Bank of America (BAC) fights back against NY's crusading AG, telling Eric Schneiderman he has no right to sue over violations to the $25B mortgage settlement without giving the bank time to cure said violations (which the bank denies making). The settlement, say BofA lawyers, gives the bank 42 days to act after being notified of any issues. [View news story]
Bof A is a great target, who cares if it's true or not says Scheiderman.
A new twist in the legal battle between AIG and BAC as a judge rules the insurer did not give up its right to sue BofA over $7B in MBS-related losses even though it unloaded the paper as part of its bailout. The FRBNY has already settled with BofA over MBS its Maiden Lane II took in from AIG as part of the rescue. [View news story]
AIG -- at best -- has an 8 to 10 cents on the dollar claim, the same as every other accredited investor, the same as other Maiden Lane investors got.
Bank of America (BAC) shareholders better familiarize themselves with Article 77, writes Mark Palmer, as it's possible the $8.5B the bank has reserved to handle claims against Countrywide MBS will be woefully small. At issue is an Article 77 proceeding set to begin May 30 at which a judge could toss the $8.5B settlement. The number might then reach as high as $60.5B, writes Palmer - about 24% of the bank's book value. [View news story]
If he throws out the settlement, BAC should have to reduce reserves. These people took 8.5 cents on the dollar because they agreed in writing never to sue, as noted by the first judge. This story is a joke.
MBIA (MBI -1.3%) investors might be interested in BofA's (BAC) acknowledgement it has increased litigation reserves associated with the monoline insurers, writes BTIG. Key to MBIA will be whether a judge approves the $8.5B settlement over $108B in Countrywide-related mortgage losses. This ratio is key, and if a judge feels it should be higher, the "hyenas (will) come to feast." [View news story]
8.5 cents on the dollar is too high for these lawsuits.
"Expect more pronounced slowing" in mortgage banking and loan demand, says Sterne Agee's Todd Hagerman after this morning's earnings from Wells Fargo and JPMorgan. Mortgage banking income fell as expected, but both banks reported slowing application volumes as well, suggesting future cuts to earnings estimates. XLF -0.8%. [View news story]
The mortgage refi business is going away. Everybody's done it. So what? Commerical loan demand is what matters for commercial banks.
Bank of America (BAC) has won federal judge's approval for a $2.43B settlement with investors who said the lender hid crucial information when it bought Merrill Lynch in a $50B all-stock deal in September 2008. The settlement, which is among the largest stemming from the global financial crisis, culminated from what the judge referred to as "extraordinarily hard-fought litigation." [View news story]
So the owners of Bank of America will pay themselves $2.4 billion in cash (provided they fill out the complicated paperwork and proof of ownership requirements) minus the half billion to lawyers who dreamed this "class action" suit up. All for a merger the government insisted on.
Your negative outlook might be taken seriously by some -- for instance, those who don't understand BAC's real estate loans are backed by real estate. The bank is considerably over-reserved by any reasonable measure of values.
"We're now at the point where it's about boots on the ground rather than the latest lawsuit," says SNL's Nancy Bush as Bank of America (BAC) CEO Moynihan summons 100 of his regional chiefs to a private meeting where they'll be egged on to move more product. The bank, she says, is notable for being "lousy" at cross-selling. [View news story]
Cross-selling is a customer logging on to his/her BofA checking account and being offered financial advice from Merrill Lynch. Click here and a broker will sell you stocks, bonds, and mutual funds. It's not an easy sell. Checking and Savings account users are often not interested in the stock market. Gambling.
That's the simple version. I believe the big boys play, too, in that a commerical loan officer might send his business owner/customer to a ML broker for personal financial help. Also cross-selling.
MBIA (MBI) notches a victory in its legal battle with Bank of America (BAC), an appeals court ruling BofA could be required to repurchase loans even if they aren't in default. It's a "huge win" for MBIA, writes Christian Herzeca, very similar to Assured Guaranty's victory over Flagstar bank. [View news story]
Seems to me MBIA's entire case rests of their claim they didn't know what they were insuring. How odd for a company to admit they don't know their own business, and then sue their customers when that business fails. What a world.
Forget the low end of JPMorgan's (JPM) assertion of $0-$6B in possible losses from the FHFA lawsuit over $33B in MBS, writes Alison Frankel. A judge's Monday decision allowing the suit (and a similar one against Merrill Lynch) to go forward blew up nearly every argument made by the banks, including the key one that Frannie - being so sophisticated with MBS - should have known better. The banks don't want this is front of a jury. Look for a settlement before the summer 2014 trial date. [View news story]
One argument the judge didn't blow up: Fannie and Freddie were privately owned when they bought the mortgages.
Bank Of America - It's Not Spring, But I Hear The Robins [View article]
Right. Plus the aliens are here. George Bush personally knocked down the towers. And there's a pill that turns water into gasoline. Ignorance is the hallmark of your opinions.
Bank Of America - It's Not Spring, But I Hear The Robins [View article]
Investors including Freddie Mac, Pimco, and Black Rock accepted 8 cents on the dollar as a nuisance fee for their mortgage security lawsuits. BAC's reserves should be more than adequate, especially now that underlying properties are rising in value.
Bank of America (BAC) fights back against NY's crusading AG, telling Eric Schneiderman he has no right to sue over violations to the $25B mortgage settlement without giving the bank time to cure said violations (which the bank denies making). The settlement, say BofA lawyers, gives the bank 42 days to act after being notified of any issues. [View news story]
A new twist in the legal battle between AIG and BAC as a judge rules the insurer did not give up its right to sue BofA over $7B in MBS-related losses even though it unloaded the paper as part of its bailout. The FRBNY has already settled with BofA over MBS its Maiden Lane II took in from AIG as part of the rescue. [View news story]
Bank of America (BAC) shareholders better familiarize themselves with Article 77, writes Mark Palmer, as it's possible the $8.5B the bank has reserved to handle claims against Countrywide MBS will be woefully small. At issue is an Article 77 proceeding set to begin May 30 at which a judge could toss the $8.5B settlement. The number might then reach as high as $60.5B, writes Palmer - about 24% of the bank's book value. [View news story]
MBIA (MBI -1.3%) investors might be interested in BofA's (BAC) acknowledgement it has increased litigation reserves associated with the monoline insurers, writes BTIG. Key to MBIA will be whether a judge approves the $8.5B settlement over $108B in Countrywide-related mortgage losses. This ratio is key, and if a judge feels it should be higher, the "hyenas (will) come to feast." [View news story]
"Expect more pronounced slowing" in mortgage banking and loan demand, says Sterne Agee's Todd Hagerman after this morning's earnings from Wells Fargo and JPMorgan. Mortgage banking income fell as expected, but both banks reported slowing application volumes as well, suggesting future cuts to earnings estimates. XLF -0.8%. [View news story]
Washington Targeting Wall Street Leverage [View article]
Bank of America (BAC) has won federal judge's approval for a $2.43B settlement with investors who said the lender hid crucial information when it bought Merrill Lynch in a $50B all-stock deal in September 2008. The settlement, which is among the largest stemming from the global financial crisis, culminated from what the judge referred to as "extraordinarily hard-fought litigation." [View news story]
Bank Of America Is Not Cheap [View article]
"We're now at the point where it's about boots on the ground rather than the latest lawsuit," says SNL's Nancy Bush as Bank of America (BAC) CEO Moynihan summons 100 of his regional chiefs to a private meeting where they'll be egged on to move more product. The bank, she says, is notable for being "lousy" at cross-selling. [View news story]
That's the simple version. I believe the big boys play, too, in that a commerical loan officer might send his business owner/customer to a ML broker for personal financial help. Also cross-selling.
MBIA (MBI) notches a victory in its legal battle with Bank of America (BAC), an appeals court ruling BofA could be required to repurchase loans even if they aren't in default. It's a "huge win" for MBIA, writes Christian Herzeca, very similar to Assured Guaranty's victory over Flagstar bank. [View news story]
Forget the low end of JPMorgan's (JPM) assertion of $0-$6B in possible losses from the FHFA lawsuit over $33B in MBS, writes Alison Frankel. A judge's Monday decision allowing the suit (and a similar one against Merrill Lynch) to go forward blew up nearly every argument made by the banks, including the key one that Frannie - being so sophisticated with MBS - should have known better. The banks don't want this is front of a jury. Look for a settlement before the summer 2014 trial date. [View news story]
Will Legal Problems Bury Bank Of America? [View article]
Bank Of America - It's Not Spring, But I Hear The Robins [View article]
Bank Of America - It's Not Spring, But I Hear The Robins [View article]
Bank Of America - It's Not Spring, But I Hear The Robins [View article]