QUOTE OF THE DAY -

"There is technically a deep pocket. They've (BofA) acquired them (Countrywide), they assume their liabilities"

- Florida Attorney General Bill McCollum, suing Countrywide Toxic Mortgage but expecting the check to come from Angelo's new owner Bank of America, July 2008

Isn't it kinda odd that Wall Street and America would be BETTER off if Ben Bernanke and the Fed would actually RAISE rates?

You have to feel for Bernanke.

It must suck waking up every morning to this mess.

That said, it's time for him to man-up and RAISE THE F*CKING RATE!

And he knows it.

And people paying $5 a gallon (should) know it.

And Wall Street knows it.

And poor Americans living in or visiting Europe know it.

He just doesn't want to do it before the election, since it's his job to get incumbents re-elected, not do what's best for America.

Check out this video.

And coming November if not sooner, get ready for the rate hikes.

Bear Realities: Fed Rate Hike Could Aid Ailing Market, says Schwab's Sonders

Former Countrywide manager: "You see some of the things that were going on, and you know it's just not right"

Angelo Mozilo, you sir are going to go to jail.

It's just a matter of time.

PEOPLE OF COUNTRYWIDE - GET OUT AND GET OUT NOW. COME CLEAN. TURN STATES EVIDENCE. LOYALTY TO THE ORANGE MAN IS STUPID. AND IF YOU'RE NOT OUT OF A JOB ALREADY, YOU WILL BE SOON.COME CLEAN. DO IT NOW.

Former Countrywide manager speaks out

FLASH: Angelo Mozilo's crimes are now BofA's problem as brain-dead CEO Ken Lewis completes deal for Countrywide Toxic Mortgage

Hi, BofA shareholders, I'd like you to meet Angelo and his corrupt posse at Countrywide Toxic Mortgage - your problem now!

Every state in the US has either filed a lawsuit against your new friends or is preparing to do so. The civil and criminal lawsuits will take years and years to sort out. You'll end up losing billions and billions more on this deal, and the Countrywide brand you bought is probably more worthless than Enron at this point.

But what the hey, a deal's a deal, and you own 'em now.

And BofA CEO Ken Lewis, who might not last the summer, is now a strong nominee for "Stupidest CEO in the World". He may think he can pawn off Countrywide's mess on the taxpayers, and thanks to Angelo's bribery he may well do that, but he won't be able to stop the lawsuits. No, he won't be able to stop the lawsuits.

Bank of America completes buy of Countrywide

Bank of America Corp. has completed its acquisition of mortgage lender Countrywide Financial Corp., making BofA the country's largest mortgage lender.

Under the agreement, Countrywide shareholders received 0.1822 share of Bank of America stock in exchange for each share of Calabasas, Calif.-based Countrywide (NYSE: CFC).

When the deal was announced Jan. 11, it was valued at around $4 billion. However, Bank of America's stock price has since declined from $38.50 per share to Monday's closing price of $23.87 per share. Based on that drop, Bank of America paid about $2.5 billion for Countrywide.

Last week, Charlotte, N.C.-based Bank of America (NYSE: BAC) announced it would cut 7,500 jobs as part of its acquisition of Countrywide.

Flash: New Scam Brought to You by those Oh-so-ethical Realt-whores

From Appraisersforum.com:

"Beware of false MLS listings:Some Realtors are now entering falsehigh priced 'listings' and even pendingsinto MLS systems for appraisers to use."
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"Not new around here. I'm always a littleskeptical about the solds that say"entered for comparable use only"."
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"Folks, not a new one; this has beenhappening for years. Beware of these highsales/listings that do not appear in line … "
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"Since the agents know that listings and pendings are pretty much required by many lenders now, there will be more "false listings".

This is a HOOT! Faking MLS listings to inflate the prices of properties? The hell you say!

Just wait - they WILL put people in jail for this, so once all except the one or two honest realtors out there are locked up and their "profession" is no more, we can work on getting our housing market out of the hole the realtors dug it into, the greedy SOBs.

Latest video from US Senate debate on Dodd-Shelby Countrywide/BofA bailout bill

Watch this little Las Vegas realtor roundtable on mortgage fraud, and you'll get a sense of what was really going on out there these past few years.

This little Vegas realtor roundtable is pretty fascinating. Check out the one 6%'er talking about the street of $900,000 homes where cash-back mortgage fraud was rampant, and now the homes are sitting unwanted for $300,000 - $400,000.

So, if the realtors knew there was fraud everywhere, maybe they should have reported it to someone? Oh, wait, that would have stopped the Ponzi Scheme commission checks from pouring in.

Meanwhile, your government is about to bail out the lenders who committed the fraud, and refuses to go after the mortgage fraudsters who broke the law.