Bank of America is going down, starting tomorrow...

Let THE TO BIG TO FAIL. !!!FAIL!!!

reply to post by Vitchilo


I do not mean what I am about to say to sound snarky...it is a very real question..

Does this mean my mortgage with BAC with disappear? What does that mean for me

reply to post by k21968


Heck no, they'd transfer your mortgage as an asset.

They might do it in an unlawful way though.

You gotta know by now that the average little guy NEVER gets let off the hook.

Hook in MOUTH.

Originally posted by k21968
reply to post by Vitchilo

 

I do not mean what I am about to say to sound snarky...it is a very real question..

Does this mean my mortgage with BAC with disappear? What does that mean for me

Hopefully, it will go to the feds. I imagine you'd get at-prime interest rates for the remainder of the loan. In my opinion, the government is the only ones that should be allowed to bank, anyway.

8/5/11:

Bank of America BAC -0.61% shares tumbled 7.5% after the bank said in a regulatory filing that it is experiencing “elevated levels of new claims” to buy back bad mortgages from Fannie Mae

BoA and AIG tank...

With the heat like it is; I hope that slides gonna burn TPTB's but!'s, aaaalll the way down.

I hope this isn't off topic, but since BOA purchased CONtrywide, I thought I'd bring this up here.

I got a letter in mid to late June stating that checks were going to be sent out in late July to customers who were involved in the class action law suit involving Countrywide when their CEO sold a ton of private information. When I got my notice, I filled it out and sent it back. The letter I received in June said that my claim was valid and I'd be getting my check when they sent them out. I haven't gotten anything yet. My claim was for $60.

Has anyone else gotten their check yet? It sure is taking a long time for mine!

reply to post by Afterthought


Yes, I know someone who got theirs last week...............

reply to post by Cloudsinthesky


No kidding! Well, that's good to hear.
I sure hope mine didn't get lost in the mail.

I'm glad I'm not currently paying any $ on a house. I'll sit tight and keep on renting till all this gets fixed. I've been seeing a lot more people stopping by the pawn shop down the road lately...

Here comes the New World Economy (Order)!

reply to post by Vitchilo


They are still open.
That's my bank...maybe tomorrow.

www.zerohedge.com...

With Bank of America investors finally realizing it is game over for the company as a going concern, at this point there are just two options for Brian Moynihan: the spin off of CFC as a bad bank, backstopped by the Fed, or, well, Chapter 11, which for a bank is essentially liquidation (and with CDS trading up 50 bps to 260 a bankruptcy seems increasingly inevitable). It also means that another TARP is on the way. And once America realizes that another several trillion have to be put into its insolvent banking sector, it will get quite violent. The biggest irony: it is AIG which takes down the financial system for the second time after its lawsuit against BAC filed last night kills Bank of America.

Originally posted by newcovenant
reply to post by Vitchilo

 

They are still open.
That's my bank...maybe tomorrow.

Not for long if there's not another bailout.

BAC is collapsing.

I have a HELOC (formerly CW) through B of A. I also have a real good lawyer in my back pocket and I absolutely scrutinize every move they make.

Anyway, to those of you who hold mortgages, unsecured loans, heloc's...

If the bank that holds your mortgage were to fail, the FDIC would step in and oversee the sale of their assets to another institution. Your mortgage would thus be transferred to a different lender, but the terms would remain the same. Shortly after the transfer, the new lender should contact with you instructions as to how and where to make your payments. Mortgage transfers are accompanied by a 60 day grace period during which you cannot be charged a late fee.

Sorry, no one gets a break.

Originally posted by AstroBuzz
I'm glad I'm not currently paying any $ on a house. I'll sit tight and keep on renting till all this gets fixed. I've been seeing a lot more people stopping by the pawn shop down the road lately...

Here comes the New World Economy (Order)!

Yes... that's good. Keep renting and hope your landlord doesn't finance through B of A, or Sovereign, or Citizens for that matter

BAC is in the final stages of dying! Finally!

Bank Of America CDS Hits Escape Velocity

We take this moment from your busy schedules to update you that the CDS of Bank of America has reached escape velocity and has now entered suborbital traffic. At 370 bps, which is where the CDS is trading as of this moment, it is only 30 away from the 400 it hit in March of 2009 when the world had to be bailed out by the Fed: a ploy which this time will not work since every central bank has already doubled down to the hilt. In other news, expect bashing of evil bloggers who indicate BofA default risk spikes to commence momentarily as obviously it is only they who are to blame for BAC's upcoming bailout.

Time to die and go to hell now, BAC or let Obama pull another bailout... which will destroy him politically.

I wonder if this will start a run as people try to get their monies out? Nasty scenario.

Very likely this will be used to justify another round of TARP/bailouts by the fed. Maybe they'll let a few more big banks collapse (Citi/Dexia) to really make people scared. Either way big news tomorrow.

Zero Hedge

BofA Warns Upcoming "Desperate Measures" By Authorities Will Result In Another 2008 Market Collapse

Seems to me BAC paid this guy...

OpenLeaks founder destroys cables WikiLeaks Bank Of America

Daniel Domscheit-Berg, founder of OpenLeaks who defected from WikiLeaks last year, has announced (later confirmed by Assange ) the destruction of the cache of 3,500 documents that had not seen the light of WikiLeaks. Thousands of documents that were entered 5GB of Bank of America had taken with him when he left the organization with a server. The reason, it has the same Domscheit, maintain safety of informants.

The data will never see the light refers to a series of cables obtained by WikiLeaks between January 2010 and August of that year. Daniel himself has been Domscheit-Berg who leaked documents the destruction of the German newspaper Spiegel .

Apparently, Berg Domscheit WikiLeaks left with a server of the organization that contained a large number of yet unpublished material. According to the newspaper account, from that moment I felt that the content of the documents in his possession placed in serious danger to the sources. Domscheit-Berg, in his time in the organization is responsible for maintaining backups safe, so the removal of documents seems an idea already planned.

Both Assange as Domscheit-Berg himself has confirmed that the material will never see the light with the following information:

* The database who had written the U.S. government of different personalities that could never fly within the country.
* The agreements with at least one hundred companies on the Internet with the U.S. government.
* Inside information from 20 organizations of the extreme right.
* Inside information on the operation of at least 20 neo-Nazi organizations.
* At least 5GB on the proceedings of Bank Of America

What a piece of garbage.

Of all the Stocks on the market,, i still can't understand why General Electric,,
is so low.
Unless it was gutted?

Bank of America may need to raise up $50 billion: Analyst

Bank of America Bank of America Latest from The Business Journals Bank of America may need to raise up to billion: AnalystMarket up, BofA shares downSkateboard bank robber pleads guilty Follow this company saw its stock drop almost 8 percent Monday as litigation worries weighed on the shares as well as a Jefferies analyst telling clients the bank may need to raise up to $50 billion.

Good luck with that...

Mwahahahaha... the corruption just never ends.

24/7 Wall St Writes: JP Morgan may take over Bank of America

There is a rumor circulated on Wall St. that JP Morgan will take over Bank of America within the week. The government will support the deal with a USD 100 bln investment in preferred shares issued by the combined entity.

So... the US government will waste another 100 billion uh... TARP 2 here we go.

And... Bank of America has 1.038 trillion in deposits....

The FDIC doesn't have enough money to ``guarantee`` all those deposits... not by a LONG SHOT...

This is going to be fun... either JPMorgan takes over BAC with TARP2... or BAC goes boom and the FDIC goes bankrupt and total chaos... or BAC is fine (:lol