For those who may not know, Bank of America was formerly Nationsbank / NationsBanc. At the time of the protested 1998 merger, Nationsbank had already begun implimenting the Mortgage Servicing Fraud Ponzi scheme. The merger of Nationsbank/BofA merger put Bank of America further up on the "Above the Law" list of corporate criminals.
It will take Bank of America's supremacy over OUR government and OUR courts to save Countrywide from any civil or criminal penalties. They will get to keep all the wealth they pillaged from the victims of their Ponzi scheme - the nation's innocent homeowners.
THIS PURCHASE MUST BE STOPPED!
MSFraud.org has asked the Greenlining Institute to consider holding a hearing in Cleveland, Ohio; the foreclosure epicenter.
Berkeley's Greenlining seeks Fed hearings on BofA's purchase of Countrywide
The Greenlining Institute of Berkeley asked the Federal Reserve to hold hearings on Bank of America Corp.'s proposed $4 billion purchase of Countrywide Financial.
"Public hearings are more essential in this case than in any other case ever before the Federal Reserve, given the foreclosure crisis and (Bank of America's) market dominance," Greenlining said in a letter this week to Fed Chairman Ben Bernanke.
Greenlining asked the Fed to hold hearings in Sacramento and Los Angeles.
The Fed, at its discretion, will hold public hearings on major bank mergers, as it did with the 1998 deal in which NationsBank of Charlotte, N.C., bought San Francisco-based Bank of America.
Community groups, such as the Greenlining Institute, use such hearings to voice their concerns and provide additional leverage in securing community reinvestment pledges and other commitments. But such hearings rarely derail a proposed merger.
Industry observers see even less likelihood that BofA's purchase of Countrywide will be thrown off track given the headaches regulators will have to take on if they're forced to clean up the troubled mortgage lender. BofA (NYSE: BAC) anticipates the Countrywide (NYSE: CFC) transaction will close by Sept. 30.
The Fed's public comment period on the BofA-Countrywide deal is March 31. http://www.bizjournals.com/eastbay/stories/2008/03/03/daily44.html