BoA Pays 1 Cent to the Dollar To Freddie Mac On Claims

The legalized stealing by the banksters continues unabated:

Bank of America settled numerous claims with Fannie Mae for an astonishingly cheap rate, according to a Bloomberg report.

A premium of $1.28 billion was paid to Freddie Mac to resolve $1 billion in claims currently outstanding. But the kicker is that the deal also covers potential future claims on $127 billion in loans sold by Countrywide through 2008. That amounts to 1 cent on the dollar to Freddie Mac.

Imagine if you had a $500,000 mortgage, and you got to settle it for $5,000 — that is the deal B of A appears to have gottem from Freddie Mac.

B of A also paid $1.52 billion to Fannie Mae to resolve disputes on $3.1 billion in loans (~49 cents on the dollar). They remain liable for $2.1 billion in repurchase requests, as well as any future demands from Fannie Mae.

My biggest complaint about the GSEs post government takeover is that they have been used as a back door bailout of the banks. This latest deal reconfirms that view.

Its a wonder B o A didn’t rally further than the 6.7% it surged yesterday . . .

And the Ny Times, the Daily News and the rest of the media continue to say union members and government workers are the "haves"?

Puuuulllleeeeeezzzzzeeeee...

In other banskter news, the NY Post of all places points out that the biggest contributors to political campaigns in NY were the hedge fund criminal and bankster class:

ALBANY -- Wealthy boosters of charter schools, led by billionaire hedge-funder Bruce Kovner, were among the top donors to candidates for state office in 2010, according to a fund-raising analysis released yesterday.

The campaign-finance report by a coalition of good-government groups found Kovner, whose hedge fund, Caxton Associates, manages some $10 billion in assets, gave $283,200 to state campaigns last year, more than any other individual donor.

...

Even Kovner's contributions, however, could soon be eclipsed by a potentially more influential supporter of charter schools, Mayor Bloomberg. The billionaire mayor reportedly donated $900,000 of his own money to the Senate Republicans, although that wouldn't have to be reported until later this month.

Other education-reform advocates to generously back candidates in the last election include: National Heritage Academies founder J.C. Huizenga ($214,250), Greenlight Capital chief David Einhorn ($191,800) and conservative financier Roger Hertog ($181,835).

Charter advocates say the donations help counteract the influence from teachers unions that often oppose charters and are usually among the state's biggest spenders on lobbying and campaign finance.

Charter supporters and teachers unions clashed fiercely last year over state efforts to apply for the Obama administration's pro-charter Race to the Top education-aid program.

Top contributors also included donors not associated with the charter movement per se, such as David Rich ($221,548), heir to the Rich frozen-food empire, and hedge-fund manager James Simons ($217,350). Both men's top contributions went to Democrats, including Gov. Cuomo.

In all, 18 individuals donated more than $150,000 in this past election cycle. Only 59,350 of the state's 19.4 million residents donated to campaign funds.

Business groups contributed the most, donating $67 million, or 27 percent of all donations. Real-estate and construction groups accounted for the largest share of that, or $14 million.

Labor unions followed, donating $21 million, or 8 percent of all donations. Public-employee unions dominated that list.

And let's not forget how much money Little Andy Cuomo took from the hedge fund/education deform criminals.

So while Cuomo rails against unions and saves money from his 2010 campaign to blast unions in the media for not agreeing to pay cuts, pension cuts and work protection losses, he is rolling in the dough from the hedge fund criminals and banksters even as they're quite literally stealing the country blind.

Of course Cuomo can cut his official salary by 5% to make it look like he's sacrificing along with the rest of us.

If he really wanted to sacrifice, he'd stop taking money from hedge fund managers and banksters and donate his leftover campaign treasure to the state deficit.

And the banskter influence goes well beyond New York.

Let me point out that President Obama plans to name a bankster to be his new chief of staff.

Because the banksters and hedge fund criminals just don't have enough power or influence in this country, you know?