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Top U.S. banks could face $31B in additional losses if they're forced to buy back soured...

Top U.S. banks could face $31B in additional losses if they're forced to buy back soured mortgages that they packaged and sold to investors, S&P said in a study yesterday. Bank of America (BAC) and JPMorgan (JPM) have the most exposure, followed by Wells Fargo (WFC), U.S. Bancorp (USB), and PNC Financial (PNC).
Comments (12)
  • traderbaked
    , contributor
    Comments (189) | Send Message
    nothing to worry print more money sell more issues
    5 Nov 2010, 08:46 AM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
    There's 600B coming up, so not need to panic...
    5 Nov 2010, 08:50 AM Reply Like
  • doubleguns
    , contributor
    Comments (7891) | Send Message
    I vote we do the "soured" notes in fannie and freddie first.
    5 Nov 2010, 08:52 AM Reply Like
  • Wilky
    , contributor
    Comments (110) | Send Message
    Oh yes, let's make them buy back all the toxic assets they sold, then they can all get bailed out again and the good old taxpayer can foot the bill - again. Even the least intelligent of us walking the streets understands that, no matter how they spin it or package it, the only entity that can pick up the final tab is the taxpayer.
    5 Nov 2010, 08:56 AM Reply Like
  • Neil459
    , contributor
    Comments (2644) | Send Message
    Wilky, we have to pick up the tab because the politicians stole, lied and covered up their involvement in order to buy votes. We have had 4 years of Reid and Frank and they still want to evade responsibility for the financial crisis. The public is paying for their own ignorance. Until the public wakes up and holds politicians accountable it will happen over and over again.
    5 Nov 2010, 09:11 AM Reply Like
  • Wilky
    , contributor
    Comments (110) | Send Message
    I agree with your sentiment totally. But, how do we hold politicians accountable? What recourse do we have apart from the ballot box, which is almost incidental, because there is nothing to choose between any of the candidates. They're all liars, and charlatens. We have just elected a governor here in Florda that should really be in the slammer. I don't know how we are going to put this right unless we all storm the congress and lynch the lot of them and even then we don't know the candidates standing to take their places would be any better.
    5 Nov 2010, 10:52 AM Reply Like
  • doubleguns
    , contributor
    Comments (7891) | Send Message
    Wilky, look at for candidate options.
    5 Nov 2010, 10:57 AM Reply Like
  • Neil459
    , contributor
    Comments (2644) | Send Message
    Wilky, its simple.


    1. Always vote in your parties primary election. When you do vote, always vote against the incumbent. The primary problem is when the old boy network gets too strong.


    2. Always vote to make sure the President is from a different party than the Congress. Don't be afraid of gridlock. If something is important it will get done, it always has. The benefit of gridlock is that things that are not important can no longer be marketed (and the people be fooled) as the most important issue in the world. Reality is forced to apply.


    3. Write to the media and expose their partisan reporting. If the media performed their constitutional duty evenly for all political parties as a watchdog we would not have these problems.


    4. Always oppose loss of freedom legislation over your desire to punish some guilty industry or business. Let your political representatives know how you feel.


    5. Educate yourself about socialism and why "fair" is the direct path to country-wide social destruction.


    6. Less government is always better.
    5 Nov 2010, 01:11 PM Reply Like
  • Bear Bait
    , contributor
    Comments (664) | Send Message
    We've heard this fifteen friggin' times. My question is why is it being dragged back out the day after financials had a big day. Besides, despite all the Republican pre election rhetoric, does anyone really believe that the party that has already proposed the repeal of the Financial reform bill is going to let anything major happen to their campaign finaciers? I'm thinkin' not.
    5 Nov 2010, 08:59 AM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
    That ugly tin can that's been kicked down the street for two years now - It's about to hit the curb and there is no place left for it to go.
    Strange that the financial reform bill (crown jewel of the Pelosi / B.O. Administration) did not bother to address this inconvenient series of train wrecks.
    5 Nov 2010, 09:06 AM Reply Like
  • viper32nc1
    , contributor
    Comments (95) | Send Message
    In order to force major banks to buy back mortgages, you will have to prove without a doubt they are guilty of unethical practices and they clearly broke the law.


    Good Luck With That!


    BAC, WFC, JPM will all be left without a scratch.
    5 Nov 2010, 09:14 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3529) | Send Message
    If we were still under the rule of law instead of the rule of czars, I might agree with you. Right now, the rule books are out the window.
    5 Nov 2010, 09:22 AM Reply Like
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