Life Insurer Sues Bank of America Over Mortgages

By | November 10, 2011

  • November 10, 2011 at 3:56 pm
    Duped says:
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    So — how many Countrywide officers went to prison?

  • November 11, 2011 at 4:12 pm
    The Other Point of View says:
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    The answer is NONE. Why? Because they did nothing illegal.

    Don’t get me wroing, I think what the private mortgage industry did in getting us into this mess, exacerbated by what the investment banks did in securitizing these mortages, selling them and then betting against them, was morally reprehensible.

    But it was all legal because it was all unregulated.

    Enter Dodd-Frank, which is designed to prevent this from happening again. Remember Dodd-Frank was implemented after the meltdown to prevent it from happening again.

    Which si why I am dumbfounded by so many on the Right who scream and moan that regulation is killing us. It is precisely the lack of regulation that got us into this mess and is precisely why no one at Countrywide is going to jail.

    Don’t tell me that Fannie Mae and Freddie Mac forced banks to issue the loans. That’s b.s. They encouraged looser credit, but no one held a gun to banks and private mortgage lenders heads. They did so willingly because there was money to be made by issuing the loans and then selling them.

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