LET'S HOPE THIS IS THE FIRST OF A MULTITUDE OF SETTLEMENTS AND LETS HOPE CLASS ACTION LAWSUITS BEGIN AGAINST ALL THE WALL STREET FRAUD BANKS REGARDING THE FRAUD MORTGAGES (MERS)!
Bank of America has to pay out 8.5 BILLION to Investors (Pimco, Blackrock, Metlife, N.Y. Fed), which is just the beginning! This is SO AWESOME!~
This shows the mortgage Fraud is going to hit the banks at the point they started the FRAUD of mortgages by creating MERS!
The investors want their money back, because of the FRAUD and how the banks put one mortgage in multiple bonds, but besides that the mortgages are not enforceable due to the FRAUD of the Wall Street Banks! Their GREED is coming back to Roost!
LET THE SUITS BEGIN!
Portion From Article:
The deal could embolden mutual-fund managers, insurance companies and investment partnerships to go after similar settlements with other major U.S. banks, arguing that billions in loans scooped up before the U.S. housing collapse didn't meet sellers' promises or were improperly managed. Most vulnerable would be Wells Fargo & Co and J.P. Morgan Chase & Co., which along with Bank of America collect loan payments on about half of all outstanding U.S. mortgages.
The dispute between Bank of America and the mortgage investors began last fall when they alleged that securities they bought before the financial crisis from Countrywide Financial Corp. were composed of loans that didn't meet sellers' promises about the quality of the borrowers or the collateral.