Insurance Companies Sue Bank Of America Over "Massive Mortgage Fraud", Find 91% Of Securitized Loans Are Misrepresented

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Mon, 01/24/2011 - 18:52 | 900431 Quintus
Quintus's picture

And so it begins.....

Mon, 01/24/2011 - 19:00 | 900465 DoChenRollingBearing
DoChenRollingBearing's picture

JUST what I was going to say!

Another line of dominoes... 

Mon, 01/24/2011 - 19:12 | 900523 Ras Bongo
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Have confidence in me and BTFD!

B. Bernank

Mon, 01/24/2011 - 19:34 | 900622 Joeman34
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Alright, I need to ask...  and I don't care how many smart a## comments I receive as a result of this question...

 

What is 'BTFD'?

Mon, 01/24/2011 - 19:37 | 900634 EscapeKey
EscapeKey's picture

buy the fucking dip

anything less than a 100 point rise is considered a dip these days

Mon, 01/24/2011 - 20:17 | 900769 Cdad
Cdad's picture

LOL! Good one, man.  My neighbors are wondering what is going on down here just now.

Hoot..."anything less than a 100 point rise is considered a dip these days."

This site is hands down the biggest collection of humorous SOBs I have ever encountered [which is what keeps me from jumping off the balconey as the entire freakin' world burns on account of Ben Bernanke].

Thanks.

 

Mon, 01/24/2011 - 21:58 | 901175 MachoMan
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I certainly appreciate the commentary, but you couldn't have been around the interwebs for very long...  we can't even post pictures for christ's sake...  needless to say, there is an incredible amount of "commentary" that is left on the sidelines (not like money on the sidelines).

Mon, 01/24/2011 - 23:51 | 901544 Alienated Serf
Alienated Serf's picture

don't let us stop you, jump my friend!

Mon, 01/24/2011 - 20:16 | 900766 dark pools of soros
dark pools of soros's picture

BTFD is done..  STFS

Mon, 01/24/2011 - 19:45 | 900665 sgt_doom
sgt_doom's picture

Geez, I think this is the first time since reading Zerohedge I experienced a full-on orgasm. (Sorry for the word picture!)

The litigation completely supports all my contentions to date.

Therefore, it must be correct.

Tue, 01/25/2011 - 12:04 | 902769 whatz that smell
whatz that smell's picture

1) blood in the water

2) lawyers

3) feeding frenzy

4) bank holiday

5) guantanamo bay

6) waterboarding

Mon, 01/24/2011 - 20:07 | 900733 SheepDog-One
SheepDog-One's picture

Its been beginning every day for 2 years though.

Mon, 01/24/2011 - 22:47 | 901347 carbonmutant
carbonmutant's picture

SCOTUS is waiting for this one...

Tue, 01/25/2011 - 09:05 | 902017 Pee Wee
Pee Wee's picture

It has already been decided...

Their decision affirmed that corporations enjoy all rights as citizens without any pesky rules.

The Stevens court is a slam dunk for corporate unaccountability and criminal payola.  The guarantee is on the box.

"TBTF?  No problem."

Mon, 01/24/2011 - 23:40 | 901477 Quixotic_Not
Quixotic_Not's picture

And so it begins...

Not likely...

Here's a message I got from a "friend":

I've been covering Manhattan Fed and "Supreme" court since 1996, as a member of the press corps...

This suit is 99% likely to go in BofA's favor for several reasons.

1>  Firm that filed it is hardly the caliber of firm that will represent BofA (yes, that matters).

2>  It was filed in the wrong court, it will be removed to Manhattan Fed shortly, where unless it gets Rakoff it will be STRONGLY placed in BofA's favor, as TBTF really does mean something to most progressive judges.

3>  BofA isn't the really culprit here; Countrywide was (specifically Mozillo) and the US DOJ has done nothing to criminally go after them, or in fact any of the bankster hoards that went from looting the US Economy to the US Treasury in 2008.  BofA will claim clean-hands and the plaintiffs will get pennies on the dollar, just like the GM senior bond holders did (if they were lucky).

Gotta say though, I do enjoy all the knee-jerk reactions on the Internet chat forums (Twits Unite!) - You would think by now that you all would figure out who is off limits (i.e. TBTF) and that not a DAMN thing will change until the (R) & (D) kleptocracy is voted out of existance.

Not too much chance of that with all childish antics of even the so-called "informed"...

Tue, 01/25/2011 - 00:04 | 901578 Alienated Serf
Alienated Serf's picture

eh. while he is spot on about removal from New York County Supreme (shame, NY state judges are elected in meaningless campaigns after nomination by the machine, and are not owned by banks like the feds, in fact they can eve be [gasp] populist!!) it is not "the wrong court,"  as NY Sup. is a court of general jurisdiction and 99% of these dealings are governed by NY law and select NY as the venue.  maybe he is a reporter, but not a lawyer.

as far as washing their hands of the Orangegutan and Countrywide, I am not so sure about that.  we would have to see the merger docs, but if you buy a blatantly fraudulent/criminal entity and the fraud could/should have been discovered by due diligence you are gonna be at least partially on the hook.  additionally, while criminal convictions are helpful, it hardly precludes prevailing in civil court.  additionally, i'm sure there are multiple agency investigations into these deals going on.  that can be used as leverage to get some cash if the gov plays ball.

it will be years till we know anything, and the fed judiciary really is in bed with the banks. 

Tue, 01/25/2011 - 00:17 | 901591 Quixotic_Not
Quixotic_Not's picture

It won't be years, it'll probably be swept under the rug in less than one...

There is definately a pattern established regarding the fed judiciary dealing with TBTF, except when an ol' school judge gets assigned, as in what happened with the SEC v. BofA three card monty back in 2009 when Rakoff refused to rubber stamp the TBTF hokum...

By did the SEC get caught by surprise!

If anyone thinks this will significantly injure BofA, you haven't been paying attention over the last decade  ;-)

P.S.  I'll believe that the fed judicial system isn't the best money can buy when they drag Angelo in to be arraigned...lol

Even the MSM isn't on the case regarding one of the biggest individual fraudsters in history, he makes Madoff look like chump change!

Tue, 01/25/2011 - 00:17 | 901600 Alienated Serf
Alienated Serf's picture

it will be around for awhile, the lawyers must get their vig.

this case may not alone do anything to BOA, but institutions turning on banks is a good thing.  

but yeah, i pretty much give up.  unless their is a massive popular call for retribution on the banks, nothing will happen.  would take a large percentage of americans becoming informed and active, and that is not going to happen.

Tue, 01/25/2011 - 01:45 | 901735 eatthebanksters
eatthebanksters's picture

Time will tell, but the tide has gone out and TBTF banks are out of favor...the Bernank capitulated about a month ago when he let a report done by Fed analyst be published (was on ZH) saying they were mistaken to support the TBTF banks at the beginning.  They finally figured out the shit is going to hit the fan, why continue to run up a bill that will never be repaid.  I think BAC is toast, death by a thousand needles...

Tue, 01/25/2011 - 02:40 | 901793 Quixotic_Not
Quixotic_Not's picture

I think BAC is toast, death by a thousand needles...

And I think BAC was the perfect vehicle to launder the ill-gotten proceeds from CountryWide for Mozillo and his cadre.

Honestly, in light of the MASSIVE fraud the Banksters got away with over the last 8+ years, Jeffrey Skilling should be released and given damages for being tried & incarcerated...

Tue, 01/25/2011 - 01:46 | 901737 eatthebanksters
eatthebanksters's picture

BTW are you a publicist for BAC?

Tue, 01/25/2011 - 02:33 | 901765 Quixotic_Not
Quixotic_Not's picture

BTW are you a publicist for BAC?

Hardly, just an experienced observer of politically protected organized criminal enterprises.

When it comes to matters effecting "national" security, the writing is on the wall when it comes to TBTF...

And nothing! will break the symbiotic relationship that TBTF have over the (R) & (D) oligarchy at this point (the voting sheeple are too stupid to oust the monsters!)

Currency devaluation, here we come!

(Of course, none of the elite ever saw it coming)

Tue, 01/25/2011 - 13:09 | 903101 Thisson
Thisson's picture

/edit

Mon, 01/24/2011 - 18:53 | 900434 cossack55
cossack55's picture

I'll become more interested when it reachs 125%.

Mon, 01/24/2011 - 19:37 | 900635 TheProphet
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It's comments such as this that make me wish ZH had a like button.

Tue, 01/25/2011 - 01:27 | 901715 sushi
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LIKE !!

Mon, 01/24/2011 - 18:56 | 900445 Dr. Porkchop
Dr. Porkchop's picture

It's fine. They're going to request a court-ordered bonfire.

Mon, 01/24/2011 - 18:58 | 900452 Rainman
Rainman's picture

Somehow the 9% goodmoneys slipped into loans with this den of thieves. Amazing. 

Mon, 01/24/2011 - 20:32 | 900828 QQQBall
QQQBall's picture

yeah, how did that happen - somene's head will roll for allowing 9% to slide through ;)

Tue, 01/25/2011 - 23:05 | 905020 jp12345
jp12345's picture

I wonder if those 9% realize that they probably could've gotten better loan terms than they did...

Mon, 01/24/2011 - 18:59 | 900459 umop episdn
umop episdn's picture

Screw Weakiweaks...we've got ZeroHedge!

Thank you, Tyler!

Mon, 01/24/2011 - 19:22 | 900565 EscapeKey
EscapeKey's picture

WikiLeaks... oh yeah, weren't they going to release some information on BAC? Oh right, that's been forgotten?

Give me a fucking break, all their information is moderated, and undergoing heavy censoring. Isn't that completely going against everything it's supposed to stand for? Oh, instead of being censored by the gov't, Assange censors it.

Fuck you Assange, you're nothing but a shallow, sycophantic, cocksucking media whore.

Mon, 01/24/2011 - 19:35 | 900628 Deathtöngue
Deathtöngue's picture

The wikileaks "banking" leak was actually the Swiss thing you haven't been paying attention to.

Mon, 01/24/2011 - 19:43 | 900657 EscapeKey
EscapeKey's picture

Oh right, so Assange confirming BAC leak must just have been my imagination.

http://news.yahoo.com/s/yblog_thelookout/20101222/us_yblog_thelookout/bank-of-america-is-next-wikileaks-target-assange-confirms

On Wednesday, Assange confirmed in a Times of London interview that the NorthCarolina-based banking giant is next on his hit list.

Anyway, about the Julius Baer handing over infomation - so what? More fuel for my fire. The information will never be released.

Mon, 01/24/2011 - 22:01 | 901185 Dave
Dave's picture

Perhaps Mr. Assange is aware of who he is crossing should he reveal too much. I would tread carefully if I were in his shoes.

Mon, 01/24/2011 - 19:01 | 900462 Kaiser Sousa
Kaiser Sousa's picture

loosing a home...which could have been avoided with a reasonable workout between Bofa...income suffecient but they didnt want that...they saw my area and decided. "fuck it"...why work it out when we been bailed out and can get still inflated sale price from Trustee Sale... i get it...will deal...

got AG & AU which i wasnt gonna sacrifice to save underwater, inlfated home...mother fucking bankers....

they ran serious game on many of us...but how many stacked the metals with their debt coupon dollars......

 

 

Mon, 01/24/2011 - 19:48 | 900678 Quintus
Quintus's picture

Sorry to hear that.  

Mon, 01/24/2011 - 20:07 | 900727 Threeggg
Threeggg's picture

Sorry to hear that Brother !

If you have a rich friend have him purchase it for the short sale that might be 60% of the principle value. Then have him sell it back to you for a 10% profit by him asking 10% over the short sale price he payed ------    @ 70% of the principle value  **Would you now qualify** ?

good luck man !

Tue, 01/25/2011 - 03:08 | 901805 OldPhart
OldPhart's picture

Surely you have fire insurance?  Nothing like a fire sale.

Tue, 01/25/2011 - 03:25 | 901820 OldPhart
OldPhart's picture

Surely you have fire insurance?  Nothing like a fire sale.

Mon, 01/24/2011 - 19:02 | 900473 SheepDog-One
SheepDog-One's picture

Blight on America...but this wont prevent the stock from being up a few bucks tomorrow Im sure, or prevent the CNBC cheerleader whores from gushing all over the orgazmatron set tomorrow at DOW 12,000 promised land.
Who cares? No ones going to do a thing to stop the total destruction of the country anyway, as long as stocks go up who cares if a dollar wont even buy you 1 peanut.

Mon, 01/24/2011 - 20:20 | 900781 Cdad
Cdad's picture

F'n Blight on America...whew!  I cannot believe that place is still open for business.

LOL...."orgazmatron."  Man, I think I have finally blown a gasket, Dog.  I cannot stop laughing....and I am expecting the men with white coats to come here for me soon.

Oh, man...

Mon, 01/24/2011 - 19:02 | 900476 TruthInSunshine
TruthInSunshine's picture

Bank of Amerika has their Bernanke-Geithner-Obama Express Card.

Don't leave home without it.

Mon, 01/24/2011 - 19:04 | 900481 blackbox
blackbox's picture

Nothing to see here. Cramer said so. BAC is "the single best call on our country's return to greatness."

http://seekingalpha.com/article/245362-cramer-s-mad-money-10-reasons-to-...

Mon, 01/24/2011 - 19:04 | 900482 Sam Clemons
Sam Clemons's picture

So you're saying BAC is going to gap up tomorrow?

Mon, 01/24/2011 - 19:05 | 900488 6 String
6 String's picture

It doesn't matter: Just change the rules and hide it like everything else. This too retreat as statistical noise.

Mon, 01/24/2011 - 19:09 | 900501 Bob
Bob's picture

About time. 

Mon, 01/24/2011 - 19:25 | 900505 MsCreant
MsCreant's picture

On a long enough time line the probability of default approaches infinity and time stands still.

Mon, 01/24/2011 - 19:25 | 900582 pslater
pslater's picture

+1 Well said!

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