In what would be the government's first financial crisis case to go to trial against a major bank over defective mortgages, jury selection is set to begin in federal court in New York on Tuesday, barring a last-minute settlement.
The trial is also a reminder of the billions of dollars in legal liabilities Bank of America has incurred as a result of its 2008 acquisition of Countrywide Financial Corp, which became a poster child of the mortgage meltdown.
The U.S. Justice Department filed the civil lawsuit in 2012, blaming the bank for more than $1 billion in losses to Fannie Mae and Freddie Mac, which bought mortgages that later defaulted. Since then, new evidence and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the case back.
Bank of America has said the lawsuit's claims are "simply false" and that it "can't be expected to compensate every entity that claims losses that actually were caused by the economic downturn."
A spokesman for the bank declined comment ahead of the trial, which is expected to last five weeks
If they were black or gay you would decry their persecution. The facts are what they are. Bank of america wouldn't be going to trial if they were a) crooks and b) not confident they could limit their liability. Bank of America repaid its TARP loans in 2009 and almost half that money was because they were strong-armed by the feds into buying out Merrill Lynch.
If they were Muslim you would be calling for their executions!
Making up hypotheticals is fun!
Except I have no problem with Muslims. Reality is more fun!!
Reality is more fun. Like the reality I live in, where the idea that black people are given a pass in our criminal justice system is hilarious.
Not as hilarious as the idea that black people were unfairly kicked out of their houses even though they weren't making the payments.
In your reality was it only black people who lost their homes during the housing crisis?
Not on the issue of foreclosures.
Not as hilarious as the idea that black people were unfairly kicked out of their houses even though they weren't making the payments.
Not on the issue of foreclosures.
Really?
Reality is more fun. Like the reality I live in, where the idea that black people are given a pass in our criminal justice system is hilarious.
In California they are given a pass, our prisons have a no vacancy sign hanging out front.
Read more @: Bank of America goes to trial over U.S. mortgage fraud charges | Reuters
Crooks all of them are just crooks. Bail out the banks and the banks defraud it. Such a crime. We should of followed the path of Iceland, and threw all of em in jail. [/FONT][/COLOR]
No but I am not the one who introduced black people into the conversation either.
If they were black or gay you would decry their persecution. The facts are what they are. Bank of america wouldn't be going to trial if they were a) crooks and b) not confident they could limit their liability. Bank of America repaid its TARP loans in 2009 and almost half that money was because they were strong-armed by the feds into buying out Merrill Lynch.
fisher is a habitual, pathological liar. Let's not allow this thread to get bogged down by racist trolls.Um, what? Yes you ****ing did.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?