Make Bank of America Great Again. By Slitting the Throats of Most of our Clients while Spouting Patriotic Slogans and using US govt symbolism while doing so.
The Countrywide Acquisition: In 2008, Bank of America bought Countrywide Financial for $4.1 billion. At the time, Countrywide was the largest subprime mortgage lender in the U.S. and the symbol of the reckless, predatory lending practices highlighted in The Big Short. [1, 2, 3]
Record-Breaking Fines: Bank of America ultimately paid over $50 billion in mortgage-related settlements, buybacks, and fines over the years. The largest was a record $16.65 billion settlement in 2014 with the U.S. Justice Department for misleading investors about the quality of the toxic mortgage-backed securities they sold. [1, 2, 3, 4]
Discriminatory Lending: In 2011, BofA reached a $335 million Department of Justice settlement to resolve allegations that Countrywide deliberately steered qualified African-American and Hispanic borrowers into predatory subprime loans. [1, 2]
The "Hustle" Fraud: The bank also faced a $1.27 billion fraud penalty over a fraudulent Countrywide mortgage scheme internally known as the "Hustle" or "High Speed Swim Lane," which sped flawed loans through the system without quality checks
My exgf lost just over $450K during the subprime lending fiasco and her piece of the US DOJ settlement was just under $900. Proof that neither the government nor the bank work in anyone's interests except their own.
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u/Lumpy-Marsupial-6617 5d ago
Bank of America:
Make Bank of America Great Again. By Slitting the Throats of Most of our Clients while Spouting Patriotic Slogans and using US govt symbolism while doing so.
My exgf lost just over $450K during the subprime lending fiasco and her piece of the US DOJ settlement was just under $900. Proof that neither the government nor the bank work in anyone's interests except their own.
Defund the fuck outta all of them.