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Malcom (the burger expert) and John (the rich guy) are in the same basket , they will pay more than 1 billion dollars ,Bank of America will be able to deduct $270 million of Countrywide's losses annually for the first five years it owns the firm.
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Countrywide CEO will get $110 million severance , and he dumped also $140( whispers said more) millions in stock before CFC fell 80% as he was saying 'everything is fine'.
Malcom (the burger expert) and John (the rich guy) are in the same basket , they will pay more than 1 billion dollars ,Bank of America will be able to deduct $270 million of Countrywide's losses annually for the first five years it owns the firm.
Unfortunately taxpayers are also "helping out" the idiots that took on more debt than they could afford.
Unfortunately taxpayers are also "helping out" the idiots that took on more debt than they could afford.
Taxpayers are idiots for letting BofA get away with this. And don't blame Congress for this crap, anymore. No one's willing to hold their feet to the fire. The megaCorps are betting that this will all blow over in a day or two...and they're right. The Public's ADD lets this happen. We are all responsible.
Predatory lenders. Ha. Let me know when we see a lender with the gun to the face of a borrower.
You see I tought you were an honest and smart man , i give you the benefit of the doubt on this one .
Quote:
Predatory Lending: An Overview
Predatory lenders use sophisticated technology and numerous sources of publicly available data to identify potential customers. They market their products to customers they identify as financially unsophisticated or vulnerable, and therefore most likely to accept highly unfavorable loan terms. In particular, predatory lenders look for people with limited education who are not adept in financial matters and lack the financial sophistication to scrutinize loans. Such lenders often prey on households that have limited incomes but significant equity in their homes. The elderly are a primary target for predatory lenders.
James H. CarrSenior Vice President,Fannie Mae Foundation
Lopa KolluriSenior Community Finance Consultant, Innovation UnitFannie Mae Foundation
BofA's awesome Countrywide tax break
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