General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMatt Taibbi: Bank of America is a “raging hurricane of theft and fraud”
The first is that its corrupt. This bank has systematically defrauded almost everyone with whom it has a significant business relationship, cheating investors, insurers, homeowners, shareholders, depositors, and the state. It is a giant, raging hurricane of theft and fraud, spinning its way through America and leaving a massive trail of wiped-out retirees and foreclosed-upon families in its wake.
The second is that all of us, as taxpayers, are keeping that hurricane raging. Bank of America is not just a private company that systematically steals from American citizens: its a de facto ward of the state that depends heavily upon public support to stay in business. In fact, without the continued generosity of us taxpayers, and the extraordinary indulgence of our regulators and elected officials, this company long ago would have been swallowed up by scandal, mismanagement, prosecution and litigation, and gone out of business. It would have been liquidated and its component parts sold off, perhaps into a series of smaller regional businesses that would have more respect for the law, and be more responsive to their customers.
But Bank of America hasnt gone out of business, for the simple reason that our government has decided to make it the poster child for the Too Big To Fail concept. Because it is considered a systemically important institution whose collapse would have a major, Lehman-Brothers-style impact on the economy, two consecutive presidential administrations have taken extraordinary measures to keep Bank of America in business, despite a staggering recent legacy of corruption schemes, many of which were simply overlooked by regulators.
This is why the question of whether or not Bank of America should remain on public life support is so critical to all Americans, and not just those millions who have the misfortune to be customers of the bank, or own shares in the firm, or hold mortgages serviced by the company. This gigantic financial institution is the ultimate symbol of a new kind of corruption at the highest levels of American society: a tendency to marry the near-limitless power of the federal government with increasingly concentrated, increasingly unaccountable private financial interests.
http://fthebanks.org/matt-taibbi-on-bank-of-america/
Bonobo
(29,257 posts)Petty stuff.
Your payment wasn't on time, added fees, that kind of stuff.
They are crooks, really and truly.
You made a payment on time and they said you didn't ?
Would have been very very easy to prove you made that payment on time , if you did
And if you didn't , well then , is it really fraud to pay a late fee ?
IndyJones
(1,068 posts)companies. We need to make sure that no financial institution is too big to fail.
Thanks for posting the article.
2pooped2pop
(5,420 posts)they put you into foreclosure but take two years to actually do it. They won't accept a payment, only payment in full, but are allowed to run your balance and interest up another 20 grand before you go to court.
Then they put the auction ad in a 3 line of type ad so no one sees it. No one comes to the auctiona and BOA buys the house at a fraction of the cost.
Since the house sold for 20-40 thousand less than what you now owe with the extra fees and shit, they will now sue you for that amount and take anything else that you have.
So Bank Of America causes a mortgage collapse, refuses to help the lender, continues mortgage and taxes and interest accruing for two years until there is no way to overcome them, then using min public notification, keeping buyers down, buys the house and sues you for the money anyway.
It is a clear redistribution from the poor and middle class to the super rich. That interest and payments should stop as soon as they decide to foreclose. How long sould it take to foreclose? Certainly not two years.
Why can't they be sued for this?
Please ANONYMOUS hear my pleas, take BOA down.