Bank of America Reps And Warranties Reserve Surges Five-Fold As Claims Rise Steadily

Tyler Durden's picture

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doomandbloom's picture

any provisions set aside for Wikileaks?

BlackSea's picture

Yes, high-priced escorts will be provided upon demand.

gold mining ceos are idiots's picture

There is something very wrong with the jovial attitude on CNBC as an overwhelming majority of people in the US are in dire straits. I find their clueless attitude disgusting.

BlackSea's picture

They find your lack of faith disturbing.

Bob's picture

Tepper just gave an impassioned appeal for donations to community food banks and said that this is the new normal.  Yet he remains bullish on business . . . primarily due to multi-national corps and off-shore business.

Catullus's picture

Which leads to the obvious question: what the fuck Wells Fargo? Someone is supposed to believe that Wachovia book was in any better shape than Countrywide?

Cdad's picture

Its all fictional, man.  All of these banks are making it up...faking it...and hoping things will turn in one more quarter.  Wachovia, Countrywide, JP Morgan, Blight on America....all the same crap.

Commander Cody's picture

I still say that:

Moynihan musta been out drinkin' and missed the memo from the FASB on how to cook the books to show a profit.

kentfinance's picture

doesn't matter. BAC up 1%. guess all the bad news is out. wtf?

SheepDog-One's picture

Cdad exactly...its all maddening but when the music soon stops and all these Wall St whores are pulled limb from limb by the rioting mobs, WE can LAUGH and LAUGH!

TheProphet's picture

Exactly. I would guess worse. Golden West was nothing but a steaming pile of Alt-A pick-a-payment loans.

SashaBelov's picture

Could you make prediction how much further can they cook their books? Is it still relevant to bet they will go bankrupt in next 3 to 4 years?

Bob's picture

I wondered if that was the explanation for the miss.  Yet $4B in reserves is still a bad joke. 

But how 'bout them bonuses?

jus_lite_reading's picture

Last Nov I made a guesstimate at what time frame BofA's total accumulated losses would hit the fan and reached the conclusion May 2011. After these results, I have to say, the fireworks might begin as early as next month as the worlds 2nd most insolvent bank battles the winds... T-15

Additionally, I shuffled around the placement of the worlds most involvent banks- notching up 3 places is Deutsche Bank to number 4. When the cajas turns to kaka, DB might take the number 2 spot... keep your eyes on it

Dagny Taggart's picture

putbacks? The Fed would prefer the term "mulligan." http://en.wikipedia.org/wiki/Mulligan_(games)

SheepDog-One's picture

Gambling is ILLEGAL sir, and I NEVER slice!!

Seasmoke's picture

just look at the HELOCS !!!!!!!

SheepDog-One's picture

AH yes, the clown in the storm sewer, FTW.

downrodeo's picture

"Ohh yes... They Float Brian... They Float... and when your down here, with me... YOU FLOAT TOO!"

Lndmvr's picture

And I thought this meant Macdonalds was feeding the homeless.

Problem Is's picture

What's Cramer doing down there?

Hephasteus's picture

You deliver much in the chuckle department lately.

You are bringin it.

TheProphet's picture

TD, are they still booking as income the interest on loans in stasis between default and foreclosure?

Were there any write downs of previously-booked interest income?

Tyler Durden's picture

Great question. I am certain it will not be asked on the earnings call.

slaughterer's picture

Can't we get Bove to mention these relevant questions on CNBC if he does not commit suicide beforehand?   

slaughterer's picture

If GS is the vampire squid, then BAC is the ....?

Cdad's picture

Blight on America bank is a flesh eating zombie.  Every day that it continues to stumble around and thwart accounting laws and NOT realize its losses, the nation waits for better days and recovery.

This is not difficult stuff.  I know E. Burnett thinks it is simply a matter of infusing enough adorableness to make things better and more confident...but that IS NOT HOW MARKETS WORK!

So...let's pretend for another morning, I guess...pretend that D. Tepper matters more than Truth, Title, Law, etc.  Ok...whatever...

asteroids's picture

If Cramer is bullish, the ponzi continues. If not then we stand a good chance of a correction. Watch what that man says carefully.

jus_lite_reading's picture

The more pretending by these frauds, the worse it will be for everyone.

SheepDog-One's picture

Canker on America!

Drag Racer's picture

as the news hits...

BAC +0.04 +0.28%