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  • 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]
    definitely a short.
    Apr 26, 2013. 12:46 PM | 5 Likes Like |Link to Comment
  • Buy Citigroup, Sell Bank Of America [View article]
    This article fails to mention the huge upside of B of A. The corporation has held an incredible amount of Countrywide mortgages throughout the tough years and valued them accordingly. With the housing market valuations starting to improve this will enhance the value of B of A. Also, B of A will most likely be approved to offer a favorable dividend before the start of the 3rd quarter.

    The RSI of the stock is on the high end and may indicate a short-term pullback but the recent volume breakout to me indicates that institutions are increasing their positions.
    Dec 31, 2012. 09:24 AM | Likes Like |Link to Comment