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Bank Of America To Pay $8.5 Billion To Settle Mortgage (Mis)Representation Suit With BlackRock, Pimco, New York Fed Et Al.

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Tue, 06/28/2011 - 18:13 | 1410160 bigwavedave
bigwavedave's picture

what no jailtime?

Tue, 06/28/2011 - 18:13 | 1410169 buzzsaw99
buzzsaw99's picture

lmao

Tue, 06/28/2011 - 18:53 | 1410231 Careless Whisper
Careless Whisper's picture

here is the bank of america "put-back" issue explained for the learning impaired (starts @ 2: 55)

http://www.youtube.com/watch?v=-SAxxaqPR7o

 

Tue, 06/28/2011 - 19:12 | 1410268 macholatte
macholatte's picture

+10

Tue, 06/28/2011 - 20:35 | 1410419 Ahmeexnal
Ahmeexnal's picture

MethLife....another disaster about to go BOOM.

Tue, 06/28/2011 - 20:59 | 1410450 max2205
max2205's picture

I see Obamarama giving BAC a presidential pardon so we can forget by the 2012 elections

Tue, 06/28/2011 - 19:10 | 1410273 blunderdog
blunderdog's picture

Wow.  I love a woman who really knows how to enunciate like that!

Tue, 06/28/2011 - 19:57 | 1410361 Never_Put_Down
Never_Put_Down's picture

Nice read blunderdog, I was reading her lips all the way...every enunciation, every nuance

Tue, 06/28/2011 - 20:51 | 1410440 WonderDawg
WonderDawg's picture

She was reading that way so that even mainstream "journalists" could understand.

Tue, 06/28/2011 - 22:47 | 1410605 mr. mirbach
mr. mirbach's picture

I'm sending that link to my Congress Critters! They may have to watch it 7 or 8 times before they understand, or more.

Tue, 06/28/2011 - 23:58 | 1410720 Sausagemaker
Sausagemaker's picture

"Last time a saw a mouth like that it had a hook in it!"

Tue, 06/28/2011 - 19:08 | 1410266 The Fonz
The Fonz's picture

Wonder how much my FAZ is going up tomorro? :P

Tue, 06/28/2011 - 21:13 | 1410467 quintago
quintago's picture

Reps and Warranties? Are those like taxpayer bailouts?

Tue, 06/28/2011 - 18:53 | 1410232 Logans_Run
Logans_Run's picture

I was listening to John Mellencamp's "Baby You Make It Hurt so Good" while reading your post, got lost in your avatar...uh....what was it you said?

Tue, 06/28/2011 - 19:14 | 1410275 gmrpeabody
gmrpeabody's picture

Speaking of avatars....

Tue, 06/28/2011 - 19:20 | 1410293 The Fonz
The Fonz's picture

He said "Jiggly boobs, jiggly boobs, boobs that jiggle!"

Wed, 06/29/2011 - 08:29 | 1411203 johngaltfla
johngaltfla's picture

Just a quick reminder from IRA's Chris Whalen this morning:

BAC settlement does NOT cover "Investors’ securities and fraud claims and certain other claims"

Tue, 06/28/2011 - 18:16 | 1410163 apberusdisvet
apberusdisvet's picture

Geithner will channel Paulson, and voila:  TARP II

Tue, 06/28/2011 - 19:13 | 1410279 gmrpeabody
gmrpeabody's picture

yah really, they aren't paying for anything.

WE ARE!!!!

Tue, 06/28/2011 - 19:35 | 1410315 WestVillageIdiot
WestVillageIdiot's picture

And why is that motherfucker Mozilo not in prison?

Tue, 06/28/2011 - 19:50 | 1410343 Cdad
Cdad's picture

His skin tone frightened the other prisoners.

Tue, 06/28/2011 - 20:10 | 1410377 The Fonz
The Fonz's picture

That dude goes to jail and I guarantee he is going to be picking up a lot of soap from the floor :P I cannot even concieve of what his nickname might be :)

Tue, 06/28/2011 - 20:27 | 1410400 krispkritter
krispkritter's picture

"Mozillo 'My Bitch' Pillow"..."So Mo, how do you like Federal 'Pound Me In the Ass Prison'?"

Wed, 06/29/2011 - 00:30 | 1410766 blunderdog
blunderdog's picture

He didn't need an orange jumpsuit.

Tue, 06/28/2011 - 21:24 | 1410475 Quixotic_Not
Quixotic_Not's picture

And why is that motherfucker Mozilo not in prison?

http://1.bp.blogspot.com/_VNPv2rJeid0/TUjm5Etu8VI/AAAAAAAACCU/Wx-tQS0LAP...

Tue, 06/28/2011 - 18:13 | 1410165 hugovanderbubble
hugovanderbubble's picture

Naaa

Bank Of America Price Target = 5.90$

0.4x P/ BV = if Price to book value its useful..and representative with a proper accounting and audit Real Estate methodology

Tue, 06/28/2011 - 18:17 | 1410168 WilliamShatner
WilliamShatner's picture

My January puts in B of A are gonna be worth a ton of $$ soon.

BWAHAHAHAHAHAHAHA!

Tue, 06/28/2011 - 18:16 | 1410170 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

BAC up after hours....LOL!!!!!  Party at the Hamptons this weekend!  Bring a mask!

Juvenile - Back That Ass Up:


http://www.youtube.com/watch?v=WL2txMU50CI
Tue, 06/28/2011 - 20:06 | 1410372 Never_Put_Down
Never_Put_Down's picture

Only $8.5 Billion? Chump change, let's party like it was 1999

Tue, 06/28/2011 - 22:04 | 1410541 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

$8.5 billion can become $85 billion with fractional reserve lending!  That is a lot of liability to cover.

Wed, 06/29/2011 - 00:19 | 1410744 e_goldstein
e_goldstein's picture

Dude, don't sweat it. The middle class taxpayers will cover it. Hey, where'd they go?

Tue, 06/28/2011 - 18:18 | 1410171 doomandbloom
doomandbloom's picture

so..all settled now.....

we start buying from tomorrow?

Tue, 06/28/2011 - 18:14 | 1410172 Franken_Stein
Franken_Stein's picture

...

From your bank accounts aka the cash reserve.

From excess reserves of BofA with the Fed.

 

Tue, 06/28/2011 - 19:34 | 1410322 WestVillageIdiot
WestVillageIdiot's picture

Bank of America will be sacrificed.  That was decided long ago.  It is not a NYC bank, like JP Morgan.  It is out of Charlotte, NC.  They will be split up as the lamb at the luncheon.  The rest will say, "look how responsible we all are".  Goldman, Citi and JPM will laugh their asses off at the gullibility of the American sheep.

Tue, 06/28/2011 - 20:25 | 1410403 krispkritter
krispkritter's picture

And they wouldn't change the name to "Banc of Amerika"...

Tue, 06/28/2011 - 18:16 | 1410175 sheep92
sheep92's picture

This is actually bullish for the market as 8.5 billion dollars sitting around doing nothing are now going to folks who might put it to use. BAC, who knows or cares.

Tue, 06/28/2011 - 19:54 | 1410353 WestVillageIdiot
WestVillageIdiot's picture

I have downgraded Dick Bove to subhuman cunt, from cunt. 

Tue, 06/28/2011 - 20:00 | 1410365 Never_Put_Down
Never_Put_Down's picture

+10

Tue, 06/28/2011 - 22:30 | 1410588 BC6
BC6's picture

lol, that is beautiful WestVillage

Tue, 06/28/2011 - 18:20 | 1410178 candyman
candyman's picture

This must be the reason Dick Bove upgraded this POS but hid this little nugget from us all. This guys on FIRE!

Tue, 06/28/2011 - 18:20 | 1410180 richard in norway
richard in norway's picture

i'm confused, 8.5 billion is a lot of money, was the market really expecting a worse result. i'm surprised that the lawsuit got this far

Tue, 06/28/2011 - 19:16 | 1410278 Orly
Orly's picture

I think the joke here is that mortgage fraud is worth trillions of dollars, yet no one has claimed responsibility, much less gone to prison.

$8.5B used to be a lot of money...and I'm sorry to say this but...please try to keep up.

Tue, 06/28/2011 - 19:24 | 1410302 The Fonz
The Fonz's picture

Your doing fine Richard. Being able to admit what you don't understand will keep you kicking in this business. In fact it might be more important that what you DO understand.  Also I cannot fathom why B of A is up afterhours.... uh algos? what? What don't we know?

Tue, 06/28/2011 - 18:25 | 1410182 candyman
candyman's picture

This must be the reason Dick Bove upgraded this POS but hid this little nugget from us all.

Tue, 06/28/2011 - 18:28 | 1410190 Cdad
Cdad's picture

Panic buying in the AH session...and....it's gone.

The same cash that until recently would have been on the "sidelines."

LOL!

Tue, 06/28/2011 - 19:56 | 1410359 WestVillageIdiot
WestVillageIdiot's picture

On the day BAC bought Countrywide the stock was at $38 per share.  BRAVO!

Tue, 06/28/2011 - 18:22 | 1410191 YesWeKahn
YesWeKahn's picture

Time to celebrate, at least it's not 80 billion. Let's rally the stock market.

Tue, 06/28/2011 - 18:29 | 1410198 duncecap rack
duncecap rack's picture

I was just reading an great article last night linked to from Jesse's about ,among other things, how the private sector was much more effective at effecting justice for financial crimes then federal regulators and today there is this proof of the thesis. It is refreshing to see the cabal being hit where it hurts but it would be much, much better if they got a piece of mr. Orange.

Tue, 06/28/2011 - 18:38 | 1410213 buzzsaw99
buzzsaw99's picture

If they went after Tangelo for the fraud and pump and dump schemes that would set a bad precedent.

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