BofA to pay $8.5B housing crash settlement

8.5 BILLION !!!!!!!!!!!!!!!!!!?????????? 8.5 BILLION!!!!!!!!!!!!!!!!!!!!!??????????? ? 

I feel like Doc Brown in Back to the Future. Just to let you know theres a report on MSNBC saying BofA is paying 8.5 Billion Dollars to investors because of their losses in the housing crash. BofA says it was due to their purchase of Countrywide one of the nations largest home lenders. The article further adds there are 22 institutional investors with claims against BofA and this 8.5 Billion is going to pay them off. Thats a big settlement there is no way anyone can convince me it would cost more than 8.5 Billion Dollars to defend against 22 lawsuits. Since there doesnt seem to be an argument of being cheaper to settle than defend it must be cheaper to settle than lose. If it is cheaper to settle than lose it seems to me BofA expected to lose most if not all of those claims. If BofA expected to lose most if not all of those claims doesnt that make them at least partially responsible for those investors losses in the housing crash. If BofA is at the least partially responsible for those investors losses due to actions of Countrywide Lenders and Countrywide Lenders was a huge player in the overall housing crash. Doesnt that course of logic make BofA at least partially responsible for the overall housing crash? I wonder where my settlement is,I wonder where the people I know who have been financially destroyed by this housing crash settlements are?  Why do these 22 investors rate such a large settlement when millions of regular Americans have lost so much because of BofA and others? Let me be clear it is my considered opinion...........BANK OF AMERICA OWES EVERY AMERICAN AT THE VERY LEAST AN APOLOGY IF NOT RESTITUTION. That is just my opinion and just to be precise I believe there are many other large Banks and Financial Corporations that are in the very same situation as BofA. At this point it makes me angry that BofA still has the gall to have the word America in their name. The final indignity of all this is the writer of that article I saw said BofA said the charges would include an additional 5.5 Billion. Now adding 8.5 to5.5 I get 14 now when you add BILLION to that it just goes beyond the bounds of sanity. Now comes the really good part.....you ready for this? this is a direct copy and quote from the MSNBC article "As a result of the settlement, Bank of America said in a statement that it expects to report a net loss in the range of $8.6 billion to $9.1 billion in the second quarter of 2011, or $0.88 to $0.93 per diluted share." now Im no mathematician but if I take 14 and subtract between 8.6 and 9.1 lets just call it a round 9 I get 5 left over. Now I could be wrong but it looks to me like BofA will spend 14 BILLION DOLLARS  and only show a loss of about 9 BILLION DOLLARS. The only way I know anyone can spend $14 and only show a $9 loss is to have $5 already in your pocket. Does this mean BofA expected to or actually did make 5 BILLION DOLLARS the second quarter of 2011? I mean seriously if they can spend 14 BILLIONS DOLLARS in one quarter and still pay operating costs for that quarter and only expect to show an 8.6 to 9.1 BILLION DOLLAR loss well it sounds to me like someone is making some serious money at our expense. I dont know this is really annoying me that these companies are saved from bankruptcy at taxpayer expense we basically floated them loans to make it thru the tough times and in gratitude they stop lending us money and still turn such a profit they can even talk of paying BILLIONS of dollars in settlements and not be talking about bankruptcy much less acting like its even hurting them. I expect you poor folks that have BofA accounts will see a few added fees next quarter. Well my blood pressure is high enough think I will stop here before I really get angry.