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

Ohhh this might be the final nail in the corpse filled coffin of BAC...

Goodbye Bank Of America Settlement

FDIC OBJECTS TO BANK OF AMERICA MORTGAGE-BOND ACCORD

Time to go to hell now BAC!

I'm so confused......
Anyone really know whats going on ?

finance.fortune.cnn.com...

Warren Buffet is no fool. What does he know, that we don't ?

Originally posted by OLD HIPPY DUDE
I'm so confused......
Anyone really know whats going on ?

finance.fortune.cnn.com...

Warren Buffet is no fool. What does he know, that we don't ?

edit on 29-8-2011 by OLD HIPPY DUDE because: (no reason given)

Warren Buffet bought PREFERRED SHARES... aka he will get paid when BAC goes under with what's left... if there's anything left...

Anyway, Buffet probably was told by Obama that BAC would get bailed out if things continued to get worse.

Buffet is part of the oligarchy, he will not lose money. The taxpayers on the other hand are gonna need a lot of lube.

Well well well...

Massive Wave Of Lawsuits To Be Filed By The US Against America's Biggest Banks As Soon As Tomorrow

In a move that could either send BAC stock limit down overnight or send it soaring (we are still trying to figure out just what is going on here), the NYT has broken major news that the US is preparing to go nuclear on more than a dozen big banks among which Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, in an attempt for Fannie and Freddie to recoup $30 billion if not much more. The lawsuit is expected to hit the docket in the next few days: "The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims." Now, taken at face value, this would mean that Bank of America can kiss its ass goodbye as unlike the Walnut Place litigation, this will take place in Federal Court where Article 77 is not applicable. Yet there is something that gives us pause: namely logic, captured by the following words: "While I believe that F.H.F.A. is acting responsibly in its role as conservator, I am afraid that we risk pushing these guys off of a cliff and we’re going to have to bail out the banks again,” said Tim Rood, who worked at Fannie Mae until 2006 and is now a partner at the Collingwood Group, which advises banks and servicers on housing-related issues." In other words: if the banks are sued, and if justice prevails, the end of the world is nigh and cue TARP 2 - XXX. Now where have we heard that argument over, and over, and over before.

In other words... either you get justice (and the taxpayers get screwed) or you don't get justice (and the taxpayers get screwed)... how nice.

There could be one scenario where you actually get justice and NOBODY IS BAILED OUT... and kabooooooom.

And so the lawsuits begin.

Full FHFA Statement Disclosing Suits Against 17 Banks (Including Such Dead Man Walking As SocGen)

FHFA goes hog wild and potentially full retard in suing everyone, or specifically 17 global banks, up to an including such dead men walking as Barclays, RBS and SocGen.[/URL]

BAC is in there. Being sued for more than 30 billion.

Bank Of America's Legal Woes Go Global After Norway's Sovereign Wealth Fund Sues For Mortgage Fraud

As of minutes ago, Norway's Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM, the auditor on the Countrywide transaction, and, drumroll, ole' Agent Orange himself. If US bank analysts were busy quantifying the damages from every bank in the US suing BofA, just wait until the calculation is expanded to included every firm that bought mortgages from Bank of America... ever...in the entire world.

And just like the US lawsuit spigot opened ever so slowly at first, it is now gushing, and is absolutely certain that every company (ahem insolvent German banks) that ever bought a mortgage from Countrywide, Merrill and Bank of America will serve the local branch of the bank with a summons over the next month.

You can pretty much stick a fork in BAC... they are done. I mean, they'll need a hell lot of money to cover the lawsuits. The treasury will need to bail them out... and it'll cost several hundreds billions if not more.

Bank of America to split into two units

NewsChannel 36 has learned Bank of America is splitting itself into two units -- consumer and commercial.

That means as many as 600 branches will be shut down.

First signs of going down for good...

reply to post by Vitchilo


Thanks for keeping this thread alive, Vitchilo.

Regarding your post about Norway's Financial Organization (sorry, I forget exactly what it's called), it says that they are going to sue BoA and Countrywide. I don't understand this. Is Countrywide still alive? I thought that when BoA purchased Countrywide, this dissolved the entity. Can one sue a company that doesn't exist anymore as long as they're suing the entity that purchased the company?

Speaking of CONtrywide, I still haven't gotten my check from the class action suit that was brought against them. (I had gotten a letter in mid May saying that my claim was valid and to expect a check in late June.)
I want my money!

reply to post by Vitchilo


Does anybody have any news of how Vice president Bidden is taking to the news of the butchering of BOA? after Bank of America is his baby.

So I am doubtful that much be done against them.

Will Start Of Landesbank Mortgage Litigation Against Bank Of America Push Stock To New 52 Week Lows?

The latest news for the bank is about the worst possible kind: the wave of lawsuits filed against the Countrywide toxic mortgage receptacle has just jumped across the Atlantic, and after the Norwegian sovereign wealth fund recently started proceedings, the real threat, German banks, have just realized that Bank of America is nothing but a legal liability piggy bank and have sued Moynihan's house that taxpayers built. Furthermore, since it is precisely purchases of toxic MBS and RMBS from BAC and other banks that caused the collapse of the Landesbanken system, with Germany going on the offensive and now trying to recoup as much money as they can, look for gray market putback estimates to soar by another $20-40 billion, which will result in BAC selling the other half of its stake in the Chinese Construction Bank any minute, especially with Chinese banks starting to tumble like dominoes on Chinese slow down concerns.

Mwahahahahahaha

DIE BAC, DIE!

Another Blow For America's Banks (And Bank Of America) After California Kills Robosigning Settlement

Anyone exiting the third quarter with a Bank of America (or Wells, or JPMorgan, or Citi) short on their books will be delighted to learn that the "other" mortgage fraud scandal, not the putback litigation which is sure to cost Bank of America billions in incremental legal fees now that that particular settlement appears to be challenged and banks even across the Atlantic are joining in the legal free for all, but the "Linda Green" robosigning affair, which various conflicted attorneys general had held a tenuous grasp over with a settlement in process, has just blown out wide into the open once again, after California joined New York AG Schneiderman in pulling out of the talks, and leaving Iowa Atty. Gen. Tom Miller with a completely lost cause. We expect all other states to promptly follow New York and California's examples. The net impact is quite adverse for all mortgage lenders, as this development will merely snarl the traditional foreclosure process for even longer, and while beneficial to borrowers, it will put even less cash into the depleted coffers of the banks that so desperately need it.

What is left open to interpretation is whether this is an open attack by the very much insolvent state of California against the Obama administration which has actively been pushing for precisely this settlement, which would be highly beneficial to banks, and quite damaging to the legal system, and specifically the perception of how easily it can be trampled if one is a TBTF bank.

And with California no longer on the side of Miller, the state is sure to enjoin the active pursuit of a far more comprehensive resolution to the robosigning fiasco, which will inevitably result in far greater pain for the banks.

Bottom line: America's TBTF banks, which increasingly are looking like they just may be NTBTF, had a horrendous Q3. It appears that Q4 will not be any better.

One more nail in their coffin.

You should check out this thread:

www.abovetopsecret.com...

It's scary to see how "well" the banks have been doing in spite of crisis. Or at least, think they've been doing.

The banks are riding 250 trillion dollars on the market. Where did that money even come from when in 2009 there were only 555 billion??? I don't get it...


"Hey... let's make some more imaginary money... it will be great fun! (until someone finds out they don't even exist)"

reply to post by flice


Look up what credit default swaps and derivatives are. That'll explain it to you. And yeah, 250 trillion is 5 times the worldwide GDP. It's the ultimate ponzi scheme.

Bank Of America Locks Out Its Online Clients For Second Day In A Row

and

Bank Of America Stock Back To The "(Not So) Fantastic Fives"

5% that is

Bank Of America's $8.5 Billion Settlement Deal Falls Apart

For a while the market was content that the proxy would not be in need of a shallow grave, unlike the US housing market (go ahead, ask where PrimeX closed today), after the bank managed to bribe enough "plaintiffs" and proceed with a quick and painless $8.5 billion settlement on all of its mortgage putback claims. A settlement that, however, had a very weak link: "Article 77", a critical provision enabling the deal in its current form. And as we first reported and explained back on August 26, said weakest link was attacked by David Grais of Walnut Place, who "filed a request to transfer the lawsuit from State Court to Federal Court where everything basically begins a new." Well, today Grais won, and Bank of America lost after US District Judge William Pauley ruled that "Bank of America Corp.’s proposed $8.5 billion settlement with Countrywide Financial Corp. mortgage-bond investors must be considered in federal court instead of the New York state court where it was first filed."

The good news is that yet another rating downgrade is imminent once the rating agencies realize that as a result of the Article 77 clause elimination, BofA is now on the hook for tens, if not hundreds of billions in putback liabilities and civil liability exposure, and potentially the forced bankruptcy of its Countrywide unit.

Sweet! Die die die BAC!

Bank Of America Forces Depositors To Backstop Its $53 Trillion Derivative Book To Prevent A Few Clients From Departing The Bank

Bank of America, which today reported a big bottom line loss net of one-time beneficial items, did something quite tricky and extremely devious last month: it shifted anywhere up to the total of $53 trillion of the total derivatives it held as of June 30 (as Zero Hedge previously reported) on its books at Q2 from the Holding Company, which was downgraded last by Moody's from A2 to Baa1 (the third-lowest investment grade rating) to its retail bank, which was downgraded to the far more palatable A2 (from Aa3). The reason for the transfer? Bank customers who were uneasy with the fact that suddenly the collateral backstoping the operating entity handling their counterparty risk was downgraded to just above junk, demanded that said counterparty risk be mitigated by the bank's $1 trillon in deposits. In other words, as Bloomberg first reported when it broke this story, anywhere up to the full $53 trillion (we don't know for sure how much so we assume the worst case) is now fully and effectively backstopped explicitly by the bank's $1,041 trillion (as of September 30) deposits.

And who is exposed to this latest idiocy? Why you. But that's not all: the FDIC, which is the entity backstopping the deposits in a worst-case scenario, is not happy with this move for obvious reasons.

Well hello there.

Was Seth Klarman Just Exposed As Bank Of America's Biggest Short (And A Covert MBIA Long?)

As a reminder, Baupost is one of the world's biggest hedge funds at $23 billion, and unlike other fly-by-night one hit wonders, is not down 47% YTD. In fact, the mere name of Seth Klarman being long or short a stock has typically had a huge impact on the stock price. And since by implication in his continued efforts to destabilize the proposed settlement, Klarman is either short BAC, or long the beneficiaries of ongoing, and successful, litigation such as MBIA, this means that the pain for BAC is about to magnified as the traditional 13F clones jump on board the pair trade, and short BAC while going long MBIA et al

The pain is about to get real for BAC stock price... neat.

reply to post by Vitchilo


which means, I believe, it might get a little more intense for boa's depositors.....

has anyone checked out the bit going around the internet about bush's revised bankruptcy laws and how it puts the claim of the investors of all those derivitives above the claims of the depositors??
just wondering here....because, well, if it's true, then there might be some very angry depositors if boa goes down!!!
alot of angry depositors!!!

reply to post by Vitchilo

Bank of America settles discrimination allegations for $335 million

Originally posted by Screwed
Does it really matter?

If you are an adult in this country and you can't see that this country is getting ready to collapse then perhaps
you deserve what you get.

It's no secret folks, the dollar is GOING to tank and soon!!!!
If you don't see that then you are blind.
So whether it happens tomorrow or the next doesn't really matter.
Either you are prepared or you're not.
If you aren't prepared yet, I would say don't bother cuz' you missed the boat, It's too late!
It is coming REAL SOON!!!!

If you're an adult then maybe you would show some respect to us adults that have worked and saved for our kids to go to college so that they would have it better than us. Like we had it better than our parents, and like they had it better than their parents. I don't know, my family came out of the Great Depression just fine and survived but you know what? What doesn't kill you makes you stronger, so maybe that's what needed for this generation of young kids; get tough and deal.

suffering is never necesary....it is simply a fact.....the ever ending of great civilization is never justified in the rebirth....what is lost is lost....and no less shame of its loss is felt......the young do need to learn to just deal and do more with less so as to acomplish great things with alot....

January will be hell on earth......damn....