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| Oh BAC..... Is $375 BILLION "Material"? in forum [Market-Ticker]
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Tienkou
Posts: 4225
Incept: 2007-09-09
Connecticut
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And $375B is more than likely a low ball for the CountryWide Crap.......
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Barack Hussein Obama - The last President of the First American Revolution.
The US Congress has abdicated its role as a governing body.
The most dangerous man is the one with nothing left to lose. Our government is making more of them everyday.
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Bearshort
Posts: 4484
Incept: 2007-09-13
NYC
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But but but....they recover about 35% of the outstanding balance on forclosed houses, so it's really not that bad. LOL
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"How long to the point of know return?"
Enemies of the State: Bernanke, Geithner, Frank, Dodd, Greenspan, Paulson.
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Corn1945
Posts: 4167
Incept: 2009-04-30
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I'm not saying he can succeed, but what can Bernake TRY that will help them?
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Eighty6thebs
Posts: 4183
Incept: 2007-06-26
It's contained to sub-prime!
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No issue. I'm sure they have insurance for this from AIG.
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Bohemian
Posts: 9658
Incept: 2010-07-27
California
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Corn, the NYFed has made it clear with their warning shot last week that BAC is eating 'putbacks' (rebuys of bad mortgages). Karl has said all along that the lawsuits from MBS will be what kills them. They can only stretch this out so long, but BAC is toast, IMO.
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"The politicians are put there to give you the idea you have freedom of choice. You don't. You have no choice; you have owners. They own you. They own everything." - George Carlin
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Corn1945
Posts: 4167
Incept: 2009-04-30
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It just makes so little sense. Why go through all the trouble to "save" them and then have them fail via lawsuits?
I don't get the motivation.
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Matt
Posts: 5358
Incept: 2007-06-26
Bothell, WA
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I think the FED via their participation in the lawsuit have made it clear they will let BAC fail, if only to be the fall guy and try to protect JPM and GS.
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I love the smell of burnt pump monkey in the morning. -Etz
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Bohemian
Posts: 9658
Incept: 2010-07-27
California
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The world needs a sacrificial lamb and what better symbolic name can you think of than 'Bank of America'? The new Financial Stability Oversight Council and Consumer Financial Protection Bureau , drummed up from Dodd-Frank, will be busy soon.
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"The politicians are put there to give you the idea you have freedom of choice. You don't. You have no choice; you have owners. They own you. They own everything." - George Carlin
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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Quote:It just makes so little sense. Why go through all the trouble to "save" them and then have them fail via lawsuits?
I don't get the motivation. No, it's simple. They thought they could re-ignite the bubble housing engine after it stalled. They can't and it's now obvious. |
Tesla
Posts: 15541
Incept: 2008-04-03
State of Disbelief
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Corn, a perfect excuse for looting. Now they'll devour the next carcass and loot some more. Ever see a hyena pack in action ?
Unbelievable that "they" are going to just let BofA twist around for a while. Really, what are they waiting for - after bonuses are announced ? This is one that just won't get fixed in any way, shape or form.
Their problem is, if BofA goes, then AIG and ****tybank are right behind it. Oops.
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Riceday
Posts: 502
Incept: 2009-10-30
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MBS - M = BS
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Jamesbond
Posts: 589
Incept: 2009-01-31
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Quote:No issue. I'm sure they have insurance for this from AIG. And when AIG can't foot the bill, the American taxpayers will happily step in. |
Smacktle
Posts: 1362
Incept: 2009-01-20
Texas
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Still have your account at BAC? Not for long!
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The faults of the burglar are the qualities of the financier.
- George Bernard Shaw
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Spanktron9
Posts: 2779
Incept: 2009-03-13
Reality.
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Quote:It just makes so little sense. Why go through all the trouble to "save" them and then have them fail via lawsuits?
I don't get the motivation.
It makes no sense to you, because your thinking is contrained by the rule of law. The "law" will be subverted, perverted and otherwise sodomized to indemnify the TBTF institutions. The suits will be settled, out of court, for an "undisclosed" sum, with no admittance of wrong-doing, and a bar against future litigaions. Watch and see.
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"Winter is coming." -Motto of House Stark
"Mo'lon La'be"- Leonidas
"Strong people are harder to kill than weak people, and more useful in general" - Mark Rippetoe
"Its like Calvinball."-MarvinMartian
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Degaston
Posts: 2264
Incept: 2007-07-27
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Why can't they change their name to Bank of Iran first ;)
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3/17/2013: Bullish on nothing - 100 percent in cash.
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Matt
Posts: 5358
Incept: 2007-06-26
Bothell, WA
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Quote:It makes no sense to you, because your thinking is contrained by the rule of law. The "law" will be subverted, perverted and otherwise sodomized to indemnify the TBTF institutions. The suits will be settled, out of court, for an "undisclosed" sum, with no admittance of wrong-doing, and a bar against future litigaions. Watch and see. The problem here is the people doing the suing in many of these cases have as much (or more) power as the TBTF banks. Pimpco, NY Fed, Blackrock, tons of pension funds with heavy support in the administration.
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I love the smell of burnt pump monkey in the morning. -Etz
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Spanktron9
Posts: 2779
Incept: 2009-03-13
Reality.
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Matt- Thus the "out of court" settlements. You think attorney's can't be bought? 
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"Winter is coming." -Motto of House Stark
"Mo'lon La'be"- Leonidas
"Strong people are harder to kill than weak people, and more useful in general" - Mark Rippetoe
"Its like Calvinball."-MarvinMartian
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Max2205
Posts: 114
Incept: 2009-03-06
Banned
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More doom and gloom to make you miss out on this 20% run. I am cutting my daily allowance of zero h kd Mish and wash blog
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Penguinzee
Posts: 225
Incept: 2010-06-13
Tampa Bay, FL
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Some pretty wild implications on this BOA-constricted enterprise here, but a couple others (some of which affect me directly)-
What happens in receivership with all the properties that BOA is holding right now? Do these all get dumped on the market at once, or are they just going to sit there for some time to come?
Also, properties that are in some process of short-sale, do these get frozen for a time? Will people be let out of contracts at their choosing, or will all contracts be cancelled? (I include myself here, I have an offer in on my house, and yes, I've already got an attorney lined up for closing)
I'm sure regular business accounts will be left alone, but I can imagine there will be problems with reserve accounts and the like-that can screw up a business faster than the stink from a skunk can cross a meadow, with another leg down on the econ following. This also might affect me, as the co. I work banks with the BOA snake...
I sure hope somebody over at FDIC is thinking through all these ramifications of BOA becoming economic roadkill, as Karl pointed out, this will touch everybody and everything... it's the big kahuna of dominoes that could fall...
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Crime is far too lucrative a game to let the little people play.-popofthebright
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Patentleathershoes
Posts: 9996
Incept: 2007-09-13
On the Daisy Chain
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Don't worry. Jim Cramer just assured his viewers that he spoke to lawyers for BOA. They state that there is no chance of putbacks happening.
I'm all in long.
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"An unborn child's property rights are protected by law. His right to life is not." Ronald Reagan
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Bohemian
Posts: 9658
Incept: 2010-07-27
California
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BofA will eat the putbacks. The FED has declared it so. The lawyers and lying, like they are paid to do. But it isn't even the putbacks that will kill them. BAC can actually cover the putbacks, the class-action suits surrounding MBS are just getting geared up and they are ****ed. 
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"The politicians are put there to give you the idea you have freedom of choice. You don't. You have no choice; you have owners. They own you. They own everything." - George Carlin
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Patentleathershoes
Posts: 9996
Incept: 2007-09-13
On the Daisy Chain
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I've been out of the law for so long. Is there a way to track this cases? A list of them somewhere?
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"An unborn child's property rights are protected by law. His right to life is not." Ronald Reagan
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Antone
Posts: 7671
Incept: 2008-02-03
Seditionia, USSA
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The FED will just put all of BAC on its balance sheet. Why the hell not. At some point the entire global financial system will be on their balance sheet.
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As if anything has changed:
Wir sind gefickt.
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Ironman09
Posts: 2793
Incept: 2007-08-08
La La Land
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That kind of explains BAC stock action today. If was ramped and dumped all day by people who knew what's coming down the pike?
BAC may open @ 10+ on Monday ?
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- Short the Phone Book roll-over to 1330 ( May 6th,2013)
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