BofA in Talks to Pay At Least $12 Billion to Settle Probes

Bank of America Corp. is in talks to pay at least $12 billion to settle probes by the Justice Department and a number of states into the bank’s alleged handling of shoddy mortgages, according to people familiar with the negotiations. At least $5 billion of that amount is expected to go towards consumer relief–consisting of help for homeowners in reducing principal amounts, reducing monthly payments, and paying for blight removal in struggling neighborhoods, these people said.

This is bullshit.

Neither the Federal government nor any states should receive any money from Bank of America.

Bank of America should have to forfeit twelve billion dollars worth of mortgages they hold and give free and clear title to those homes to the people they victimized.

How does any government getting money help those who were screwed?

Does it make any sense that if you engage a lawyer to sue that the lawyer should get all the monetary award?

Government should not benefit one damn bit from this.

And if you dare say, “What about the legal expenses?” then I have to scream in your face: “What the hell did we pay taxes for? Just for that!” If those expenses are to be covered, then where the hell is the tax refund for those who footed the bill?

Every now and then since 2008, I’ve seen either the Federal or a state government extract money from a bank or other crooked financial firm — for themselves.

There’s been no real relief or justice for victims.

In world that was working properly, Bank of America and its fellow crooks would pay in a way that really hurts: By surrendering what they stole.

Until banks have to surrender mortgaged properties, shit will continue to be all fucked-up and bullshit.