Bank of America paid out 46 Billion for FRAUD MBS to PIMCO and Fed! MERS Fraud Mortgages!

EDIT - I had Million in the title - it is Billion!

Can we all together say...... "Ahhhh.. Poor Bank of America", they are getting it from all sides!

First people are standing up against the FRAUD Foreclosures and judges are ruling against them left and right.

Pimco and the New York Federal Reserve bank among many other hedge funds and investors of MBS (mortgage backed securities) were demanding their investments back from the fraudulent securities.

Bank of America was fighting it. Well it seems as of the end of 2010 they had paid 46 BILLION back to PIMCO - N.Y. Fed and others and they still have 10.7 BILLION of Claims against their MBS filed! That is HUGE! Also by those big entities demanding all that money, they pretty much know the game is up and the fraud is coming out in all ways. They are wanting out before the complete SHTF when it is disclosed ALL the MBS sold by MERS banks are fraud! One mortgage was put into multiple MBS bonds.

BOA has spent over one Billion more in litigation in 2010 than they had expected to (defending fraud foreclosures). Looks like they have booked more litigation fees in for this year (2011).

Wells Fargo has also had over 1 Billion in litigation fees in loss to the bank due to MERS fraud foreclosures!

Portions of Article:

Lawyers for borrowers said in court papers that firms including Bank of America also mishandled the servicing of loans, using flawed paperwork in hundreds of thousands of foreclosures.

When banks sell mortgages to investors or bundle them into securities, they typically offer “representations and warranties” in which they guarantee the accuracy of data backing the loans. Examples include borrowers’ income and the appraised worth of the home. If the information is proven wrong, the bank can be forced to buy back the loan or reimburse investors for the lost value.

The company is in talks with a bondholder group that includes Pimco, BlackRock Inc. and the Federal Reserve Bank of New York, people with knowledge of the matter said last year. The group, which in October pressured the firm to repurchase loans, within 115 deals, amounting to about $46 billion, is now questioning 225 securitizations, Bank of America said last week.

Lawsuits from other investors are piling up. Allstate Corp., the biggest publicly traded U.S. home and auto insurer, in December sued over mortgage-backed securities. Bond insurers including MBIA Inc. and Ambac Financial Group Inc. have said Countrywide fraudulently induced the carriers to guarantee securities filled with defective mortgages.

So, lets keep all the banks having to spend money in litigation! STAND UP - DO NOT GET FORECLOSED ON BY FRAUD!