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Subscribe to RSSConsumers who were victims of mortgage discrimination could get anywhere from $500 to thousands of dollars each as a result of a settlement announced Wednesday by the Justice Department.
Under the deal, Bank of America's Countrywide Financial unit is paying a record $335 million to settle civil charges that it discriminated against minority home buyers.
More than 200,000 individuals were affected and could be eligible for payments from the fund.
Affected consumers include two different groups of victims who will be eleligible for two different types of damages, said Ira Rheingold, executive director of the National Association of Consumer Advocates, who spoke with Justice Department officials abou the settlement.
The first group involves Latinos and African Americans who had quality, prime loans with Countrywide but were charged more money, mostly in fees, for their mortgages than other consumers, Rheingold said. This group, which includes about 200,000 individuals can expect to get anywhere from $500 to $1,500.
The second set of victims, including about 10,000 Latino and African American borrowers, were steered into subprime loans even though they qualified for prime loans that carried a lower interest rate.
“Their damages may be more extensive,” Rheingold said, because in addition to being charged a higher rate many of these consumers ended up with greater financial problems as a result, including bad credit and possibly the loss of their homes. Such damages could total thousands of dollars per victim.
Rheingold expects the cases for the 200,000 victims to be handled much more quickly than those of the subprime borrowers, but overall he estimated most claims would be paid by the end of 2012.
“This is a good thing for the nation and for consumers,” said Kathleen Day, a spokeswoman for the Center for Responsible Lending, about the settlement.
The settlement, she added, “establishes what should a have been a line in the sand more than a decade ago. This never should have been allowed to happen.”
The Justice Department has identified the victims and will be contacting consumers directly about the settlement, but if you believe you were a victim or have questions about the case you can email the agency at: countrywide.settlement@usdoj.gov.
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Ahhhh more welfare for the welfare recipients.
Good ole obama, he is rewarding his minions
So if you’re not a “nigga” as Slim Dunkin called a “person of color” or a member of another minority you’re SH-IT out of luck; right?
As "Former Secretary of State Condolezza Rice recently said that America has come a long way in confronting racial inequality - but that America will never be race blind.
It appears that Eric Holder just confirmed Ms. Rice’s statement in this settlement.
First of all, this is NOT welfare. It is simply righting a wrong that these unfortunate consumers were subjected to, simply because they were a minority!!
Mal'achi, I find you to be offensive. Why don't you crawl back to your rock.
Mal'achi, I find you to be offensive. Why don't you crawl back to your rock.
Tonglen
First things first: I'd like to officially welcome you to the "vine"; I noticed that you're newly registered in November 2011.
Secondly and more importantly: if you read the "extra fine, implied and invisible" print under the rules, guidelines, regulations and code of ethics sections while registering you almost certainly would have noticed one of the most important guidelines: never, ever post any negative, embarrassing, intolerant or unanswerable comments for Mal'achi .
Good luck...
In order to conclusively establish that they qualified for prime loans each loan application should be checked to see that all statements as to employment, income and assets were true and accurate. If so, they deserve every dollar they get, and probably more.
However if anyone of them turn out to be what Senator Chris Dodd termed "Loan Liars", they should not get a cent, but instead be prosecuted for mortgage loan fraud! Perhaps that will come out as people apply for these payments.
When did legal, punitive damages become "welfare"? If I got seriously injured or killed, then me or my family should be entitled to compensation, especially if the other party were at fault.
And the fact is, Countrywide/BofA got caught stealing. They defrauded clients with either the tried and true "bait and switch" where they steered minorities into subprime loans, even when they had scores that qualified them for better rates, or frontloaded fees that normally weren't on usual loans. If a regular joe did this, it would be called FRAUD!
Name calling, like flattery, gets you nowhere...and muddying the issue will only leave yourself dirty.
Ahhhh more welfare for the welfare recipients:says commonsensedude-1080861
First lear to read! Seems to me you dont use your name the good way.Or maybe no brains left anymore dude?
But who needs welfare?Those ppl are being discriminated. Isnt that against the law in the States? And again money speeks. When is one of those banksters go to jail?They steal, rob, cheat, lie drive ppl into madnes, and the only thing they do is pay a litle fine and walk away.That $335 million is way to low to hurt those criminals.
STUPIDITY & IGNORANCE raise their ugly head again. These were people who were qualify for quality loan, but steered toward a more profitable loan.... YES, the rates are higher and the commission were much more substantial.
This is the same logic as those who consider Unemplyement receipients to be Welfare people. Unfortunately, the truth is that we all (including emplyers) contribute to a larger pool of unemployement INSURANCE.... INSURANCE!!!!!! IT IS NOT FREE MONEY!!!!!! It was already paid for!!!!!!
. . .and to the self-proclaimed genius who suggest there be a thorough review of the actual financial files of each transaction and an even more thorough review of the mortgage holder(s) real financial portfolio at the time the loan was issued BEFORE they're paid their share of the settlement. . .do you think before you post? This was a class action lawsuit where the files had to be presented to prove the claims of discrimination and steering. Sometimes I wonder if certain people are leaking brain matter on the regular. . .sheesh. . .THINK, WON'T CHA?
What about White, Asian, Native American, etc. borrowers?
I'm white and I had lenders try that with us when we went for a home loan. They tried to push us into an ARM or interest only loan and we walked. It didn't take us long to find a reputable lender to give us a fixed 30 year mortgage with the interest rate we were willing to pay which is what we knew we wanted to begin with.
I guess the difference is we actually took the time to make sure we got a good deal and didn't sign the first piece of paper they pushed in front of us.
We did our research and were prepared. Buying a home is the biggest investment/expenditure that most people will ever make in their lives and to go into it blindly and unprepared is sheer stupidity.
I Have no compassion for these people that got taken for a ride. The color of your skin is no excuse for ignorance and not being prepared. If they got taken its because they think the Nanny state will protect them and make sure their being treated right instead of remembering the simplest of rules when making any purchase;
"Buyer Beware!"
To only be worried about Blacks and Hispanics that got taken for a ride and not look into every ones loans is "Racism" by our government and Department of In-Justice.
Everyone that these predatory lenders thought they could scam were targets and it didn't matter what the color of your skin is. Its time to sue the Dept of Justice for bigotry.
Fraud is still fraud...no matter the circumstances.
That is reverse welfare isn't it. Why is it wrong for President Obama to strive to help the poor if he even does? These people probably should be charged with hate crimes actually and fined for discrimination. I think we have seen that a person cannot be elected president and attempt to help to get people out of poverty. Rich people seem to think they should rule and they are better than others. What are they afraid of. That poor people when given the opportunity might be smarter than they are and show them up. Which doesn't seem like it would be that hard to do does it?
If anyone really believes that anyone but the banks will gain from this finding and judgement against them, then they should go to the nearest corner and step in front of a car. The US Government will pay all of this money and the banks will not be effected at all. Wake up people........which you will not do.....the Senate and House are the ones that are ruling what money goes where and they will make sure the Big Banks will not be harmed as they get lots of money from them. ELECT NEITHER REPUBLICAN NOR DEMOCRATE>>>>Chose someone who is neither and LIBERATE AMERICA. Make it the home of the free again. Without that, we will be slaves to the BIG BUSINESS AND BIG BANKS.
BINGO!
That is exactly what this is, government enforced, institutional racism.
I guarantee you that many thousands of people of ALL colors were steered into these sub-prime loans because they were more profitable for the banks.
It's very revealing that the Dept. of Justice is not the slightest bit concerned about the OTHER people that weren't black or Hispanic?
Are white people not Americans with the right to equal protection under the law?
Evidently not. It is legal to refuse college entrance to a white kid who never harmed anyone in order to place a minority with lower SAT scores.
It is legal to discriminate against whites in government job hiring.
It is legal to discriminate against white-owned contractors and companies when granting contracts.
Institutional racism is bad when done against people with the "right" skin color, but it's good and NECESSARY when it's done against whites.
Comment # 1 restored for clarity.
an ARM loan is not a bad thing. We have a ARM loan, and it has been consistently lower in payments in comparison to a fixed loan. However, it is something that you need to decide if it is worth yourwhile. It was for us 16 years back...
Don't believe that all ARM are bad. It is absolutely not the case. Fix is great if you are guessing that the interests will increase.
I didn't see anything about any crooks going to jail over this.
The Supreme Court's decision to make corporations on par with individuals is a joke. Since when do you have the same remedy when going against a corporation? If an individual did this they would land heavy jail time. But you can't put a corporation in jail so the Supreme Court totally blew their decision. After all, if a corporation killed someone can you put the whole corporation in jail? No you go after the CEO of the CFO. Apply that to an individual-if a person kills someone do you put their hand in jail for it? For them to be equal you would need the exact same legal remedies. Put the entire corporation in jail-that means everyone! If a corporation has freedom of speech they should have freedom to go to jail just like everyone else!
More victims huh, steered into subprime loans. Slicky boys making a buck on consumer ignorance. Both should pay the stupid penalty.
Yeah, victims my butt. More like idiots. The people next door to me got one of these loans, never paid a dime, and were foreclosed on in 12 months. Rent free for a year. Trashed the house. It's hard to feel sorry for people scamming the system, they are better off than people working like hell to get by.
And the people in this lawsuit are "scamming the system" exactly how?
Consumers who
were victims of mortgage discrimination could get anywhere from $500 to
thousands of dollars each as a result of a settlement announced Wednesday by
the Justice Department.
What justice?
The first 5 years of mortgage payments are heavy on interest and lean on
principal. The knuckleheads who were stupid enough to take these subprime loans
have already paid many times more than what they will receive in settlement
payments.
The winers as
usual were the LAWYERS. Come on what kind of journalist writes this drivel.
TELL THE TRUTH!!!! LIBERAL RAG!
Is Mal'achi a dummy or did he actually read the article which says these practices were used on the minority clients? They are just paying back a little of what they stole from us minority customers. If you are not a minority then they didn't take anything from you therefore you don't get anything from them. Only a racist would get on this thred and talk about not getting something when they were the ones benefitting from the money illegally aquired.
I'm not a racist, but I have to object to your post, dencal2. How many of these minority clients did their due diligence and paid attention to what was going on? I'm not a mathematician either, but it just seems logical to me that if you earn $35,000 annually you can't afford a $350,000 house. Which is what many people signed up for.
It's easy to blame the banks and certainly they do have a great deal of responsibility in this, but honestly, let's take a little personal responsibility for making poor uninformed choices.
Cindy, where is your statistics to back up your assertion that many of these people, or even a vast majority of them earned an average or median income of $35k, and purchased homes that averaged $350k? People like you always want to say this crap without backing up your "blah, blah, blah!" When a large group of the population is preyed upon by supposed "experts" ie, realtors, bankers, appraisers, etc, and this is usually their first home purchase, they don't expect to knowingly be taken advantage of. If the way you say it is true, every victim deserves what they get, and thus, there would be no need for attorneys and a judicial system to root out fraud and wrong doing.
I would love to see where you got your non-racist numbers from though...."crickets"...
My 'statistics' were taken from my own neighborhood. 142 homes, 35% in some phase of foreclosure over the past 3 years. None 'preyed' upon by realtors, but purchased directly thru the builder. Of these homeowners I actually know, only 2 actually earned enough money to make the payments on the houses they bought. The rest did not, but chose to buy the house simply because the mortgage broker said they could.
Seriously, one of the biggest problems with today's society is people don't want to accept responsibility for their lack of good judgement. And
'people like me' are realistic and understand both sides of an argument, whereas people like you are always looking to blame others for their poor choices.
Amd exactly how many of them were a part of this lawsuit?
It appears there is a decided lack of critical thinking and/or reading comprehension here today.
Where did it say the plaintiffs failed to make their payments?
Oh, now I understand, Cndy. You just make up "facts" to suit your own personal predudices.
Sad thing is that most of these people knew darn well they couldn't afford what they got into - they really just exploited a hole in the system and took advantage of it the same way others are doing. And now they are going to get paid for doing it. I knew this whole housing mess was going to burst when it started - it was common sense. Just wonder how many truly righteous people are left in the world.
There are many people not minorites that did the very same thing. A little while back my sister talked to people at her bank and asked what was going on. She was told that a lot of slimy rich people had more than one house and when the housing crisis went south they could pay for the houses but they chose not to. Which caused the rest of us to suffer. And they think they are better than the rest of us. Only in their minds. If even then. Take away their money and you have nothing but some bones sitting there with no conscience.
How are they going to prove who was victimized and who was not. When we were shopping for loans we talked to Countrywide....briefly...they wanted to sell us a ARM and suggested we could purchase a home three times what we could truly afford and use the cash we had on hand for the down for new furniture....we told then what we wanted in a mortgage 20% down 30 year fixed and they would not get off of the whole ARM thing....we simply went elsewhere for our mortgage and got what we wanted at a reasonable rate for the time. This included going through a reputable company, we knew the fees up front, we had closing statements 24 hours in advance, caught the mistakes in the contract, had it corrected and have not had a problem with our home since.
My guess is that Countrywide was probably an equal opportunity criminal and those who did not understand the contract they were buying and signed to assume fees that were unreasonable were probably not bothering to read their contracts. They were looking to buy a home that was tantamount to paying rent.
Even if the contracts were somehow racist in nature if you sign for the terms then that is what you owe. If the buyer didn't like the terms they could, up until they sign, walk away from the deal.
Now that the courts have taken care of their special interest civil suits...where are the Criminal prosecutions for individuals who defrauded a nation....Where are the SEC prosecutions for a company that outright lied to investors?
"these people" could afford what they bought. They were just charged more than non-minorities.
Or are you one of those who firmly believe that all blacks and Hispanics are worthless deadbeats?
I was a first time home buyer through Countrywide. With all the paperwork I was overwhelmed by everything that was going on. So I signed the paper only to later figure out I was paying way too much then what I should of. So I refinanced with someone else after I learned a little more from being first time home buyer. Though I am not a minority who's too say that I am not in that category and no one looked because I happen to be white. All this is a a band-aid for something that was very wrong. But the way our world is right now and why it is having so many problems. Just throw them a few dollars and everything will be alright. I hopes that they won't do it again. Whatever it happens everyday all day. And will continue to happen to those who may need a little help. Everyone preys on the less fortunate people.
Just because some of you posters have advanced education or may have bought and sold homes...you should not just give a blanket condemnation of folks who obviously were buying homes for the first time. With everything going on and people getting rich around them were they just supposed to say "Gee, i am too poor or stupid to buy a home." They were preyed upon and lied to and many did not know that the bill of goods they were being sold was not the norm. I have bought or sold real estate in California seven times and have watched just a "simple" offer sheet go from 3 pages to 30 pages...it's a joke to even comprehend what you are signing anymore. That includes Loan Docs
Can't we all just get alone and kissand make up? is that so hard?
It's a lousy settlement - $335 million for 200,000 victims. That's just $1,675 per victim. Nobody settles for those kind of peanuts anymore. The lawyers are the ones who are going to come out smelling like a rose - just like always.
EddieTheKid: I agree with you 100%. Personally, B of A, with whom I haven't dealt for the past 45 years, should be putting out at least 3.35 BILLION which would average about $16,750.00 to each discriminated home buyer.
I am caucasion AND I HATE DISCRIMINATION. You need not be "non-caucasion" to be against discrimination. I know that sometimes even caucasions are discriminated against.
I am so tired of hearing how the only people taken of advantage of are African Americans and Hispanics. Please, myself, my daughter-in-law and also a friends daughter have all been victims of discrimination by Country-Wide. Two groups of people are eligible to receive some monies back, one group are African Americans and Hispanics. The other groups is African Americans and Hispanics. Wake-up!
Read up on the Law: these are protected groups. I know it bothers the heck out of you, nobody protects you, boo-hoo-hoo. Except that your ancestors legally protected you for too long before Lindon Johnson finally started setting things right. I never realized how much white males are such whiners. Sheesh!
You're making no sense.
If Countrywide had been jacking up rates on White borrowers and giving better terms to black and Hispanices it would still be a basis for a lawsuit by the parties descriminated against. In this example, white borrowers.
But I guess you'll deny that.
"Protected groups"? are they so stupid they can't figure things out on their own? Wow!
Anyone who DIDN'T get a Countrywide mortgage should be thankful, I would think!
We should be so lucky...the problem is loans get bought and sold (like mine) so that in the end, you may not have "started" with Countrywide/BoA, but by sheer default, you inherited them, through no fault of your own.
Can't wait to get rid of them...still trying to sell me on "refinancing". Yeah, right.
Thanks Wm. I'd like to see them gone, too. I've seen B of A & Citi in Hong Kong and Manila. Shocked the blazes out of me...that was almost 30 yrs ago. They are taking advantage of too many, too often.
I'm glad to hear that you ARE NOT going to re-fi. You are SO smart. I DID several times for things like home improv and my kids. Don't do it, and anyone who reads this, avoid it as much as possible. I will have been in my house 60 years, if I'm still alive, when it's paid off!
God bless you, Wm. Sanders.
And, who is going to go through all those loan docs and paperwork to authenicate the hispanics and african americans are really legally due the money. Don't think so. The government can't even keep track of where the monies for the wars went (Haliburton, etc.) ... and, what about all the junk cars that people traded in to get benefits....and, what about all the first time buyers who got credit when they didn't even buy a home.....and on and on. The government giving aid to other countries in suitcases and don't know where most of it went. Lending all the banks money withouth stipulations they could not use the money to give themselves hugh bonuses. NO appropriate followup....
How about the court, during the trial and settlement negotiations? Why do you think BOA agreed to a settlement?
Do you believe that Countrywide was justified doing that?
Welcome to America Land of the LIARS and Thieves. When the Population becomes so dumb and stupid as to elect someone that has never had a job in his life other than knocking on doors. The public gets what it deserves. I'm glad that this Islamic pupette extreemist is going to bring this country to its knees. Maybe then we will get back up off our rear ends and get rid of all of the political scum in Washington and take our Country back. Get ready for a really dirty fight. It's comming and it will be a good one!
@marcel, I think it is hilarious that you think these loans were made during Obama's term. This is the stuff that was happening frequently under GW's watch. I think you are in for a very rude awakening.
isn't it that some are so dumb and stupid they believe such crap. I read Obamas books and I liked the experiences he had. Like the time he slept outside because something like he worked and didn't get paid and went to stay with a friend but he wasn't there. But you guys wouldn't understand. You guys might take the silver spoons out because they are affecting your brains or something. Isn't being a lawyer a job? Isn't teaching a job?He is/was a civil rights lawyer. He also taught college classes. Plus many other jobs you couldn't comprehend. I am sorry his life is way over your head and you will never reach the success level he has and you just can't stand it. Instead of applauding his success out of jealousy or hatred I am not sure which you just can't do it. He has had more successes than most of us ever will and I am glad. It shows the character that you lack.
terriels and ktlin-2021409,
You beat me to it. Thanks for TRYING to put Marcel-2112373 in his place. My only fear is that he'll read your comments with not one, but TWO blind eyes! It was by all means good ol' Bush who got us into our financial circumstances. I hope that Congress can get us out of the Republican mess.
The victims will not get much but the Attorneys will collect millions of dollars!
Thats how it works in the USA! Sorry Peons!!!!!!!
And those of us of the caucasion race that had loans with Country Wide get what?
How can a settlement be about race when it affected everyone.
Read up on the Law: these are protected groups. I know it bothers the heck out of you, nobody protects you, boo-hoo-hoo. Except that your ancestors legally protected you for too long before Lindon Johnson finally started setting things right. I never realized how much white males are such whiners. Sheesh!
But Jerry the settlement didn't affect everyone its only affecting Obama's supporters being mainly Blacks and Hispanics.
If you aren't Black or Hispanic, even though you may have gotten screwed by Country Wide as well, your SOL.
It sounds like if you were white you weren't charged the same fees or had to go through the same process. That is pure discrimination and some people not only should have to pay it back but they should be spending some time in jail plus losing their jobs. I am sure plenty of the unemployed could fill their positions and apparently do a much better job. This is America. Why are we allowing people to do this? You lost the civil war. It is time some admitted and accepted it.
Your statement about being white and not going through the same process and paying the same fees is just speculation. Just because the Department of In-Justice only investigated complaints of Blacks and Hispanics receiving improper treatment doesn't mean that there weren't Whites, Asians, Native Americans etc.. that got steered into sub-prime loans as well.
Of course its only speculation that complaints of whites and others didn't get investigated but the article didn't mention any of those or mention any one getting settlements other than Blacks and Hispanics.
Politics maybe?
After all those are the voting blocks Obama is going to need to get re-elected and doesn't this make for a great story about how the Obama admin is helping those voter blocks...
Hey Jerry I got an answer for you. Call up the Department of In-Justice and tell them your Gay. The third constituency Obama cares about.
For the rest of us that aren't Black, Hispanic or Gay well have to wait until after 2012 for Justice to become Color Blind again.
Your statement about being white and not going through the same process and paying the same fees is just speculation.
Well, if you bothered to actually read the article you might understand that the fees and rates were compared with those paid by whites with the same qualifications.
So the lesson to the mortgage banks is to just charge everyone the higher fees. It seems that the Goverment didn't care that the fees were higher, just that they were not fairly charged to all people.
So the frauded will get a few shekels back.
And the frauders? They will get nothing except ringside, elbow rubbing seats at the republican national convention.
If I remember correctly it was Dodd and Conrad, both Democrats, that were cleared of ethics charges in 2009 for accepting VIP loans. Also known as being "friends of Angelo". Ok I actually just looked it up.
I wonder who those other 169 employees were and why they got preferential loans...
Of course the article does say that three of the four now being named to the ethics commission are Republicans. Considering Darrel Issa is a Republican, and he's the one who that sent the letter, don't you think its a little hard to try and claim Republicans are covering for each other?
I think the Dems are the ones you want to point that finger at.
We all remember Pelosi's vehement and unwavering support of Charles Rangle. Its just too bad he was found guilty of 11 ethics violations. She did such a wonderful job of clearing out the swamp didn't she. Who's still left? Lets see theres Rangle, Franks, Johnston, Waters, Boxer, Reid, ...
http://www.latimes.com/business/la-fi-countrywide-vip-20111220,0,7866675.story
There is one Newt Gingrich running for president. What he did was point the finger over and over while he was doing the same thing in the background. If one checks there are plenty of republicans and democrats who are pure crooks. The only reason they are pointing out the democrats is because they think they are the kings now and are in charge. Otherwise they would be covering up. I am sure the very finger pointer could have the finger pointed right back at him. Some get a kick out of being spiteful and hateful. Especailly if they are currently the republicans in control of the house now. Now if we could only do the job they are supposed to do. Like vote for the bills that are to be passed. They are not the gestapo. They need to quit acting like it.
Election is coming....fire all the Republicans for their obstructtion. After all they are getting paid to do a job they are not doing. What a bunch of lazy loafing rocking chair check collecting baffoons. You can't even work at Burger King and not get fired for not doing your job. Where do they get off stealing like the trash they are. Fire them all and let them go out and look for a real job!
Squidword,
I agree with you MOSTLY. Some, SOME of the Reps are good. One thing that I feel about those who are "let go" is TO TAKE THEIR "BETTER THAN MEDICARE LIFETIME" MEDICAL AWAY. They need to also have their LIFETIME "better than SS" taken away. If they didn't invest something for themselves, too bad. The street has room for them to stand with their tin cans too.
John, get your facts straight on Congressional benefits. Since 1984, members of Congress have had to pay into SS. Just like all federal employees, they can also pay into separate pension plans as supplemental retirement. They also have to pay into their own medical plans, even after "retirement", and those plans cease if they don't continue the premium payments, just like your medical plans cease. http://usgovinfo.about.com/od/uscongress/a/congresspay.htm What we need to do is increase the requirements for when they can claim their benefits.
The only way we will ever change our political process is for everyone to join the Popular Amendment Movement's petition drive for two constitutional amendments....Election/Campaign Finance Reform and Term Limits (the latter would make all Representatives ineligible, since they must serve FIVE years before they are eligible for any benefits.) Go to www.faircampaignreform.us to download the two petitions, sign and circulate among family, friends, neighbors, community and help start a local grassroots organization to help promote the petititions.
Republican's need to remember the old saying ( watch what you wish for you might just get it ). They want deficit reduction, come January 1 2013 they will get $6.2 trillion worth of cuts. $1 trillion dollars they agreed on just to raise the debt. ceiling. The $1.2 trillion in automatic cuts the super committee couldn't agree on ($600 billion in defense cuts and $600 billion in non-discretionary spending cuts ) and the $4 trillion in Bush tax cuts that expire on that same day. That all totals to $6.2 trillion and President Obama doesn't have to do anything but sit back and watch them go in to effect. Obama played the Republican's like a real pro and they didn't even see it coming.
Sounds good to me.
I don't get welfare, food stamps, wic or any thing else from the government. I certainly don't qualify for healthcare subsidies or any other assistance from the government. It will be decades before I'm old enough to retire.
2% payroll tax Holiday, Phss. I contributed that to my 401k. If the tax break expires on Jan 1st, Jan 2nd, I'll go online and reduce my 410K contribution by 2%. You know what will happen? That 2% will still go into my retirement because it will be going to SS instead of my 401k.
Even then I'm planning on SS being insolvent by then so big whoop. You go ahead and put all your faith in the Gubernment. My faith is in myself.
Yea he really played the Republicans. When SS and Medicare benefits get reduced because the Dems couldn't sit down and figure out how to come up with 1.2 trillion in cuts with the Republicans it will be all those that live off the government Teet that will be hurt.
When the Democrats cant bring those federal funds to the masses what do you think will happen to the Democrats support?
http://www.commondreams.org/headline/2010/03/24-4
David Noah,
From EVERYTHING I have read from you, it shows that you're a white, republican racist. Did you forget about "Four score & seven years ago"? A very famous WHITE man said that. Do your remember who? Or is that beyond your capabilities?
Otherwise, someday day, I hope you do realize that you had better continue to put in the max that your company/employer is going to match. Then on the outside, I you have CONTROL of your AFTER TAX money, be involved in a Roth IRA. And I hope you don't have it in a bank account which is giving you .01% interest. Put it in the market. Otherwise, if SS doesn't exist when you reach the age qualifying you for it, you're going to be up SH— — CREEK. I'm up in years already and you're paying me for the hard work that I did. I guess you're going to have to move in with your children, if they're wise enough to get a mortgage which is just, and have the house for you to move into.
Bank of America is smiling because $335 million is chump change in comparison to the amount of bailout $ received from taxpayers. They may have already well profited from the derivatives market after leveraging the $90 billion from the Fed Reserve in secret bailouts by ten times and playing this shadow market CDS gambling game.
This report is from Bloomberg that sued the Fed Reserve for financial disclosure on the $1.2 trillion secret bailouts to banks domestic and foreign. The amounts given is in addition to the $billions from the initial bailout for taking over Countrywide.
Another example of the a dog and pony show by government, The Fed Reserve and BOA attempting to appear as if this current $335 million settle is a big deal. They're all laughing at us behind closed doors while wining and dining on our dime.
And yes, suspiciously enough, no one has gone to jail yet and probably never will.
Have no problem with the suit, the decision. BUT, hearing this out of the mouth of Eric Slimeball Holder negated it for me. I do NOT trust that dude.
And who said not having enough money or decent paying job does not pay.
Well, these people did have enough money and decent paying jobs. They just got charged more because of their skin color.
Read the article again!
"The difference between ignorance and stupidity is that ignorance is curable."
Where is NAILING THE TOP FINANCIAL WIZARDS for creating all this. They are the ones who should be reimbursing the CONSUMERS. They are the ones who ran off with all the money and are ALL still FREE AS A BIRD ?????
This is a real joke on the PUBLIC !!!!!!
ONCE AGAIN THE CONSUMER IS LEFT WITH THE BILL !!!!!
Is there any CONSCIOUS in this COUNTRY anymore.
When are the TIDES going to turn to RIGHTEOUS AND HONESTY !!!!!
The USA needs to run things from the BOTTOM to the TOP, NOT the TOP to BOTTOM.
It is a skewed. And the AVERAGE PEOPLE are the VICTIMS !!!!
Well everybody that got settlements will now be able to donate that to the obama re-election campaign.
He said he needs a billion dollars and you don't think he will be able to get that kind of money just from wall street,Warren Buffet,Soros,and Bill Gates do you?
Ha hah SUCKERS!!
No, he and the Justice Dept (joke) have been courting the latinos and blacks for votes by illegally supporting the illegal immigrants and courting the blacks in this law suit against BofA where they are getting both. With the illegal immigrants they are courting the latino votes and disregarding the laws of the country. I sure hope we get rid of Obama and, especially Holder, in 2012. I can hardly wait to see Holder walk out of the Justice Dept for the last time and take his (fill in the blanks) with him. It's enough to make you want to vomit!
If these people thought they were getting shafted and thought the fees and interest rates were too high, then they should not have signed the paperwork. They always had a choice. My problem with this is that, as usual, the Justice Dept (and I use that term very, very lightly) is only looking at Latinos and blacks. Are you going to tell me they were the only ones??? I don't think so. They are just the only ones our Justice Dept (joke, joke) is trying to protect. Yet again. All of these people who are crying now had the option of looking at another financial institution and apparently did not do so. If you sign on the dotted line, and you know what the fees and interest rates are up front, know what other banks are charging, then guess who is to blame? I am very surprised BofA is not appealing this on the grounds these people just were not very bright and informed.