NEW YORK (MarketWatch) — Bank of America Corp.’s story has long been that Countrywide did it. But a lawsuit filed last week by the Federal Housing Finance Agency tells a different tale.
All of this is entirely due to gumint intervention in "free" markets, which always has fatal side effects.
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Imagine that. Bank of America doing mortgage deals that even Mozilo found shocking.
This would be like Frankenstein convincing Godzilla that he is the bigger monster.
This explains how Mozilo figured Bank of America was so crazy about flipping mortgage paper, it would even buy him.
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No wonder Ken Lewis was drooling over CountryWide at 2.5B. Now I know.
I'm massively unconvinced by one very vague anecdotal story.
Mozilo kept Countrywide *out* of the sub-primes for a long time, maybe this story comes from that time. Later of course he dived in the deep end. Countrywide wrote millions of horrible loans, BofA never did that. The story is apparently about some kind of packaging deal.
Yes...I, too, noticed that traderx hasn't been posting much. My guess (and with all due respect to you traderx) is that he's been circling like a vulture for fresh road-kill, and today wasn't a road-kill day for BAC.
You've got some lucky girlfriends! :)
LOL Well, for one thing I have been busy pampering my girlfriends. ;-) For another, I found myself to be more productive when I just concentrate on the trades.
Sorry, I couldn't help you as much as you wanted. :-)
What's up with traderx by the way? These days he doesn't seem to post as often as he used to.
guys like him usually have friends in high places and can afford to drag out a court battle with good lawyers.
unless there is national political appeal, or pressure from "above", most of Wall St. white collar crimes have no negative legal consequences.