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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
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
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.
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)!
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.
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
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.
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.