling them to mortgage giants Fannie Mae and Freddie Mac.

But whatever penalty the bank might pay, it will amount to a mere drop in the bucket of BofA’s legal bills — much of it stemming from its ill-fated acquisition of the former Calabasas mortgage lender in 2008.

“It’s chump change,” said Dick Bove, bank analyst at Rafferty Capital Markets.

[LA TIMES]

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15 Responses to “BofA’s legal costs mount in Countrywide mortgage fiasco”

  1. Mario Cano says:

    Complete Fraud just look BONY/BOA vs Cano Wi a total sample of
    Fraud , manipulation of system , Corrupted attorneys , Judges etc etc etc
    Very sick to see how $$$$$ and favors by our
    Public servants , law firms etc etc , unless you have
    $$$ you will have no rights .

  2. Mario Cano says:

    I send this to my attorney aftter BOA commited
    Fraude against us BOA Vs Cano but he did not
    Do what I ask he did what the local judge wanted him to
    Do why is justice and fair judgement depends
    On $$ and not the law of tight and wrong

  3. Mario Cano says:

    I hope the Wi supreme court looks at the fair justice of the case and realize
    How The BOA and the attorneys have commited a. Crime and thelaw needs to change
    To protect the underdog BOA VS Cano

  4. Mario Cano says:

    Still waiting , for SC to see , the injustice of this case since day one, when Bank
    Did not have reason or legal standing , to initiate
    Foreclosure, the only one that had that right, was S&L Investments,
    But the court receive Diane Cano Answer, And payment records ,
    Where Mario Cano had made the payments and where waiting,
    For the refinancing they where promise since
    The closing. This is the biggest fraud.
    Justice department has a duty to investigate and see
    What happen , the attorneys conflict of interest , the Judges
    Taking sides etc etc etc , false documents by bloomer peterson etc
    Etc etc .Mario Cano

  5. Mario Cano says:

    Justice depament must investigate this abuse

  6. Mario Cano says:

    We prove the frude on HARP documents on BONY/BOA vs Cano
    When is the Justice deparment going to take accion ??
    Judges also have conflict of interest the certificats on
    The Mortgage are part of thier pension fund

  7. Mario Cano says:

    Blomer peterson Attorney in wuakasha wi committed perjury
    And frude , for and with BONY /BOA vs Cano counterclaims
    And law suite be file in BK federal law HARP and RASPA violations and corruptionand conflict of interes by law firm

  8. Mario Cano says:

    Bloomer Peterson Wak. Wi.

  9. Mario Cano says:

    Lets see if Bank BOA offers HARP modification

  10. Mario Cano says:

    I hope the Federal and Wi attorney generals , take the time do the right thing .they are elected and expected do the right legal
    Prosedure S& L / Country wide reality S&L mortgage holder was wrong they screw us , why we are even diling with BOA

  11. Mario Cano says:

    I hope the Federal and Wi attorney generals , take the time do the right thing .they are elected and expected do the right legal
    Prosedure S& L / Country wide reality S&L mortgage holder was wrong they screw us , why we are even diling with BOA Plus they violeted REMIC . Last we told judge that new evidence was found by REMIC reports . ?? Judge did not wanted look at the evidence.

  12. Mario Cano says:

    Why is ok that Blommer peterson Attorneys can fabricate legal affadavits sigh . Presented and judge agreed to use them ?? Total frude ? , a feloney yes, it is by all involved , . Where is the Law ,???

  13. Mario Cano says:

    BONY Vs Cano Wi. This is the original case , why or when or how
    Became ,BOA vs Cano . ??

  14. Mario Cano says:

    Harp / Remic where viotared by. bank , and court officials and Attorneys let the corrouption go on , I will love the attorney generals office to step in
    Froud is a criminal act BONY Vs Cano Wi

  15. Mario Cano says:

    Can you bring the violation to REMIC to BK court ??

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