“I. Bank of America acknowledges the facts set out in the Statement of Facts set forth in Annex 1, attached hereto and hereby incorporated…21. Miscellaneous C. The Parties acknowledge that this Agreement is made without any trial or adjudication or finding of any issue of fact or law, and is not a final order of any court or governmental authority.” Excerpts from BofA’s August 20, 2014, Settlement Agreement
Definition of “Acknowledge” From The Merriam-Webster Dictionary: 1: to admit as true 2: to admit the authority of 3: to express thanks for; also: to report receipt of 4: to recognize as valid.
“I read the BofA settlement agreement with the government and also asked a colleague to do the same and neither of us could find an admission of liability or wrongdoing by Bank of America anywhere in the document? Also (and I think this jives with “no admission of liability or wrongdoing”), I think you would have to assume that Bank of America did not admit to (the truth of) the Statement of Facts set forth in Annex 1, because the settlement document says clearly in 21.C that “this Agreement is made without any trial or adjudication or finding of any issue of fact or law”? I think based on that, you would have to assume that the word “acknowledges” in I. of the agreement means Bank of America “reports the receipt of” Annex 1 (otherwise the government could have demanded a stronger word than “acknowledges” or had them sign Annex 1)? By the way, I did quickly skim through the 30-page Statement of Facts set forth in Annex 1. In my opinion, based my long industry experience, as the settlement agreement so clearly states in 21.C., no facts were determined. In layman’s terms, I believe Annex 1 is filled with biased individual anecdotes, hearsay, inconsistencies, and misleading information, when it should be based on serious, empirical analysis based on adequate data (statistically-valid samples), as this settlement involves the activities of tens of thousands of bank employees and contractors, tens of millions of borrowers, and hundreds of billions in mortgage loan originations and securitizations.”, Mike Perry, former Chairman and CEO, IndyMac Bank