Finally, Relief for Homeowners: BofA Settles Predatory Lending Suit

TURN IT UP!!!

Another slap in the face to responsible Americans. Reward the idiots who took loans they couldn't afford (both the banks, and consumers) and artificially prop the price of homes up, putting us into a position where no one can afford homes! I won't be fooled again. Time to join the sheeple, I'm sick of being abused for trying to live within my means. Time to party with OPM (other peoples money)

HELP!!!!

You bet that BofA won't take the loss on this; it'll just be passed on to otjher BofA customers. What constitutes Predatory Lending? Doesn't the individuals(s) getting the loan have some responsiblity?

What about those of us that declined the banks offer to loan us more than we could repay? What about those of us that honored our commitments and did not default on our mortgage? What about those of us that have lost 25% of our IRA’s value? What about those of us that are not CEOs of failing corporations and do not have a taxpayer funded golden parachute? Once again, the honest person gets railroaded not only with the blessing but with the assistance of the Federal Government.

Bring'em in.......American government should give a low cost mortgage and a fast track to citizenship green-card to anyone worldwide who who has the bucks to put down on a American located house loan and pay the monthly cost. Automatic citizenship for anyone who pays cash. END OF PROBLEM OVER NIGHT AND A BIG PROFIT TO BOOT. Thus saying to the WORLD: GIVE ME YOUR RICH AND WEALTHY MASSES!!!!!

They do Bill. But, these companies can hire Lawyers, Mathematicians, and Loan Officers that can outsmart the Average American and talk them into things.. The average person only buys one or two houses in their Lifetime. These people do it for a living. They also Lobby Gov't to twist the Laws in their favor. They are also allowed BY LAW to do things they don't have to tell YOU about, Like getting points OUT THE BACK on a loan. I'm not done, just tired.

I always heard (in the old days) that you could afford to take a loan for 3 times your salary, but I still keep hearing of people making 40K being told they can get $160 or $200K in loans. How one can afford that is beyond me.

Any countries looking for USA citizen to immigrate to their country? I would prefer to live with intelligent, responsible, non-lazy people, please.

Credit Unions far better than banks. Way to go Bank of Anarchy!

Buy stock in Kimbo Slice, Obama, and communisim - The media is hyping all three sectors.

Who is the real culprit here? The individual who acquired a loan, knowing that they earn $25,000 a year, but fell in love with the $500,000 home that they purchased? Or the institutions who dangled carrots to the jackasses who purchased home beyond their means? Go figure. We all need to stop competing with the Evans and the Joneses. Who knows what they have done to receive what they have?

WE haven't seen the worst yet___there is a single word that clearly describes the path we are on____Armageddon!

Who are the pro's and have decades of experience in the field - the borrower or the lender? The responsiblity of the borrower is to supply all required information to obtain the loan - if they cant afford it, its up to the professional to say - "you cant afford a $700,000 loan working at Mc Donalds - Im sorry". Instead, there was collusion accross all facets of the system. Who's the biggest to blame - follow the money - who's the biggest to profit, the lender. Who has the option to say NO or the option to approve the loan and LOOK the Other way? Not the borrower. This is the problem with "wink wink lending"

Amen mi a U said it right.

It takes time but it help .......

I suggest taking the $700 billion and passing it out equally among the 200 million people over the age of 21, that would be approx $350K for each. Husband and wife $700K. Then homeowners could payoff their bad loans and the banks wouldn't have to foreclose. Economy gets better without bailing out the banks.

Gee... I am keeping up with my Countrywide payments (overpaying actually each month). What kind of relief do I get? Principle reduction - sounds great - I can be a democrat for a day. I have a fixed rate at 6%... gee... where do I sign up for the 2.5% money??

They should leave mess makers to deal with their mess and spend the billions to create new banks (new healthy structure) working under strict regulations. Instead, they provided blank checks to faulty, sick structure making it more competitive then any healthy one that may still be there. Fire them.

Should I stop making payments on my mortgage? I am underwater, but can afford the mortgage. Maybe I should rack up my credit cards so I can't afford it, then maybe I will be bailed out too!