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Breakingviews: Belated BofA crackdown

Thursday, August 21, 2014 - 03:05

Jeffrey Goldfarb and Reynolds Holding discuss the cunning application of an obscure law by regulators to extract a $17 billion settlement from BofA.

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Bank of America finally got a sixteen point seven billion dollar deal from the government. Over dodging mortgages that were sold during the crisis. The regulars -- used kind of an interesting tactic here that this. -- you're not such huge fan about this for -- Well I mean the it's sort of the end -- in the means justify the end the ends justify the means I mean what's going on here a lot of this settlement -- of course relies on dodging mortgages that were originated by countrywide. So a lot of this is -- read 2009 more than five years ago which is sort of the typical statue limitations for the loss of -- softer banks for fraud or whatnot and this stems of the ivy. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Who does who -- wrongdoing and -- a bank. Can be can be sued and and it's a lot of originated back here you know -- -- -- savings and loan crisis to protect all my husband you in a room or well know hardly at all until like a couple of years ago in the people's -- prosecutors are all of a sudden said walking off affecting -- -- wrongdoing effective back. I bet -- we can use this against the for hurting themselves by getting sued -- really what it was and then kind of crazy but you know that's our -- the infamous of them the well known and and notorious or whatever you wanna call judge. -- -- -- Came out with a decision I don't know how this is this works you know we can this language is broad enough to cover so. Ten year statute of limitations of that loss of Alex about your episodes ago they're going after banks they're going after -- or at least they're investigating -- financing -- car -- off and maybe even now -- we're hearing that potential Mozilo who. So for what 68 million dollars with the SEC a number of years ago that. It's -- apparently they're going back at it. Sue him under for Maria because he made a lot of money when. Of course he was right you're paid out solved the FCC I cannot I think it's 68 million dollar wood now off you know they got to be thinking that they can -- actors -- that ranks lawyers have tried to test this for your theory. I don't I haven't gotten there and Charlie and I says look this is now. Mean this is not what it was Ford's outlook for you -- sports not really what it -- those. You know when you talk about you're really talking about when you turn it off. Affecting a bank -- Torre about someone hurting the path that someone who's not the bank here. Where the victim here and under this law and I Hussein were sort of you imposing self inflicted wounds that that's illegal that's crazy -- right but the judge -- -- about all of our whole policy a little bit more of that. We will be back with more breaking news tomorrow.

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Breakingviews: Belated BofA crackdown

Thursday, August 21, 2014 - 03:05

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