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FDIC Called On To Put Bank Of America Into Receivership

By Implode-Explode Heavy Industries

`` "We should remove the senior leadership of the banks and replace them with experienced bankers with a reputation for integrity and competence, i.e., the honest officers that quit or were fired because they refused to engage in fraud," Black and Wray write. They suggest starting with Bank of America, which they call "a 'vector' spreading the mortgage fraud epidemic throughout much of the Western world." Looming large among Bank of America's sins is its purchase of mortgage giant Countrywide Financial long after it became clear that the company had engaged in massive fraud. ''

Full post as published by Mortgage Lender Implode-o-Meter on October 24, 2010 (boomark / email).