Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Bank of America pre-emptively avoided a legal battle of massive proportions yesterday when they agreed to pay $8.5 billion to investors who had claimed that there were “material discrepancies from underwriting guidelines” (read: lies about quality) in mortgage bonds they purchased from Countrywide, the mortgage lender that Bank of America bought right before the market totally collapsed in 2008. This was good news: Analysts and investors had expected that Bank of America would have to pay up to $50 billion to make the angry investors go away, so $14 billion—a number that also includes the $5.5 billion that the bank is using to buy back defective mortgages—was a relative pittance.

With all that money out of the way to settle accusations of fraud, Bank of America still must contend with lawsuits and investigations related to its mortgage practices. The feds are currently investigating Bank of America’s foreclosure practices, which allegedly include signing foreclosures without reading them. And in at least once instance, Bank of America tried to foreclose on a house that didn’t have a mortgage. [Wall Street Journal]

 

Amy Coney Barrett

Photo from Fox 45 Baltimore/ Facebook

Donald Trump will select U.S. Appeals Court Judge Amy Coney Barrett as his Supreme Court pick Saturday, multiple news outlets confirmed with White House officials on Friday — and the outlook couldn't be more bleak for reproductive rights, LGBTQ rights, immigration, and the future of health care in the United States.

According to the New York Times, Trump "will try to force Senate confirmation before Election Day."

"The president met with Judge Barrett at the White House this week and came away impressed with a jurist that leading conservatives told him would be a female Antonin Scalia," the Times reported.

Keep reading... Show less