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$8.5 BILLION RECKONING: Bank of America crashing

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posted on Jun, 29 2011 @ 08:31 AM
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Bank of America's mortgage security settlement will lead to a big quarterly net loss

money.cnn.com...
Heh. The other day it was JP Morgan whining. Now it's BofA. I hope the CEOs and high-profile execs of these criminal organizations are held accountable...

I did a search here, saw nothing related to this posted yet ... as per usual, if this is a dup post, please disregard.


NEW YORK (CNNMoney) -- In the biggest reckoning of the 2008 financial crisis, Bank of America said Wednesday it will pay $8.5 billion to investors burned by fraudulent mortgage securities. ...

The settlement involves 22 investors including BlackRock Inc the Federal Reserve Bank of New York, MetLife Inc ...
Goldman Sachs Asset Management and other financial firms.

Bank of America also said it expects to report a second-quarter net loss of between $8.6 billion and $9.1 billion, or a range of 88 cents to 93 cents per share.

Excluding the mortgage settlement costs, BofA would have reported second-quarter income of 28 cents to 33 cents per share.

In addition to the $8.5 billion cash payment, BofA said it is also setting aside $5.5 billion for liabilities related to the government-sponsored mortgage backing firms Freddie Mac and Fannie Mae. The bank said some of that money was also going to exposure to other parties that are not government sponsored, without specifying what they were.

Much of Bank of America's exposure to mortgage securities stems from its 2008 acquisition of home loan originator Countrywide Mortgage Corp. The securities, which packaged numerous home mortgages and sold them to investors, faltered after the housing market collapsed.


What does Team ATS think about this? Will it help anyone at all? Will it (preferably) HURT anyone responsible?
Or is it just another "spin" like prosecuting Wall Street execs and nothing really happening to the racketeering banksters?




posted on Jun, 29 2011 @ 08:36 AM
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reply to post by wildtimes
 


I wish it would make them sink, but I seriously doubt it. From this article, the courts are still more concerned with investors than the home owners that are getting screwed. I bet BOA has always been more concerned about their investors than their clients.

They took the bail out money and started Bank of Asia. Their having to pay for their investors' losses is probably just a drop in the bucket for them.



posted on Jun, 29 2011 @ 08:40 AM
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reply to post by wildtimes
 


They are not going to "lose anything" see they will make "the tax payer" bail this crocked organization as usual, after all this is Vice president Biden bank so it will never be left to fall.

Bend over America the rich needs your tax payer money again.



posted on Jun, 29 2011 @ 08:44 AM
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with the recent track record it is amazing that there hasn't been a run on the banks.

i now keep 1 dollar in the bank to hold the account open and pay everything cash or money order...don't even use my checks...banks are robbing us blind and we shrug...oh well we need the banks...no we don't, they aren't lending anyhow.



posted on Jun, 29 2011 @ 08:45 AM
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You know, I wondered exactly the same thing, and said so to my husband. These other trading/securities firms are going to be paid....but what about the HOMEOWNERS who were forced out onto the street??

It does say there's another $5.5 billion to be paid to some vague whoozywhatsems, but not enough info. I do know that the banks are not wanting to foreclose as many now, because they don't want to fix up and resell the houses.

I have posted other threads and thoughts on the foreclosure debacle...I think it's horrible that people who WERE at one time able to make their mortgage payments BUT THEN LOST THEIR JOBS because of these greedy monsters' bail-out, are now homeless.

sigh....



posted on Jun, 29 2011 @ 08:47 AM
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reply to post by CaDreamer
 


I believe that this is the tell tale sign that Americans aren't terrorists.
If we were, we'd be bombing banks, not planes!

(I'm not advocating bombing banks, I'm simply trying to prove that we too complacent to be any real threat to the country's agenda)



posted on Jun, 29 2011 @ 08:48 AM
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reply to post by CaDreamer
 


I agree, why has there NOT been a run on the banks? It would solve our collective problem to just STOP playing their game. If we all just asked for the "cash" (play money), and the banks have less than 15% of total deposits on hand in currency (play money), they would ALL fail. Heh.

Then, we all just stop paying interest, and demand that lenders count up everything we have paid, and apply ALL of it retrospectively to principal. All accounts are closed that have paid the original loan amount.

Anyone like that idea?



posted on Jun, 29 2011 @ 08:50 AM
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reply to post by Afterthought
 


if half of BoA clients did what i have done there would be no BoA...it is still there raping the economy because..we clients support it...

take a stand unless you have no other choice close that bank account!!!!!



posted on Jun, 29 2011 @ 08:51 AM
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seattletimes.nwsource.com...

Found another atricle on BOA



posted on Jun, 29 2011 @ 08:52 AM
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no Americans aren't terrorists....we are gullible lemmings



posted on Jun, 29 2011 @ 08:55 AM
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Originally posted by CaDreamer
reply to post by Afterthought
 


if half of BoA clients did what i have done there would be no BoA...it is still there raping the economy because..we clients support it...

take a stand unless you have no other choice close that bank account!!!!!


Trust me, I have taken a stand against them. It's been three years since they've gotten one red cent from me and I'm still in my house. I feel bad for the people who didn't have time to educate themselves on how to fight the bank. My battle is still ongoing, but the first step is to involve the Office of the Comptroller if you believe the bank is doing you wrong. The state's Comptroller regulates the bank. Since I've involved them, BOA cannot contact me directly. They must first send their letter to the Comptroller, who sends it to me. I also have to send all of my correspondence to the Comptroller who then sends it to BOA. I hope I'm giving them one huge headache!



posted on Jun, 29 2011 @ 08:58 AM
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reply to post by wildtimes
 


It won't hurt anyone. These are debt securities that were obtained when BofA purchased Countrywide, the leaders of which have gone to prison. The losses, including these fines were covered in writing off the securities at the time of purchase. Its public now, but unless you really had a chance to audit the books of the bank, there is no way to ascertain the impact on it. Certainly no current executives will be tossed in the can for this.

The whole thing is a shell game. Why would Goldman Sachs be getting a settlement out of this? Them getting a settlement essentially says that the masters of global finance were unable to ascertain what was in the debt securities they were purchasing - when in fact they were the leaders in the creation of these manufactured debt instruments in the first place. It is essentially saying that they were unable to determine the quality of the security when that is what they were actually paid to do. OK now they'll get a bit of cash back. What do they plan to do with it? Are they going to make the holders of these worthless securities that they purchased and placed into pension accounts whole? After all they were the folks with the fiduciary responsibility to perform security selection under an asset management contract. No they won't. What they will do is toss more money into the bonus pool and take the balance and short yet another market they are actively working to collapse.



posted on Jun, 29 2011 @ 09:00 AM
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reply to post by CaDreamer
 


I have been hoping that it reaches a point where the court system decides to quit hearing foreclosure cases and tells the banks that they are on their own and work it out themselves. Wonder if the banks would then hire some thugs to come make people leave their house, things could get real interesting then.



posted on Jun, 29 2011 @ 09:01 AM
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Originally posted by CaDreamer
reply to post by Afterthought
 


if half of BoA clients did what i have done there would be no BoA...it is still there raping the economy because..we clients support it...

take a stand unless you have no other choice close that bank account!!!!!

You can try that if you want, but IMO the govt will just nationalize them or bail them out again.



posted on Jun, 29 2011 @ 09:20 AM
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Ohh..i have tears in my eyes


All banks should be crashed and reseted ...and we need new smaller banks without fractional reserve landing


edit on 29-6-2011 by xavi1000 because: (no reason given)



posted on Jun, 29 2011 @ 10:10 AM
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reply to post by wildtimes
 


B of A is one of the many tentacles of the globalist banking cartel. Nothing will come of this. No one will get in any trouble. The American taxpayer will end up footing the bill for this as usual.



posted on Jun, 29 2011 @ 12:01 PM
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reply to post by wildtimes
 


So they had a profit of roughly 3.5-4.5 billion dollars...

They settle for 8.5 billion dollars..

And it results in a ...... 8.5 billion dollar negative balance?

It's no wonder their frauds, they can't even count! they should only be posting a quarterly loss of roughly -4billion.


And no.. sadly, this is not the end of BoA. The government will always be there to bail them out. And besides, it's likely they won't owe taxes this year.



posted on Jun, 29 2011 @ 12:40 PM
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reply to post by Rockpuck
 


Well, the government won't be able to bail them out if the public stops paying into the infrastructure....right? Or would the IMF then step in and declare "austerity programs" and all sorts of "conditions" to keep the US from default?

I dunno. I just wish the madness would stop. It's all just ink on paper anyway...digits in a binary system. It's not really real.



posted on Jun, 29 2011 @ 12:41 PM
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reply to post by OptimusSubprime
 


Well, crap. Nothing will come of it...again.
sigh.
third line is a bigger....SIGH



posted on Jun, 29 2011 @ 02:11 PM
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reply to post by wildtimes
 


People stop paying? .. Not likely?

And the IMF is controlled by the US Congress .....
It'll be the Federal Reserve that demands austerity (which they already have)

And, of course, Greece has no control over it's currency .. it's like a State .. California can't print Dollars. The US gov can.



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