The $137 million settlement from Bank of America to DASD seems like a good deal, right?

DASD to receive $1 million settlement from Bank of America

Wrong, the SEC and the USDoJ probably can’t use evidence in their fraud lawsuit in a criminal prosecution. I think Bank of America won.

Richard Cordray, Former Ohio AG:

Every foreclosure done with falsified affidavits was improper.

The fact it happened repeatedly makes it worse.

Ally (GMAC), Bank of America, and JPMorgan Chase admitted to this practice.

Cordray: Apparently they had "fraud as a business model."

CNBC October 15, 2010

From:

Repairing the Damage of "Fraud as a Business Model"

Presentation to the Federal Housing Finance Agency Supervision Summit, Washington, D.C.

Janet Tavakoli, President, Tavakoli Structured Finance, Inc.

December 8, 2010