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  • A Bank of America (BAC) employee raises further doubts about the bank's handling of crucial mortgage paperwork. The employee says her company often held onto mortgage notes, even as it sold those mortgages to be repackaged into securities. By proving the absence of a note, a homeowner could block a foreclosure, or an investor could pressure a bank to buy back a security.   [View news story]
    OMG this funny stuff. Mortgage promise note tells the conditions of the loan and mortgage most people whos house got foreclosed was behind 4-6 months of payments. Do you really think this note is going to affect the outcome of them losing their house?

    It all comes down too, They didn't pay so they lost their house..end of story.
    Nov 30, 2010. 02:44 PM | 2 Likes Like |Link to Comment
  • 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).   [View news story]
    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.
    Nov 5, 2010. 09:14 AM | 2 Likes Like |Link to Comment
  • There's a lot we still don’t know about Bank of America’s (BAC) foreclosures, Colin Barr says: “It hasn’t explained what changes it made. It has been vague about how many foreclosure files it has actually checked, how many and what sorts of mistakes it has found, and how long it might take to complete the process. It hasn’t even addressed whether foreclosures thus far have been valid under the law.”   [View news story]
    Bank of America is very much solvent LOL. BAC has $2.3 trillion in assets but $956 billion of that is made up in loans plus their international projects. If the worse case scenaro happened and had to pay $50 B for the foreclosures. They could easily do it and not have to raise any extra capital to make it up. BAC stock is a steal at 11.40 and when this issue is over and the news media finds something new to hype up, BAC will be $13 stock long before Citi ever sees 6.

    BAC is going to do very well in 2011.
    Nov 3, 2010. 11:34 AM | Likes Like |Link to Comment
  • Lowe's (LOW): "With limited visibility into near-term demand, we continue to focus on operational efficiency to create value for our shareholders. Longer-term, we believe improvements in labor and housing markets will be necessary to support more consistent improvement in demand for home improvement products." (PR)   [View news story]
    Translation: We will be cutting more and more jobs.
    Aug 16, 2010. 08:12 AM | Likes Like |Link to Comment