Bank Of America To Pay $8.5 Billion To Limit Risk On Countrywide Mortgage Fiasco

It won't end until the masses organize and ensure these people who thought money and power (Status) is the ultimate high go to the gallows if they took advantage with greed. Simple Capitalism is fine, but when the rules are broken it's corruption!

Jan. 3, 2011 they paid about $22B in settlements with Fannie and Freddie, from their Countrywide exposure.
They paid $4B in stock for Countrywide.
Now paying Private-Label Settlement for1st Lien of $8.5B
Quite a bite for purchasing Countrywide. Who made that decision?

when do stan oneal and the other merrill exec's go to jail ?

I had a Countrywide Mortgage, now BofA Mortgage and they will not work with me in any way shape or form to modify after my husband passed away. I'm struggling to stay in my house, so I hope they all go down....greed is all it is.

I remember back in '07 (?), B of A walked away from talks about buying Countrywide. It may have been 6 months to 1 year later that they bought the company. I thought then, and still believe now, that the government somehow got involved and made some sort of deal with B of A for tax forgiveness, or some other accommodation. Something/Someone got them back to the table at a crucial time in the precariously teetering mortgage market. I guess it was enough to make sense at the time but the proverbial black swan subsequently hatched and the rest is history. I'd really like to know what the impetus was for BofA to go back and do a deal that they'd walked away from a little bit earlier. Will we ever know? Maybe Wikileaks can find out?

That's 8.5 billion of tax payer money. Bank of America borrowed from the fed, then loaned it to the Treasury and kept the difference and u paid for it.

Bank of America has always shown a total disregard for our nations banking laws and regulations and jumps from one violation to another! But when a bank lies to a court to cover its own contract violations, and hires shysters to defend itselfm the govt should seriously consider forcing it to be broken up and sold in pieces. It is too corrupt to exist as it is!

Sorry but I recall the govt as putting heavy pressure on BofA to buy toxic Countrywide; what was the deal there?

When I joined Countryslide (oops) Countrywide, Angelo had black hair. We were small, making, money, and a family. Stan Kurland wanted no part of the SCAM! Sambol got greedy and became buddies with Bear Stearns. Sambol pushed Kurland out and convinced Mozilo he would reap MOZILLIONS under his leadership in the new sub-prime/sub-standard new loan product arena.

We all know what happened.

Let BOA choke on Chinese Drywall.

Rotten Eggs including thoese Merrill scumbags that ran and hid behind BOA when they should have failed also.

Wall Street sucks rotten eggs, ALL of them.

Just the tip of the Iceberg my friends...Moynihan is just rearranged the deck chairs on the Titanic...and getting paid quite well for it...

Henry Blodget and Business Insider are stealing Yahoo readers

Plus he is a confirmed liar.

Kick him off the site

I was so happy when you guys kicked him further to the sidelines

How wonderful it must be to live a life without consequeces. Gamble, lose, and socialize your debt. CYA for pennies on the dollar. The free enterprize system is dead. Killed off by this exact mentality.

Bank Of America actually does LOANS?????
And all this time I thought they just denied Everybody and added new banking fees every 4 months!

Watch 'To Big To fail',very interesting what may have gone on behind the scenes of the BofA debacle and how these CEO's are just as stupid as they are greedy.Maybe more greedy...wait,no,yeah,just as stupid...ie,if BofA waited just 48 more hours and wasn't so 'I'm so smart',the Feds would have handed MLynch to BofA for $1.00 vs the $$$$$$$ they paid for it,further, they are currently borrowing Fed funds for 0% and lending at whatever the maket is and still can't make money, just shows you how close to a complete financial meltdown we were at 2 years ago without the bailout.

They have insurance for this settlement from AIG.

ForeclosureB has the story right. BOA bailed Mozilo and Sambol out of the inferno for $2B (as I recall the story) . Those are the ones who should be in JAIL! BOA is just trrying to buy a way out of the debacle the "former" CEO signed up for! Although, before the @&&^^**&!** hit the fan $2B seem exrtrdordinarily cheap (now we see why!)

Also, the $8.5B is NOT the taxpayer's money, it's us, the stockholders who are PAYING again!!!

Bruce, the govt didn't pressure Ken Lewis on CountryWide, it was Merrill Lynch that became the BIG strong-arm pressure point. Ken just thought the price had gotten so low on Countrywide that it was worth something!