By now it should be no surprise to anyone who pulls the levers in Washington DC. The big banks. Yet some have still not got the memo …
Message to Democratic Congresspersons … check your in box.
Meet Rep. Brad Miller from North Carolina’s 13th District.
What heinous atrocity has Rep. Miller committed?
Rep. Brad Miller is raising questions about Bank of America’s settlement with the government over soured mortgage-backed securities, asking whether the government got the best deal for taxpayers.
[..]In the letter to the Federal Housing Finance Agency, or FHFA, Miller and the others question whether the $3.3 billion settlement represents “the real liability” that Fannie and Freddie bear “as a result of the misrepresentations and breaches of warranty” by the two banks. “Specifically, we request information on how the FHFA determined that the combined $3.3 billion settlement represented the best possible recovery of funds available to taxpayers,” the letter said. In addition to Miller, it was signed by Rep. Keith Ellison of Minnesota, Rep. Stephen Lynch of Massachusetts and Rep. Maxine Waters of California.
The majority of the settlement payment stems from investor put backs by bad deals from the Countrywide balance sheet. Following me? At the height of the economic meltdown Countrywide was purchased by BofA. Bank of America is based in North Carolina.
Unless Rep. Miller didn’t get the memo he should immediately call Illinois Governor Rod Blagojevich and ask what happened to his career career after taking on BofA.