BofA Takes Out Lows As Sheila Bair Says Servicers' Issues Could Be "Very Damaging", "More Problems" To Arise In Mortgage Servicing

Tyler Durden's picture

Finally the FDIC acknowledges the shitshow:

  • BAIR: LITIGATION FROM SERVICER ISSUES COULD BE `VERY DAMAGING'
  • BAIR SAYS FORECLOSURE PROBLEMS WILL REQUIRE `GLOBAL SOLUTION'
  • BAIR: CRISIS REQUIRES `DECISIVE' ACTION FOR MORTGAGE SYSTEM
  • BAIR: FDIC SECURITIZATION RULES `CONSISTENT' WITH DODD-FRANK

And the kicker:

  • BAIR SAYS CRISIS REVEALED `CRITICAL FLAWS' IN MORTGAGE FINANCE

Oh, so there are flaws??? As a result, Bank of America takes out 10/20 lows

And Bair continues being on a roll:

  • BAIR SAYS GOVERNMENT SUPPORT MUST BE EXPLICIT IF OFFERED
  • BAIR SAYS `MORE PROBLEMS' WILL ARISE IN MORTGAGE SERVICING