Bank Of America has agreed on a $335 million dollar settlement after claims that it’s Countrywide Financial unit gave higher interest rate loans to black and Latino borrowers regardless of their credit score. The Young Turks host Cenk Uygur breaks it down.
http://www.nytimes.com/2011/12/22/business/us-settlement-reported-on-countrywide-lending.html
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Duration : 0:6:35
@wlljon7 There is …
@wlljon7 There is no elaborate and ingenious system behind all of this, nor some kind of larger picture where these will be for the greater good, anyone who tries to argue with you that you dont know what you are saying because you dont know “the system” ,in my experience as a programmer and intellectual there is nothing you cant explain with simple words for the sake of arguing.And last but not least this system of theirs is nothing more than a gamble with lots of math and greed.
I doubt it since …
I doubt it since that information would be privileged under the attorney client privilege. Moreover the settlement agreement probably has so sort of non-disclosure case preventing the individual class members from talking about the settlement in detail.
@genie0390 I simply …
@genie0390 I simply don’t believe you have a master’s. In anything. I don’t think you have a bachelor’s either. I’m struggling with the possibility that you have a high school diploma.
Joke: two men with …
Joke: two men with the same credit profile get loans. One gets an affordable rate, the other gets the shaft. What did the last one do wrong? He was born black, that’s what. Not funny enough? Then read the laughable comments on this page justifying that scenario. Even funnier is that the people who wrote them believe they are fair minded and reasonable. Those of us who say this is all bullshit just don’t understand data and the system. Maybe not — but we do have a keen sense of smell.
@Plato86 Damn, I …
@Plato86 Damn, I must be reading your mind. I’m thinking the same thing. I’m also wondering if someone could file a FOIA request and get all the info from the Government that would pertain to the case. It would be an easy way to start the information gathering process.
This is a class …
This is a class action suit and no one, not even the gov, can force the individual members in the class to settle if they did not want to. In other words it is not the gov that settled but the individual victims as a class.
Moral of the story, …
Moral of the story, just pay cash. You’ll be much better off in the long run.
think about this if …
think about this if the tax payers didn’t pay off wall street and the banks you could have a free health care system like Canada.
@InuKun2008
oh, …
@InuKun2008
oh, you’re a realtor! haha, obviously you know more than i do with a Masters Degree in Applied Economics and having worked for a bank as economist!
you’re a joke!,..and a brain washed liberal tool
anyone who doesn’t think the CRA, Clinton’s enhanced CRA rules, his mandating Fannie mae to force bankers to stop redlining poor communities, didn’t play a major role in the latest fiasco is so outrageous that’s it’s comical
taxpayers just don’t give banks money, dummie
I wonder how anyone …
I wonder how anyone in the US can take his oath to uphold the constitution and serve the people serious.
I mean you´re the most up bana republic history has ever seen even beating the pants off the Borgia papacy and they were corrupt…
Doing the math, …
Doing the math, each recipient receives less than $2000. That will go a long way towards making things right.
@genie0390 LOL at …
@genie0390 LOL at YOU telling somebody they don’t know anything about economics. Funny funny funny.
@genie0390 The …
@genie0390 The lawmakers were all Libs until 1994? You mean Libs were in control during the greatest period of economic growth the world had ever seen? And then Reagan doubled the debt, Bush doubled it again, Clinton got the deficit under control, and Bush Jr doubled the debt again while crashing the world economy. Wow, looks like the evil Libs are a disaster. Good thing the Repiglicans are so good at economics. Yup, hard data makes delicious kool-aid. Maybe you should try some.
We need something …
We need something like the Young Turks over here in Europe!
@genie0390 Genie, …
@genie0390 Genie, unlike you, I’m a Debt Buyer and Real Estate Investment Asset Manager, so I know a of a lot more about the situation than you clearly do. Cause you’ve just been taking out of your this whole time.
Oh, and that IS how it works, which is something you clearly never learned cause it isn’t discussed in textbooks. Why do you think the law requires the bank to WRITE OFF a loan that has been in default for 120 days?
@InuKun2008. Don’t …
@InuKun2008. Don’t post to genie0390. All he does is come on TYT to post fear mongering, racism, insults, arrogance and lies which isn’t a surprise since he watches Fox “News” and they do the same thing. genie’s gotten mad at me for telling other people on TYT not to post to him and said I accused him of telling other people not to post to me which is a lie.
@bad444, I’m not …
@bad444, I’m not endorsing(or condemning) the situation, only explaining it. It helps to fully understand a problem before one attempts a remedy.
@WilhelmDrake
the …
@WilhelmDrake
the S & L crisis resulted from liberal social engineering using Fannie/Freddie to push 30 year fixed rate mortgages which financially weakened S &Ls to a point where criminals were able to take over
get your facts straight
It’s a pittance and …
It’s a pittance and they will turn around and do the same thing the first chance the get.
@InuKun2008 Last …
@InuKun2008 Last But not least: Seller Stage 2. Construction in full swing as permits become readily issued. Strong demand for owners to sell due to high ratio of buyers to sellers.
@obez5 I bet the …
@obez5 I bet the did it because they knew the real issue the fraud ´d be hidden behind all sorts of “racial issue” discussions.
In other words “easy prey”. Another reason to throw these bastards in jail as they´re deliberately causing social unrest simply to throw another hookers&blackjack party.
The US judicial system seems also complete fubar as a not bought judge should have solved this in a CEO massacre aka CRMINAL investigation resulting in hundrets of years jail time…
Fuck’em
Fuck’em
@genie0390 Also, …
@genie0390 Also, real estate is always local and in 1 of 4 stages of a cycle. It’s just most people tend to not remember that the same issue had transpired in 1990. The stages are Buyers Stage 1 (Prices start to drop due to partial saturation of the market. Decrease in permits for new homes.), Buyer Stage 2 (Prices drop sharply from over-saturation). No permits for new housing issued.) Seller Stage 1 (Market picks up as homes start to sell. Permits start to be issued again.)
@InuKun2008
“This …
@InuKun2008
“This of course doesn’t relieve you of the debt, but the bank, in order to loan the funds again, is reimbursed by the taxpayer for the loss.”
that’s NOT how it all works! you have been subjected to devious liberal propaganda for years I bet
easy to tell, the Republicans didn’t control Congress until 1994, therefore in the 1950s the law makers were Dems (progressives/liberals)
stop drinking liberal Kool Aid
We’re the Wall …
We’re the Wall Street pirates, we’re the mad captains of finance…