Today Bank of America paid $335 million to settle mortgage fraud for Countrywide.

The Justice Department  found that Countrywide brokers were given higher incentives to steer as many borrowers as possible  into sub-prime loans.

Furthermore, they found that Blacks and Latinos were racially discriminated against as they received loans that were more costlier and riskier than their white counter parts. On the News Hour a spokesperson investigating the case said a Black man making $100k per year received a loan that was higher in interest and not prime while  a white person making $35k got the prime fixed rate loan.

IS THIS AMERICA ?

IS A SETTLEMENT JUSTICE ?

WHY IS NOBODY IN JAIL ?

It is simple. A CEO, CFO, and various lower branches of management must meet and discuss the bottom line.

It is impossible for nobody in management from dick head floor manger to the CEO and in some cases board members, to not know about incentives which affect the bottom line. 

Collating information to analyze the business; figuring out how to make more money drop to the bottom line means all levels of management can clearly see where the profits are the best and with what type of clients produce the best income for the company.

So culpability  has to lie with all levels of the organization. It means their was a structure to create, sell, package the loan for Fannie and Freddie, and do it all over again.

THIS IS FRAUD….. THIS IS VIOLATION OF THE RICO ACT. 

Lastly, it is said that where there is smoke there is fire.

If Countrywide was the only company  doing this then my aunt had balls and was really my uncle who was spawned by Mickey Mouse.

Crony Capitalism has ruined this great nation. Rome is truly burning.

[youtube://http://www.youtube.com/watch?v=DDRPtg0kmJU 450 300]

 

 

 

If you enjoy the content at iBankCoin, please follow us on Twitter