5.83 Billion Against Bank Of America, N.A.

FHFA Settles With BofA for $5.83 Billion Over Countrywide Legacy Loans

http://nationalmortgageprofessional.com/news47937/FHFA-Settles-With-BofA-%245.83-Billion-Over-Countrywide-Legacy-Loans?utm_source=MadMimi&utm_medium=email&utm_content=NMP+Daily%3A+FHFA+Settles+With+BofA+for+%245_83+Billion+Over+Countrywide+Legacy+Loans+and+More+___&utm_campaign=20140327_m119753830_NMP+Daily%3A+FHFA+Settles+With+BofA+for+%245_83+Billion+Over+Countrywide+Legacy+Loans+and+More+___&utm_term=FHFA+Settles+With+BofA+for+_245_83+Billion+Over+Countrywide+Legacy+Loans

FHFA_Logo_04_13_12

The Federal Housing Finance Agency (FHFA) has announced it has reached a settlement in cases involving Bank of America, Countrywide Financial, Merrill Lynch, and certain named individuals totaling approximately $5.83 billion. Bank of America Corporation owns Countrywide and Merrill Lynch. The cases alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007. Allegations of common law fraud were made in the Countrywide and Merrill Lynch cases.

The Agreement provides for an aggregate payment of approximately $9.33 billion by Bank of America that includes the litigation resolution as well as a purchase of securities by Bank of America from Fannie Mae and Freddie Mac.

“FHFA has acted under its statutory mandate to recover losses incurred by the companies and American taxpayers and has concluded that this resolution represents a reasonable and prudent settlement of these cases,” said FHFA Director Melvin L. Watt. “This settlement also represents an important step in helping restore stability to our broader mortgage market and moving to bring back the role of private firms in providing mortgage credit. Many potential homeowners will benefit from increasing certainty in the marketplace and that is very much the direction we should be taking.”

Of the 18 PLS suits filed in 2011, FHFA now has claims remaining in seven suits against various institutions and remains committed to satisfactory resolution of these pending actions.

The settlement agreement regarding private label securities claims between FHFA and Bank of America involves the following cases: Federal Housing Finance Agency v. Bank of America Corp., et al., No. 11 Civ. 6195 (DLC) (S.D.N.Y.); Federal Housing Finance Agency v. Countrywide Financial Corp., et al., No. 12 Civ. 1059 (MRP) (C.D. Cal.); Federal Housing Finance Agency v. Merrill Lynch & Co., Inc., et al., No. 11 Civ. 6202 (DLC) (S.D.N.Y.); as well as one Merrill Lynch security in Federal Housing Finance Agency v. First Horizon National Corp., No. 11 Civ. 6193 (DLC) (S.D.N.Y.).

Advertisements

Govt. Officials Withholding Fukushima Radiation Data

http://enenews.com/inside-source-govt-officials-are-withholding-fukushima-radiation-data-levels-much-higher-than-expected-releasing-numbers-would-have-a-huge-impact-over-2000-millisieverts-per-year-wher

 

Inside Source: Gov’t officials are withholding Fukushima radiation data — Levels much higher than expected — Releasing numbers would “have a huge impact” — Over 2,000 millisieverts per year where residents are being encouraged to return

Published: March 25th, 2014 at 2:49 pm ET
By 
Email Article Email Article
201 comments

Mainichi, Mar. 25, 2014: A Cabinet Office team has delayed the release of radiation measurements from three Fukushima Prefecture municipalities, and plans to release them later with lower, recalculated results, the Mainichi learned on March 24. […] According to one source, the original measurements were higher than expected, prompting the Cabinet Office team […] to hold the results back over worries they would discourage residents from returning. The Mainichi has acquired documents drawn up in November last year detailing the radiation measurements and intended for release. The documents, however, were never made public. According to this and other sources, the measurements were taken in September last year in the city of Tamura’s Miyakoji district, the village of Kawauchi and the village of Iitate […] According to an inside source, the Cabinet Office team had noticed that measurements taken with older dosimeters distributed by Fukushima Prefecture municipalities to residents showed radiation measurements much lower than those recorded by aerial surveys. The Cabinet Office team had planned to release the latest measurements […] putting special emphasis on how low the figures were. The new results, however, were significantly higher than expected, with the largest gap coming in Kawauchi. There, the Cabinet Office team had predicted radiation doses of 1-2 millisieverts per day, but the data showed doses at between 2.6 and 6.6 millisieverts. Cabinet Office team members apparently said that the numbers would “have a huge impact” […] and release of the results was put off. At the request of the Cabinet Office team, the JAEA and NIRS then recalculated the results by ditching the assumption that people would be outside eight hours a day […] Under these new assumptions, a farmer was now expected to spend around six hours a day outdoors.

Atsuo Tamura, official on the Cabinet Office team: “We did not hold the results back because they were too high. We did so because it was necessary to look into whether the assumptions for residents’ lifestyle patterns matched reality.”

Shinzo Kimura, associate professor of radiation and hygiene at Dokkyo Medical University: “The assumption of eight hours a day outside, 16 hours inside is commonly used, and it is strange to change it. I can’t see it as anything but them fiddling with the numbers to make them come out as they wanted.”

See also: Asahi: ‘Mind-boggling’ cesium levels far from Fukushima plant — Japan Times: “Health ministry in denial” — Interview: “They force us to forget everything”; Gov’t radiation levels “complete fiction”; “Mass media is biggest criminal… worse than Tepco”

Published: March 25th, 2014 at 2:49 pm ET
By 
Email Article Email Article
201 comments

Enews Latest Headliners OUT TO NUKE US!

 

 

Whistleblower Michael Winston Screwed By the Appeals Court

POLICY: LAW

http://washingtonexaminer.com/a-whistleblowers-worst-nightmare/article/2546069

A whistleblower’s worst nightmare

BY DIANE DIMOND | MARCH 21, 2014 AT 2:52 PM

TOPICS: 2007 HOUSING CRISIS WHISTLEBLOWERS LAW

Photo – Sadly, there is not enough space here to tell you the entire 7-year saga of whistleblower Michael Winston, but the bottom line is this: He got royally screwed by the California judicial system.

Sadly, there is not enough space here to tell you the entire 7-year saga of whistleblower Michael…

Justice is supposed to be blind. But what happens when it turns out to be blind, deaf and dumb?

Sadly, there is not enough space here to tell you the entire 7-year saga of whistleblower Michael Winston, but the bottom line is this: He got royally screwed by the California judicial system.

Winston, 62, is a mild-mannered Ph.D. and a veteran leadership executive who has held top jobs at elite corporations such as McDonnell Douglas, Motorola and Merrill Lynch. After taking time off to nurse his ailing parents, Winston was recruited by Countrywide Financial to help polish their corporate Image. He was quickly promoted — twice — and had a team of 200 employees.

It’s almost unheard of for a top-tier executive turning whistleblower, but that’s what Winston became after he noticed many of his staff were sickened by noxious air in their Simi Valley, California, office. When the company failed to fix the problem, Winston picked up the phone and called Cal-OSHA to investigate. Retaliation was immediate. Winston’s budget was cut and most of his staff was reassigned.

Sign Up for the Politics Today newsletter!

Several months later, Winston says he refused Countrywide’s request to travel to New York and, basically, lie to the credit ratings agency Moody’s about corporate structure and practices. That was the death knell for Winston’s stellar 30-year-long career.

When Countrywide was bought out by Bank of America in 2008 — following Countrywide’s widely reported lead role in the sub-prime mortgage fiasco that caused the collapse of the U.S. housing market — Winston was out of a job.

In early 2011, after a month-long trial, a jury overwhelmingly found that Winston had been wrongfully terminated and awarded him nearly $4 million. Lawyers for Bank of America (which had assumed all Countrywide liabilities) immediately asked the judge to overturn the verdict. Judge Bert Gennon Jr. denied the request saying, “There was a great deal of evidence that was provided to the jury in making their decision, and they went about it very carefully.” Winston and his lawyer maintain they won despite repeated and egregious perjury by the opposition.

Winston never saw a dime of his award, and nearly two years later, B of A appealed. In February 2013, the Court of Appeal issued a stunning reversal of the verdict. The court declared Winston had failed to make his case.

“This never happens … this isn’t legal,” Cliff Palefsky, a top employment lawyer in San Francisco told me during a phone conversation. “The appeals court is not supposed to go back and cherry-pick through the evidence the way this court did. And if there is any doubt about a case, they are legally bound to uphold the jury’s verdict.”

None of the legal eagles I spoke to could explain why the Court of Appeal would do such an apparently radical thing.

The Government Accountability Project, a whistleblower protection group in D.C., has been watching the Winston case closely. Senior Counsel Richard Condit says he believes the appeal judge wrongly “nullified” the jury’s determination.

“This case is vitally important,” Condit told me on the phone. “Seeing what happened to Winston, who will ever want to come forward and reveal what they know about corporate wrongdoings?” GAP and various legal academicians are trying to figure out a way to get Winston’s case before the U.S. Supreme Court.

There have been whispers about the possible malpractice of Winston’s trial lawyer failing to file crucial documents that might have satisfied the appeal court’s questions. His appellate lawyer didn’t even tell him when the appeals court was hearing the case and Winston was out of town. The LA District Attorney and the Sheriff’s Department refused to follow up on evidence that Countrywide witnesses, including founder Angelo Mozilo, had blatantly committed perjury on the stand. Some court watchers speak of the, “unholy alliance” between big corporations and the justice system in California.

Winston, who says he spent $600,000 on legal fees, further depleted his savings by appealing to the California Supreme Court. That court refused to hear his case.

During one of our many hours-long phone conversations, Winston told me, “So, here I sit,” the whistleblower. The good guy loses. And the bad guys, officials at the corporation that cheated and lied and nearly caused the collapse of the U.S. economy — win.”

There’s a lot of talk out of Washington these days about “economic equality.” But seven years have passed since the housing crisis and the feds have not prosecuted one key executive from any of the financial giants that helped fuel the economic crash. Too big to fail — and too big to jail, I guess.

Bank of America has spent upward of $50 billion in legal fees, litigation costs and fines cleaning up the Countrywide mess. Their latest projections indicate they’ll spend billions more before it’s over. To my mind, a stiff prison sentence for the top dogs who orchestrated the original mortgage schemes would go much further than agreeing that they pay hefty fines. That’s no deterrent to others since they all have lots of money.

A recent email I got from Michael Winston, a proud man who has been unemployed for four years, said: “I have just received (a) court order mandating that I pay to Bank of America over $100,000.00 for their court costs. This will be in all ways — financial, emotional, physical and spiritual — painful.”

If a top-tier executive can’t prevail blowing the whistle on a corrupt company, if the feds fail to pursue prison terms, and if a jury’s verdict can be over-turned without the opportunity to appeal — what kind of signal does that send to the dishonest?

You know the answer. We’re telling them it is OK to put profit above everything else. We’re telling them to continue their illegal behaviors because there will be no prison time for them. At worst, they may only have to part with a slice of their ill-gotten gains.

This is not the way the justice system is supposed to work.

 

DIANE DIMOND, a Washington Examiner columnist, is nationally syndicated by Creators Syndicate.

Chase Bets Lives!

JPMorgan Chase Bets $10.4 Billion on the Early Death of Workers

Monday, March 24, 2014 11:07

(Before It’s News)

Families of young JPMorgan Chase workers who have experienced tragic deaths over the past four months, have been kept in the dark on many details, including the fact that the bank most likely held a life insurance policy on their loved one – payable to itself. Banks in the U.S., as well as other corporations, are allowed to make multi-billion dollar wagers that their profits from life insurance policies on employees will outstrip the cost of paying premiums and other fees. Early deaths help those wagers pay off.

According to the December 31, 2013 financial filing known as the Call Report that JPMorgan made with Federal regulators, it has tied up $10.4 billion in illiquid, long term bets on the death of a large segment of its employees.

The program is known among regulators as Bank Owned Life Insurance or BOLI. Federal regulators specifically exempted BOLI in passing the final version of the Volcker Rule in December of last year which disallowed most proprietary trading or betting for the house. Regulators stated in the rule that “Rather, these accounts permit the banking entity to effectively hedge and cover costs of providing benefits to employees through insurance policies related to key employees.” We have italicized the word “key” because regulators know very well from financial filings that the country’s mega banks are not just insuring key employees but a broad-base of their employees.

Read more

Source: http://rinf.com/alt-news/breaking-news/jpmorgan-chase-bets-10-4-billion-early-death-workers/

The Last Days As We Know Them?

‘You Have No Idea How Bad It Is,’ Says Ex-Spook On Destruction Of US

Friday, March 21, 2014 23:52
 http://beforeitsnews.com/alternative/2014/03/you-have-no-idea-how-bad-it-is-says-ex-spook-on-destruction-of-us-2923606.html

 

You Have No Idea How Bad It Is,’ Says Ex-Spook On Destruction Of US

 

Friday, March 21, 2014 23:52

 

 

 

 

 

(Before It’s News)

Nazi America

Examiner.Com

Anthony Martin

On Wednesday it was reported that America’s enemies within, mainly those who are part of the “progressive movement,” are very close to their ultimate goal of the complete demise of the Republic has envisioned by the Constitution and the Bill of Rights. Today there is even more disturbing news.

An “ex-spook” as they are known, in other words a retired member of the CIA, stated concerning the effort to destroy the U.S., “You have no idea how bad it is.” The enemies of freedom and the Constitution within the country, he said, have now succeeded in putting most of their goals in place. “Think of how far they have come since 2008,” he continued, “Most Americans don’t even recognize their own country anymore. They feel like foreigners in their own land.”

“If we continue down the present path,” he concluded, “Our liberties will be dust in the wind by 2016. These people are organized, relentless, persistent, and dangerous. And they have been at it since the early 1900s.”

The former agent did not wish to be more specific about what he knows due to the fact that if he did so, it would be easy enough to figure out his identity based upon the in-depth knowledge he has of certain facts.

These “enemies within” are generally known as progressives, although the term has fallen in and out of vogue based upon changing perceptions of the public. Progressives are known under a variety of names. Liberals, collectivists, statists, Marxists, neo-Marxists, socialists, and “democratic consensus builders” are some of the more common terms that people who stand for freedom and liberty have used to describe progressives. But it all boils down to the same thing. In order for them to achieve their self-described utopia, human freedom and liberty must be severely restricted and controlled, and the power of the centralized government must be greatly strengthened.

Read More Here

 

MUST SEE 3200 YEAR OLD TREE

What a Tree! You Have to See This Tree!

Posted on March 22, 2014 by nootkabear

This 3200 Year Old Tree Is So Huge It’s Never Been Captured In A Single Image. Until Now.

Friday, March 21, 2014 17:14
 http://beforeitsnews.com/alternative/2014/03/this-3200-year-old-tree-is-so-huge-its-never-been-captured-in-a-single-image-until-now-2923486.html

(Before It’s News)

This 3200 Year Old Tree Is So Huge It’s Never Been Captured In A Single Image. Until Now.
It takes a special kind of tree to have a nickname. 

sequoia-climbing-team

“The President” is one of those trees. The giant sequoia stands 247 feet tall, measures 45,000 cubic feet in volume, and is an estimated 3,200 years old.

seqoia

The trunk is 27 feet wide and the his mighty branches hold 2 billion needles, the most of any tree on the planet.

seqoia trunk

On top of that, he still adds one cubic meter of wood per year – making him one of the fastest growing trees in the world.

seqoia growing

Giant sequoias exist in only one place, where The President and smaller trees that make up his “House” and “Senate”, reside.On the western slope of the Sierra Nevadas in California, at 5000-8000 ft above sea level.

General Sherman in winter

Until now, the tree had never been photographed in its entirety.A team of photographers from National Geographic worked with scientists from the park to be the first.

seqoia pic

It took an intricate set of pulleys and levers to scale the tree, which some argue is the largest in the world (taking width into account).

seqoia pullys

After 32 days and stitching together 126 separate photos, we are left with this breathtaking portrait of The President.

NGS Picture ID:1507300

Absolutely incredible. To see how it was done, check out this video:

(source)