Bank of America - Let us distract you - from the Truth

            Bank of America - Latest attempt to distract - from the truth

5/9/12 Update: Thousands OUTRAGED at shareholder meeting (HERE)
5/9/12: The Nation: photos & updates from North Carolina (HERE)
5/9/12: Top 5 Reasons why Bank of America is being Occupied (HERE)
5/9/12: Outrage - B of A forecloses on cerebral palsy child (HERE)
5/9/12: Shareholder comments:
Roger Davis of Ohio: "I'm an underwater borrower, and I want to keep my home. I’m a responsible homeowner, I’m a responsible American and I’m trying to do the right thing."
Shareholder:  "What is it going to take for Bank of America to start abiding by the law and treating customers fairly?...Bank of America is among the worst."
Shareholder: "If you were a better corporate neighbor, you wouldn’t need to be so scared"

TONE DEAF CEO Brian Moynihan: "I don’t feel threatened at all. We’re here to answer questions and we’ll do it for the rest of the afternoon if that’s what it takes.”

Moynihan suddenly wrapped up the meeting barley past noon, only two hours after it began, thus frustrating many of the shareholders that had comments to make...NY Times coverage... (HERE)

illustration by Victor Juhasz/Rolling Stone

Bank of America's latest effort to announce through traditional media TelePrompter readers "good news"  reeks of bad timing as much as the FRAUDulent news itself. First and foremost is the embarrassing PR effort to sell "good news" and somehow call it a "principal reduction" offer (for underwater homeowners). This "Bank Speak" news release was, I'm sure, sheerly coincidental to the date of the Annual Shareholder meeting (Wednesday May 9th). The news comes just before a shareholder event that is already marred by the police state atmosphere surrounding the meeting and recent warnings from the Charlotte North Carolina police. They have asked their police officers to unconstitutionally harass and arrest protesters, to protect Bank of America from any inconvenience

(Read Abigail Field HERE)

courtesy of AP

Wow - what timing for the previously mentioned principal reduction mailer!....and just in time to share this news with the stockholders! Are you kidding me?...don't your PR people try to create this bullshixx more than a couple days in advance?...so it's less transparent! ohh yeah, I forgot, they're already working 24/7 trying to cover up all the other FRAUD the Bank deals up.

From David Dayen....of FireDogLake:

Bank of America ....{As}you may recall  inked a side deal from the {national foreclosure}settlement that would allow them to extinguish an additional $850 million of the cash penalties, by reducing loan balances more deeply than called for in the settlement. At the time it was announced, the thinking was that BofA could avoid that $850 million by reducing balances on loans it didn’t actually own......So who did BofA reach out to today?

The bank said it planned to contact more than 200,000 homeowners who could be candidates for the offers, sending letters to a majority of them by the third quarter of this year. (that means a letter sent...by September 2012!)

To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January.

Owned OR serviced. In other words, this is exactly as we suspected; BofA will try to extinguish cash penalties by modifying principal on loans they don’t own!!!.
Read the rest of David's accurate take on this phony news and offer (HERE)

RELATED: Bank of America - Not just another foreclosure (HERE)

In other recent Bank of America news.....from Rolling Stone Magazine:

It's been four years since the government, in the name of preventing a depression, saved this mega bank from ruin by pumping $45 billion of taxpayer money into its arm. Since then.... Bank of America has systematically ripped off almost everyone with whom it has a significant business relationship, cheating investors, insurers, depositors, homeowners, shareholders, pensioners and taxpayers.

It brought tens of thousands of Americans to foreclosure court using bogus, "robo-signed" evidence – a type of mass perjury that it helped pioneer. It hawked worthless mortgages to dozens of unions and state pension funds, draining them of hundreds of millions in value.....Bank of America unleashed {on our entire U.S. Court system and in every state} a practice called robo-signing, which essentially involved drawing up fake documents for court procedures. Two years ago, a Bank of America robo-signer named Renee Hertzler gave a deposition in which she admitted...to creating as many as 8,000 legal affidavits a month, {and} to signing documents with a fake title.

Robo-signing is not the disease - it's a symptom of Bank of America's entire attitude toward the law. A bank that's willing to commit whole departments to inventing legal affidavits might also, for instance, intentionally ding depositors with bogus overdraft fees. (A class action suit accused Bank of America of heisting some $4.5 billion from its customers and the bank settled the suit for a mere 10 cents on the dollar.)

Read more of MattTaibbi:  BANK of AMERICA: "Too Crooked To Fail"
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