Wall Street executives admitted last Wednesday that they made mistakes before a housing boom went bust, leading to a $700 billion taxpayer bailout and the worst recession since the 1930s. CEO Brian Moynihan made a damming admission .“Over the course of this crisis, (Bank of America (BAC)) caused a lot of damage, Never has it been clearer how mistakes made by... (Bank of America )... can affect Main Street." These damming admissions were made under oath and give valid grounds for parties who have been victimized and/or foreclosed upon to obtain Mr. Moynohan's deposition. In order to see a video of the damming admissions click here Bank executives testify
The Financial Crisis Inquiry Commission (FCIC) was created in 2009 by Congress to investigate the country's financial meltdown. In its hearing on January 13, 2010 http://www.fcic.gov/hearings/01-13-2010.php, the commission received damming admissions out of all of the top bank executives.The commission's 10 members include six Democrats and four Republicans. Its chairman is Phil Angelides, a Democrat
Democrats have likened the FCIC hearings to the Pecora hearings, which were a series of hearings conducted by the Senate Banking Committee in 1932 to examine the causes of the 1929 stock market crash and which led to major reforms like the Glass-Steagall Act, which separated investment banks and commercial banks.
Click on the attached link to see the video of the January 13, 2010 FCIC hearings which should be played in every court room in which Bank of American is foreclosing on a property owners home. In the Opinion of AEAE it establishes that Bank of America should be held responsible and should be made to cancel all of the mortgages that it unlawfully issued to property owners from 2004 thru 2008 which now have resulted in the unlawful foreclosure of their homes.
FOR THOSE INTERESTED IN JOINING A CLASS ACTION LAWSUIT AGAINST BANK OF AMERICA AND COUNTRYWIDE FOR BEING VICTIMIZED BY A UNLAWFUL MORTGAGE PLEASE EMAIL YOUR information to Ldms4@hotmail.com