Paying the stay out of Jail card...again, with our money. Only Jail will suffice and reparation from their stolen estates.
With rate fixing, credit card swindling and mortgage fraud plus phony Bonds, the biggest swindle in history, not one is going on trial and they all have a free pass to enjoy what they stole. This is justice for the selected elite.....those who are far above in value....to soldiers and officers fighting for their country, the millions of ordinary people who didn't steal, swindle and forge counterfeit bonds and mortgages, and who do not qualify for unlimited handouts of taxpayers money from the Federal Reserve. Nor do they own 5 mansions and numerous private jets.
BANKS were hit with compensation payments and settlement costs of almost $20bn (£12.4bn) yesterday as regulators and the industry moved to end long-running rows over the toxic debt and aggressive repossessions of the credit crunch era.
Ten banks will have to pay a total of $8.5bn in compensation and mortgage assistance to customers who suffered from bad foreclosure practices, under an agreement with the Federal Reserve and the Office of the Comptroller of the Currency.
And Bank of America Merrill Lynch has agreed to pay $10.35bn to Fannie Mae to settle a long-running battle over bad mortgage books it sold to the state-backed agency between 2000 and 2008.
To cover the cost Bank of America will use existing reserves, sell the servicing rights on 2m loans and use $2.5bn in representations and warranties provision, but will still have to take a $2.5bn hit to fourth quarter earnings, due out next week.
The combined payments of close to $20bn take the industry a big step closer to cleaning up the disputes from the boom years and the financial crisis, though more banks are still in talks with the Fed and with Fannie Mae.
US stocks on the Dow Jones fell 0.52 per cent, with the share price of most of the affected banks slipping.
SunTrust led the fall with its stock down 1.9 per cent, followed by Wells Fargo which dipped 1.12 per cent.
Bank of America’s stock initially edged up suggesting markets had priced in the charge, but it ended the day down 0.66 per cent.
When are we going to get real justice, when is this sh*t going to prison; if the don't, then their is no such thing as justice.