Bank of America Skates Away

While the dying old press such as the Wall Street Journal whitewashes the scam being played on the taxpayers a new media blogger tells the truth that BofA paid just a cent on the dollar:

Bank of America settled numerous claims with Fannie Mae for an astonishingly cheap rate, according to a Bloomberg report.

A premium of $1.28 billion was paid to Freddie Mac to resolve $1 billion in claims currently outstanding. But the kicker is that the deal also covers potential future claims on $127 billion in loans sold by Countrywide through 2008. That amounts to 1 cent on the dollar to Freddie Mac.

The American taxpayers are left holding the bag while the bankers keep getting their bonuses.