Bank of America fails to end U.S. govt's mortgage fraud lawsuit
NEW YORK | Tue Aug 27, 2013 11:50am EDT
Aug 27 (Reuters) - Bank of America Corp failed to persuade a federal judge to dismiss a lawsuit in which the United States accused it of causing taxpayers more than $1 billion of losses by selling thousands of toxic mortgage loans to Fannie Mae and Freddie Mac
In an order made public on Tuesday, U.S. District Judge Jed Rakoff in Manhattan said there are "genuine factual disputes" involving at least one of the government's theories to warrant letting the case continue.
Rakoff ruled four weeks before a scheduled Sept. 23 trial.
Those bank settlements are NOT any admission of guilt, nor are they anywhere near the full amount of the original lawsuits. Banks are still way ahead of the game. Banks are NOT brought to trial and are NOT being reprimanded to the full extent of the law and will continue along the same corrupt path as long as it is still profitable for them and are NOT held accountable. Our 'leaders' have assured them this. Time to face up to reality.
"I would point out the settlements from the banks are quite telling in who was really at fault."
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