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Bank Of America Liable For Countrywide Mortgage Fraud

Wednesday, October 23, 2013 - 10:01 PM

     "Bank of America Corp was found liable for fraud on Wednesday over
      defective mortgages sold by its Countrywide unit, a major win for
      the U.S. government in one of the few trials stemming from the
      financial crisis.

      Wednesday's verdict was a major victory for the Justice Department,
      which has been criticized for failing to hold banks and executives
      accountable for their roles in the events leading up to the
      financial crisis."

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cumuluscumulus357 posts since
Jan 16, 2010
Rep Points: 1,665
1. Thursday, October 24, 2013 - 11:34 AM
From MOTHER JONES: "Elizabeth Warren to Wall Street Regulators: Put Big Bank CEOs in Jail"
This past weekend, the Department of Justice slapped a record fine on JPMorgan Chase for packaging and selling the mortgage-backed financial products that helped cause the financial meltdown. But Sen. Elizabeth Warren (D-Mass.) wants the administration to know that fines are not enough. On Wednesday, she called on Wall Street regulators to hold all those responsible for the 2008 crisis accountable.  [...]  She called on the Fed, the SEC, and the OCC to provide records on the number of people the agencies have charged criminally and civilly, the number of convictions and prison sentences they have obtained, the number of people banned or suspended from working in the industry, and the total amount of fines leveled against Wall Street ne'er-do-wells. Warren knows the answer* to most of these questions, but wants to shame the agencies into action.

*Thus far, no Wall Street CEOs are in jail for bringing down the US economy, and none have faced criminal charges.
ClickClackClickClack25 posts since
Feb 7, 2012
Rep Points: 168