Wednesday
Mar272013
Moynihan: We're Doing God's Work At Bank Of America
Holy shite. Moynihan makes the Blankfein mistake.
Preview for tonight's Charlie Rose. Watch the first 30 seconds and then skip to 1:25 where he discusses the bailout.
"I believe we have an obligation to help everybody. Help people who need help. You know it comes from some of the Judeo-Christian training, and going to Notre Dame, you know all that kind of stuff."
"Banks are big because we reflect the economy."
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March 27 (Bloomberg) -- Bank of America CEO Brian Moynihan discusses restructuring the firm's balance sheet, shifting focus from acquisitions to being "only about organic growth" and working with mortgage customers to reduce foreclosures.
What a supreme douchebag considering how BofA destroys lives.
Mar 27, 2013 at 7:36 PM
Reader Comments (17)
IRANS have it right on the corrupt bankers HANG THEM IN A PUBLIC SQUARE
http://dailybail.com/home/wtf-no-seriously-wtf-bank-of-america-holds-patent-on-changin.html
http://dailybail.com/home/bofa-forecloses-on-home-that-never-had-a-mortgage-owners-sue.html
http://dailybail.com/home/so-it-begins-bank-of-america-accused-of-racketeering-in-clas.html
http://dailybail.com/home/robo-signing-is-childs-play-compared-to-this-bank-of-america.html
What's worse, Moynihan actually plagiarizes part of this canned drivel from Bill Lumbergh in Office Space, as if that's a model worthy of serious replication...
Brian Moynihan at 2:00—Is everything we do consistent with that view, that we narrow [?] this company and only do what our customers need?
Bill Lumbergh at 1:15—So you should ask yourself, with every decision you make, “Is this good for the company?”
http://www.youtube.com/watch?v=5DS4CeP_QLA
http://market-ticker.org/akcs-www?post=221772
[snip]
"Using the Bank of America computer systems I saw that hundreds of customers had made their required trial payments, sent the documents requested of them, but had not received permanent modifications. I also saw records showing that Bank of America employees have told people that documents had not been received when, in fact, the computer system showed that Bank of America had received the documents. This was consistent with the instructions my colleagues and I were given. We were told to lie to customers and claim that Bank of America had not received documents it had requested, and that it had not received trial payments (when in fact it had). We were told that admitting that the bank received documents would "open a can of worms" since the bank was required to underwrite a loan modification within 30 days of receiving those documents and it did not have sufficient underwriting staff to complete the underwriting in that time.... Site leaders regularly told us that the more we delayed the HAMP modification process, the more fees Bank of America would collect. We were regularly drilled that it was our job to maximize fees for the bank by fostering and extending the lay of the ... modification process by any means we could --- this included lying to customers. For example, we were instructed by our supervisors at Bank of America to delay modifications by telling homeowners who called in at their documents were "under review," when, in fact, there had been no review or any other work done on the file."
Did GOD direct this dirtbag to offer silly gift cards and other incentives to his cockroach staff?
Did GOD directl this phuck to LIE to the Citizens of this country?
Did GOD directl this A$$_Whole to LIE to the Senante Banking committe?
Gods work? Look at this dirtbag, his eyes are empty and devoid of ANY SOUL.
More here, This is Criminal, And We, The People, ARE COMING!
http://www.reuters.com/article/comments/idUSBRE95D10O20130614
http://www.reuters.com/article/2013/08/06/us-bofa-justice-idUSBRE9750ZU20130806
[snip]
The U.S. government on Tuesday filed two civil lawsuits against Bank of America for what the Justice Department and securities regulators said was a fraud on investors involving $850 million of residential mortgage-backed securities.
The Justice Department and the U.S. Securities and Exchange Commission filed the parallel suits in U.S. District Court in Charlotte, according to the court filings.
The securities date to about January 2008, the government said, putting them just at the beginning of the global financial crisis.
Bank of America responded to the lawsuits with a statement: "These were prime mortgages sold to sophisticated investors who had ample access to the underlying data, and we will demonstrate that.
"The loans in this pool performed better than loans with similar characteristics originated and securitized at the same time by other financial institutions. We are not responsible for the housing market collapse that caused mortgage loans to default at unprecedented rates and these securities to lose value as a result."
Bank of America had warned in a securities filing on Thursday about possible new civil charges linked to a sale of one or two mortgage bonds.
Comment: Let the dog and pony show begin. These mortgage securities referenced in the article go back to 2008, exactly 5 years ago. Cheyenne had explained here that the statute of limitations for frauds is exactly 5 years. Ok, so now they are going to slap some middle managers pee pee and hope that no one notices that they (Obama administration) ran the clock out and will not be looking at those who caused the crash in 2008.
Now, since we are discussing banking, I want to show everyone here this white paper regrading money laundering and the 'Know Your Customer", KYC rules. You will find this both fascinating and shocking.
http://www.pwc.com/gx/en/financial-services/publications/anti-money-laundering-know-your-customer-quick-reference-guide.jhtml
http://mobile.reuters.com/article/idUSBRE97Q0OV20130827?irpc=932
http://www.reuters.com/article/2013/12/05/us-bankofamerica-hustle-idUSBRE9B419V20131205
(Reuters) - A U.S. judge is considering an alternative that could result in Bank of America Corp paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis.
At a hearing on Thursday, U.S. District Judge Jed Rakoff in Manhattan asked the bank and the Justice Department to brief him on the alternative, which is based on the grains rather than the losses resulting from the sales.
The hearing followed a jury verdict on October 23 in which a federal jury found Bank of America liable for fraud for selling substandard mortgage to government sponsored mortgage finance companies Fannie Mae and Freddie Mac.
The verdict was a big win for the government in its efforts to hold Wall Street accountable for the financial crisis, and the Justice Department has requested a penalty based on the gross losses Fannie Mae and Freddie Mac incurred...
...Kenneth Smurzynski, a lawyer for the bank at Williams & Connolly, urged the judge to find that the maximum penalty allowed under the statute was $1.1 million, and asked Rakoff to use his discretion to award nothing.
He also criticized the government's calculation of Fannie and Freddie's loss, saying it ignored that they continued to receive value from the mortgages.
"What the government calls gross loss is simply preposterous," Smurzynski said.
But Rakoff questioned how Bank of America could be right that under the law the maximum penalty could just be $1.1 million, saying a finding like that would provide a "windfall" in a massive fraud case.
"That wouldn't serve any deterrent value at all," Rakoff said.
Michael Mukasey, a lawyer for Mairone at Bracewell & Giuliani, urged the judge to be lenient with his client, saying she had been "punished enough already" through enduring publicity connected to the case.
He urged that no penalty be awarded against Mairone, 46, saying he did not expect the bank to indemnify her for any award.
"Just because someone committed an act that in the eyes of the jury and maybe the court is a legal violation, it doesn't mean you're a bad person," he said.
The case is U.S. ex rel O'Donnell v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 12-01422.
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Note how Michael Mukasey weighs in on the above article. Then read this.
Mukasey Declines to Create a U.S. Task Force to Investigate Mortgage Fraud
http://www.nytimes.com/2008/06/06/business/06justice.html?_r=0
Ambac sues Bank of America over Countrywide mortgage bonds
http://www.reuters.com/article/2014/12/31/us-bankofamerica-ambac-lawsuit-idUSKBN0K90YO20141231
(Reuters) - Ambac Assurance Corp sued Bank of America Corp to recoup hundreds of millions of dollars of losses from insuring roughly $1.68 billion of securities backed at least in part by risky mortgages from the bank's Countrywide Home Loans unit.
In a complaint filed on Tuesday in a New York state court in Manhattan, Ambac accused Countrywide of lying about how well it underwrote so-called "pay option adjustable-rate mortgage negative amortization" loans that backed the securities.
The securities were issued in eight transactions between 2005 and 2007, Ambac said.
Ambac said it faced potential claims exceeding $600 million as of Oct. 31, and that pools of loans supporting its insured certificates had suffered $3.07 billion of losses by Nov. 30. It also said it would have never guaranteed payments had it known of Countrywide's deception.
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Best wished to all here at DB for 2015.