Oh Happy Day....BOA is painted into a corner.

[dixiegrrrrl]

Essentially, Countrywide has risen from the dead to bite BOA on the ass.

The Delaware AND the New York State Attorneys General are investigating BOA, Deutch Bank and Mellon Bank for dishonesty in how they sold mortgages to mortgage trusts.
In the long convoluted unfolding of "mortgage fraud and sub-prime loan " problems, it has eventually surfaced that
the banks, which sold millions of mortgage bonds into holding trusts, may not have actually....legally...sold the trusts anything.

And why this will be hard for the banks to wiggle out of is that the trustees are now on the hook for essentially saying they bought valid mortgages. To save their butts, they are turning on the banks.
"The explosion will likely not be criminal indictments but outright bankruptcy of the banks themselves as disgruntled investors seek reimbursement for failing to protect the trusts.
The Delaware AG has said, ”And if Countrywide’s mortgage securitizations systematically failed as it appears they did, Bank of America’s potential liability dwarfs its shareholder equity.”

Naked Capitalism explains it quite well:

http://www.nakedcapitalism.com/2011/06/new-york-attorney-general-schneiderman-investigating-validity-of-mortgage-transfers-at-bank-of-america.html

to which I say:

[ixion]

1. ooops

would love to see the banksters face justice... let's hope! :woohoo:

[Old Codger]

2. Couldn't happen

To a more deserving personhood! :)

[femrap]

3. I hope this means

B of A will dissolve into a little puddle.

[Skink]

4. TARP 2 or we crash the economy.

[bvar22]

6. OMG...ANYTHING but THAT!!!!

Now THIS is "Bi-Partisanship"!
Better get used to it, Suckers!
Hahahahahahaha!

[xchrom]

5. Recommend

[grasswire]

7. Lewis Lapham. My hero. Nice sig quote. n/t

[dixiegrrrrl]

8. ty. I stole it from another DU post, but forgot where.

[grasswire]

9. maybe from Fred Stembottom

He/she has Lapham quotes.

[Hissyspit]

10. LBN thread here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4882490

[dixiegrrrrl]

11. ty.Hissyspit.....I missed that.