Bank of America Corp. (BAC)

All Comments on BAC

  • commenter
    billddrummer
    Aug 25 11:07 AM
    More 'Workouts', But Will They Stem Foreclosure Tide? [Housing Tracker] [view article]
    Hi Judy,

    The article about the foreclosure bus says one or two contracts are signed after each tour.

    I wonder how many of them result in sales? It's true that banks are more willing to deal than they were a few months ago, but around here it still takes 6 weeks or more to get an answer back from the lender. It's particularly difficult if the lender has changed hands (circa Countrywide/BAC), because new people get the files and aren't familiar with processes of the new organization.

    I know of one realtor who has been trying to get a short sale completed since March. The buyers still want the house, but the lender has shuffled the file to at least 6 different people. And all of them want to recreate the documentation from the beginning.

    It's doubly frustrating for the buyers, because they have to continually reproduce a loan package. I admire their patience but at some point I think they'll find another home to purchase.

    I think the upshot will be more homes sitting on the market, waiting to be sold. Which will just add to the already bloated inventory in the marketplace.     Reply
  • commenter
    Octogenarian
    Aug 25 10:37 AM
    Dow Price Targets from Last November [view article]
    Similar performance, or lack of, during the 2001 to 2003 period. Reply
  • commenter
    User 138602
    Aug 25 10:31 AM
    Dow Price Targets from Last November [view article]
    the reason for this poor article , if we can call it like that , is free advertising. Absolutely no subtance,no opinions ,no recommendations, anybody and I really mean ANYBODY can do that with of course a purpose in mind,their own interest not our own (the small investors). Reply
  • commenter
    h2oworks
    Aug 25 10:30 AM
    Dow Price Targets from Last November [view article]
    They are less accurate than a 5 day weather forecast. Reply
  • commenter
    jackh
    Aug 25 09:52 AM
    Pension Benefit Corporation Rolls the Dice at Exactly the Wrong Time [view article]
    Swap PGBC for CPP. Same story. The Canada Pension Plan who runs one of Canada's main streams of Social Security has also invested big time in order to reduce it's projected shortfall.

    It almost looks as if there is a plan to run the pensions into the ground ..... or would that be greed ....... a way to tap into the piles of cash invested in/for our future.     Reply
  • commenter
    ArnoldCountr
    y
    Aug 25 09:43 AM
    More 'Workouts', But Will They Stem Foreclosure Tide? [Housing Tracker] [view article]
    A loan modification or workout from the lender is the last thing that should be pursued.

    First, the lender is not interested in helping the consumer really but interested in securing financial information and craft the workout that extracts the most amount of cash from the consumer that minimizes their currently way under water loan they have. It makes more sense for them to lower the interest rate on their 300k loan on a property that is worth 200k and turn that 100k loss into a performing asset which is not a loss.

    Second, if they discover the consumer did not tell the truth at application, even though they do a loan mod, they are required by law to report the consumer with a SAR (suspicious activity report) which could trigger criminal charges down the road for the consumer.

    Finally, it fails to address the legal remedies, even solves them in some cases, that the consumer could take against the lender. Lien stripping of jr. loans, rescission issues, unfair business practices, etc.

    In effect, while the media and government has been pushing this, going for help to the person who contributed to your woes is like asking for help from the guy that robbed you.     Reply
  • commenter
    User1
    Aug 25 09:31 AM
    Bank Insiders Made Out Like Bandits [view article]
    This analysis demonstrates nothing.

    Why would an insider want to buy shares, except at a discount through and employee purchase plan, when he is being awarded shares/options every year as part of his compensation? A reasonable rule of them for portfolio diversification is to limit holding of a single stock to less than 5% of the total portfolio. Insider portfolios typically far exceed this limit in company stock due to the use of the stock as compensation, so further purchases are imprudent.

    On the flip side, why wouldn't an insider sell as much stock as possible to reduce his company specific risk?

    This is basic portolio management 101. I would have thought that a financial blogger would exhibit greater understanding of finance.     Reply
  • commenter
    Ishortyou
    Aug 25 05:59 AM
    Lehman Brothers Take-over: Implications for Financials [view article]
    CDO or any structured finance vehicle i.e. ABS-MBS price, is dictated by supply and demand, right now there is a glut in the market or oversupply of them due to uncertainty of how much toxic waste they contain, once those uncertainties clear up and the housing market recovers no doubt that the 0.22cents of a dollar will be 1.22 cents of a dollar. Reply
  • commenter
    Robert.from.
    Ct
    Aug 24 11:45 PM
    Big Ben's Jackson Hole, Wyoming Pep Rally [view article]
    nice post.......smoke and mirrors.......When r they going to throw these criminals in jail???? Reply
  • commenter
    omooc
    Aug 24 10:15 PM
    My Website
    Lehman Brothers Take-over: Implications for Financials [view article]
    When MER sold some of its CBOs at 22 cents per dollar, with 75% financed by MER, one commentator, over CNBC, said that the effective rate is actually 5.5 cents on the dollar -- I share this view. Reply
  • commenter
    JustChecking
    Aug 24 10:05 PM
    Lehman Brothers Take-over: Implications for Financials [view article]
    So, forgetting the boring acronyms for a second, is it safe to short most of the companies you mention? Is that what you're saying? Reply
  • commenter
    Big Al45
    Aug 24 06:40 PM
    Lehman Brothers Take-over: Implications for Financials [view article]
    The so called "peer group" does not provide a meaningful comparison . Lehman has very little in common with monoline insurers, Business Development Companies, and regional banks that don't have significant off balance sheet exposure. Their asset mix (and risk exposure) is considerably different than that of investment banks like Lehman.

    The comparators should be limited to other investment banks and the large money center banks (such as BAC, RY, DB, TD, UBS.)     Reply
  • commenter
    macroguy
    Aug 24 05:36 PM
    Lehman Brothers Take-over: Implications for Financials [view article]
    LFI = latest financial information? Agree with majority about difficulty of comparing apples and oranges and notions that no outsider (and very few insiders, if any) really knows the real values of the assets (i.e., book value). Reply
  • commenter
    William
    Feader
    Aug 24 05:09 PM
    Lehman Brothers Take-over: Implications for Financials [view article]
    The only thing I think the table shows is that the entire US financial system is mis-priced, not just Lehmans, but everything. Good luck. Reply
  • commenter
    WEBISKING
    Aug 24 02:49 PM
    My Website
    Bank Insiders Made Out Like Bandits [view article]
    This is hardly profound and any investor who recommended stocks like CFC that the Ceo himself was selling so heavily deserve what they got. Mozilo gave reasons for why he was selling. All i can say is there usually 2 reasons someone did something the one they think sounds best and the real reason. Reply
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