This page has been archived and commenting is disabled.
Two Down, Many More To Go - Bank Of America Sued For $31 Billion In Mortgage Losses
- And so it begins:
- FHFA Sues Barclays over mortgage securities over losses for $4.9 billion: RTRS
- FHFA Sues Merrill Lynch Bank of Americal over mortgage securities over losses for $30.85 billion: RTRS
Put a fork in Bank of Countrywide Lynch.
In the meanime, just about 10 more banks to go.
Update:
- FHFA Sues Nomura for $2 billion in losses: RTRS
Update 2:
- Citi... and so on.
Complete summary:
- Federal housing finance agency sues Barclays PLC BARC.L - court filing
- Federal housing finance agency sues Barclays over losses on $4.9 billion rmbs
- Federal housing finance agency sues Bank of America Corp BAC.N - court filing
- Federal housing finance agency sues Bank of America Corp over losses on more than $6 billion securities
- Federal housing finance agency sues bank of America's Merrill Lynch unit over losses on $24.85 billion securities
- Federal housing finance agency sues Nomura Holdings Inc 8604.T - court filing
- Federal housing finance agency sues Nomura over losses on more than $2 billion securities
- Federal housing finance agency sues Citigroup Inc C.N - court filing Federal housing finance agency sues Citigroup Inc over losses on $3.5 billion securities
»
- 21518 reads
- Printer-friendly version
- Send to friend
- advertisements -
Looks like the Hamptons might be somewhat subdued this holiday weekend, meetings with high profile defense lawyers instead...probably MomoFader will be the only one out there wondering where all the Bellarus hookers and cocaine are.
whoomp! there it is! whoomp! there it is!
http://www.youtube.com/watch?v=Z-FPimCmbX8
This is one way to make sure profit from ZIRP in banking sector comes back to government for they are going to need the money to fund a more dire priority: WAR WITH IRAN.
Time to shear the small fry non elite banks for WW3!
I wonder if Obama mentioned this upcoming development to the Geezer of Omaha back when he contacted him about the economy, right before the Geezer sunk billions into BOA?
Hopefully Warner Buffert will be getting Nebraska corn cobs shoved up his arse.
The 30 plus year fed-sponsored credit binge has made almost everyone look good, and made some like Warn N Buff look like geniuses.
The ongoing credit collapse will eventually demonstrate how little the oracle and other experts actually knew.
last 17 years buffett's actively managed berkshire hasn't beat some big name corporations such as Johnson and Johnson or Oracle corp.
Buffett is now playing with political fire as his investments are dependent on government bailouts.
He is no saint.
90% of the posters here (and many of ZH's authors, too) are so full of hatred against BofA, Buffet and co. that they lose any objectivity. ZH has become a weird place where gazillions of obscure people seem to have gathered for the sole reason to enjoy their (and others') gloom-and-doom-posts Which, sometimes amusing and eloquent for most part lack knowledge, facts and are more and more pure pieces of heavily biased crap. Worthwile financial news and insights are by now far and few between, the quality of this page is descending in lock-step with the S&P, BofA's stock price and the credibility of the poltitical and economic elites. A few more weeks and I am done with this website - unfortunately.
Throw the spinnaker sail out there! Which one? The whomper sail!
where da booty at!?!
http://www.youtube.com/watch?v=aBwvFBxf_Eg
Nah... Uncle Scam will sue them, then turn around and bail them out plus some. Nothing but a side show to distract the herd from the meat grinder of QE3.
http://www.youtube.com/watch?v=3_gst-Ryh3g
holiday weekend = one more day to worry
Or look at this way:
= one more day to take $500 more out of their ATMs.
i like...
I'm emptying out my account with them tomorrow, permanently. A close friend of mine in Colorado went to take out 20K last weekend to exchange for gold, the lady at the counter told him "I can give you 4,500 now, but you'll have to come back every few days to get the rest." He left.
He went to I think 10-or-so branches to get 17, then he just went to several ATMs to get the remainder. He needed 20K because the bullion dealer was holding that much for him.
So, if you have any form of savings/checking w/ BAC I'd get it out this weekend too.
L0L!!! slewie said the same thing about all the banks on Stupor Bowl Sunday in Feb
then i started "suggesting" people cash out every retiement account they could, w/out being styooopid if the "extra-added" was real juicy, pay the taxes, and buy US Mint-produced gold & silver coinage
i told everyone on zH to stop trading, get every fuking dime outa every brokerage and buy more coins!
i want everybody in cash, coins, and supplies. i don't give a flying fuk how "smart" you think you are!
...then, there was a tsunami in japan...
In related news, Buffett poops the tub.
Buffet to Becky- 'I pooped em'...
Watch out Warren floating something new...ewwwwww
I want to see Buffet take a bath on this deal, I cant wait. Its going to be so funny to see that sorry shill lose his balls.
Becky: Did you have nuts yesterday?
The "preferred" snickers bar ;-)
"Diaper? I just met 'er"
"Diaper? I just met 'er"
Becky to Buffet - 'Oh, Warren, your poop is so cute and it doesnt even stink!'
Uncle Warren said he thought he should be paying more taxes..after BAC is nationalized it will turn out he just did.
Eww... rica!
+1 That got a no bullshit "laugh out loud" from me...
http://www.hulu.com/watch/10308/saturday-night-live-oops-i-crapped-my-pants
It gives new meaning to the term "mud bath"
It's no big deal!
http://www.youtube.com/watch?v=1PmMFaVzbzc
Becky: Here it is! I doesn't smell like a Baby Ruth.
Just bought a ton of AIG puts for the long long weekend ahead. I hope this gets to .99 again.
Strike/date?
$20 NOV ain't bad. .73/contract...
Looking at the YTD gives me a chubby @.73/contract.
nope. that ain't bad!
and we love hearing about how yer camel-toe reacts, too!
now, this BAC account you are gonna just drain, tomorrow, and close...how much is in there? $80? $800? $8000?
your friend in colorado sure had a pile there (why? well, he just hadn't made up his mind yet to spend it all on gold @ maybe $1800/ oz or whatever he had "agreed" to for them to "hold it for him" so he could run over with the CASH and "buy" it) and, boy-0-boy!, he was doing a cash deal b/c...? why? why tf would anybody go thru that to buy a "stash" about the 1/2 the size + of a $10 roll of 1/2 dollars? why not just write a check for it? and if his "guy" doesn't fuking like it, FIND ONE WHO DOES! if you buy gold and pay with a check, you will get your gold asap the check clears! and almost all face-to-face dealers will take a check and hold the gold, NOT hold anything for you b/c you are "gonna come in w/ $20K cash"!!!
if you're down in soCal, pretending to write sceen plays, here, this shit won't fly, darlin! but maybe the guy will get shot and robbed, and the criminals will be tied to glenn beck, and...
wtf, go for it!!!
JPM:Silver .800369685
Who the fuck would hold anything over the weekend here?
Holding CEF.
UGL
sds qid dxd twm & some shorts & puts
agq
faz
fsg
tza
bac $7 puts 9/17
spy 100 puts 9/17 (very risky)
vix 40 calls 9/21 (not so much)
Because I'm positioned to short BAC into November... as I kind of saw this coming? As in.. opened positions about a month ago?
But good question. I'd be shitting my pants if I had a long position open right now.
I meant longs. Too much headline risk and a Monday off. But monkeys would usually align for a post holiday pop. I don't see it happening.
It's been awhile since stepping back into the option arena....hoping to get paid on my nov 7.50 puts
I sold 1/3 of my BAC Nov 7.50 puts Fri, rolled into Sep Puts at $6.00, strike. Wanted control of more shares, as I do see BAC in deep ca-ca. We shall see.
Me too. BAC Puts = lots'o green so's I can get me some new ({}) !
I also hear the Iraqi Dinar will be revalued so there's that on top!
Yay markets!
long silver
...
I got rid of all my positions and put it into AGQ when it hit 195/share and then shorted BAC. I didn't see it going much lower, glad I didn't wait like I did last time...
agq has funded many physical ag purchases for me
L0L!!! what a genius! bullion, weapons, computer geek, ETFs shorts, longs, options, but not very much specific info such as date, price, size of trade, lenth of trade, date of close, price, profit. not that anyone on this site would ever think you are pulling (almost) eveyone's leg. unmercifully. every fuking day, now, too!
of course, we know it is all true. and if you gave the details, your brokers would see them and know who "tekhneek" is, but they would never be able to figure it our with what you already said. or the guy you recently bought the assault rifle from; or the FBI who get the sales slip, could not break your 'anonymity', and besides, you may have bought it "under the table" who knows? you just bought an AK and 400 rounds of ammo. The End then came back 3 hours later after a 45-comment string had developed under your comment and schooled some poor bastard who had "misunderstood" that this wasn't you FIRST "gun"! and ORI just loves to cuddle up to you at the top of the strings with an agreeable comment and an ad placement to his website, sometimes, too, eh?
you've been "short BAC". we know you sold the naked calls the day before buffett ponied up the $5 Bil and the price went UP and w/in 48 hours you are trading BAC puts, but not saying long or short, or spread, or date, but just something like "5, 7, & 9" when asked "what strike"
very entertaining, and quite an absurd waste of time for everyone to listen to, but no worse than most "entertainment" and not totally unlike robo in some respects, with the female avatar (blythe for you!), the "attitude" and possibly a bit of an "act" of merging fantasy with "reality" and failing to "notice" that someone might "notice"
so hardly anyone "notices"! what a country!
FAZ
AK and Colt
illegal aliens holding nuts over this weekend at your local home depot:
http://thebsreport.files.wordpress.com/2010/04/illegal_aliens_fuck_you.j...
All a prelude to stealth nationalizing the failed banks. On both sides of the pond.
Yep welcome to the New World Order.
So I guess this is where warrens billions are going.
They came to Buffett knowing he had to ante up, as he was a huge benefactor. He gets to play in the arbitrage game, so he has to pay a "Fee" for doing so. Nothing punitive about it.
Obama is about to blow his wad on this, his last bullet in the chamber for re-election.
Everything fixed people, "Mission Accomplished".... now shut up, obey all orders, and Trust us!
To be honest I think after Uncle Warren announced that rich folks need to pony up with more taxes they decided to let him lead the way. It's quite fitting considering he's the biggest cheerleader, and since a donation to the banks is the same as giving voluntary taxes.
Donation, or more like a Tithe to the Chruch of Greed.
Uncle Warren was on an adventure trip in Alaska when LTCM needed to be bailed out. Couldn't be reached. Later, he said that he certainly would have fronted them some cash.
Buffet the bail bondsman.
...and many more expected over the next hour......
as heard on CNBC
update: now HSBC....
Tuesday's gonna be fun. I still think this is a threat to force the banks to sign the 50 AGs settlement by Obama's Labor Day deadline.
I'm staying long & hard. Wouldn't miss this physical ride.
all one can say really is
TROLOLO
http://money.cnn.com/video/news/2011/09/02/n_rogoff_economy_jobs.cnnmone...
Wow...the Truth®!!!!!!!!!
If you believe you will see the truth on CNN, you will be beaten to death in your sleep. I hope this stimulates you to act to protect your mind from propaganda in the future.
All TV and all the media support Hussein. Only fvkking retards watch TV and if you do then you support the Matrix. TV and the media are worse than the gangster banks and the hussein thugs.
They should be sued for all the felonies they have done. Citigroup too. Goldman Sachs too. JPMorgan too.
They've committed TENS OF THOUSANDS of felonies... yet no one goes to jail.... America doesn't have a rule of law.
Lawyers will settle for 10% of original bill as usual.
FHFA should sue FED for lending off all of these money
for the US Banks, regardless of capitalization which then
loan to the people regardless of income.. And on and on..
Everyone should be sued in USA, cause their are all feeding up
off the same food chain.. Fed gets greedy--->Banks gets greedy -->
people gets greedy as well, buying few houses while working pizza
delivery..
Not preaching to the choir here but, isn't that what happens when the powers that be create HUGE moral hazards all over the economy? They incentivise malinvestment, greed, speculation, risk taking, etc. Those who played came out ahead for the most part. But all good scams must come to an end...
Burn Babylon Burn!!!!!!
Worked at BofA back in the day of Schwab acquiition and SeaPac. We called it "Bank on the Bleeder" mocking the tag line Bank on the Leader the PR folk employed. Post Hugh McCall, Dave Coulter and other ego maniacs, the name is again apt as the death throes near.
Meanwhile, Dick Bove again jawing on CNBC saying BAC has great capital ratios, plenty of cash on hand, and he is happy to own. Silly goose.
I remember Merril Lynch was/still is "We're bullish on suckers." Wish I could remember the others.....
In my best Axl Rose voice:
"TIME TO DIEEEEEEEEEEEEEEEEEEEEEE"
And I thought that was Roy Batty http://youtu.be/pw6D_QfsmUY?t=36s
Better sue the rating agencies also.........Americans want justice for all........
Not to say these agencies should be exonerated, but the general argument about them being the end all be all of analysis is a copout.
Why do investors, analysts, managers rely on these conflicted entities? I don't get it. Anyone who strictly relies on these bad business models are just as at fault.
Investors need to question everything and do their own homework.
Government and Bank elites throw a Donner Party
the banks
could not have sold
all that MBS garbage
...
if there had been
no buyers .....
Due Diligence ..
is not
one of the strippers
down the club ..
I think her name is Dew Diligence...
nice...
Quite ridiculous when you think of it. They are going to pay the settlement with the toilet paper they borrowed at 0%.
How is this punishment?
aaaaaand que dick bove...."I still stand by my recommendation of Bank of America....this suit is meritless, Bank of America did nothing wrong...this is fannie and freddie's fault, not the banks....Bank of America as a franchise is not broken"
CNBC 1:20PM Friday, Sept 2 2011
Bove CNBS:
"Blame FHFA not poor BofA"
It's true, you do feel sorry for them a little bit. Poor itty bank.
Slap on the wrist. kiss on the cheek, bonuses for the execs, and a few mil. for Rick (BoA has your back) Perry.
"Keep walking folks -- nothing to see here!"
An excellent summary of Unka Warren's thinking about pouring some of his, you know, extra money into this little venture that would completely fubar the retail banking system in the US if it imploded.
Just can't believe the money was his any longer. He would have known about all of this. BS meter is going off.
Nothingburger after nothingburger. The banks will lose the case but the taxpayer will pay the bill.
Exactly...
bank runs starting tuesday?
Banker: "But, but...what about my bonus?"
How bout that fortress balance sheet Jamie?
...and the credibility of ~47 bankster whoring state AG's was just flushed down the toilet. (not to mention their time)
In a sane country the opposition would rail against how Obama pushed hard for this settlement, but hey when the opposition is in league with you, it'll never happen. Except for the idiots in the opposition who are the same, but somehow think they are different. (because they're fucking nuts, or so stupid they think they can fool the public [well maybe on the last one it might be true])
Glass-Steagall
burn baby burn. BAC puts.
They are crimanals to the first degree.
http://fukung.net/v/29555/c13340e14a3a4882515d7e08004d3e7c.jpg
Anyone know what the losses on the securities being sued over acutally are?
BAC/MER being sued on LOSSES on $31B of RMBS securities. What are the losses?
hoooraayy!! oh, wait. that's out of MY pocket.
your tax dollars hard at work ...
And why are the futures flat? You would think that a $30 billion lawsuit would send futures through the floor
Futures have a long time to go down. The markets open only on Tuesday. So people are waiting to see if really the government will man up and REALLY try to get that money.
Don't the futures usually go up on bad news? I've been in bizarro world so fucking long I don't know anying but up on bad news, up on good news, up on no news.
What are we going to do around here when Bank of America is gone?
Request for a jury trial vs Merrill
PRAYER FOR RELIEF
WHEREFORE Plaintiff prays for relief as follows:
316. An award in favor of Plaintiff against all Defendants, jointly and severally, for all
damages sustained as aresult of Defendants' wrongdoing, in an amount to be proven at trial, but
including:
a. Rescission and recovery of the consideration paid for the GSE
Certificates, with interest thereon;
b. Each GSE's monetary losses, including any diminution in value ofthe
GSE Certificates, as well as lost principal and lost interest payments thereon;
c. Punitive damages;
d. Attorneys' fees and costs;
e. Prejudgment interest at the maximum legal rate; and
f. Such other and further relief as the Court may deem just and proper.
Celebrate! :)
This makes no sense. Federal Gov bails the banks out in 2008. In 2011, Fed Gov, sues the banks. What a bunch of clowns.
Cloward Piven to destroy the banking system. Started with ACORN lawsuits and CRA to force banks to lend money to people who could not pay. This is wealth distribution Obama/Mugabe style. Ideally I would like to see the big banks and investment banks die. Most small and medium sized banks are not scum.
This is part of their plan. Go into a Chase in any white community and you will see about 5% of the staff are caucasian. I have been in a few even though I do not business with them. This is the Zimbabwe/USARR of the banking system.
...so they can bail them out again in 2012.
And SocGen : losses on $1,3 billion
Where is the Tanman? The freaking Guido is probably floating in Passaic River working on his orange tan laughing his ass off.
I felt a great disturbance in the economy, as if millions of lawyers suddenly cried out in pleasure and were suddenly silenced. I fear something terrible has happened.
QE3 is via the legal profession. Nice touch - looking at the firm who got $100+ mil from the 9/11 settlement.
makes perfect sense actually
So it goes....
The "No American Left (without a house) Behind Program" was a great contributor to banks lending vs property of "dubios/relative value" and in order to deal with the volume, they largely computerized the process, and through Greenspan rates kept ratcheting lower, adding fuel to the fire. There are so many contributing factors here that its hard to quantify. CRA-programs whereby banks were in fact FORCED to lend to persons in their own community who otherwise called FOUL if denied credit and FNM/FRE effective GSE programs which (by Federal policy) encouraged loans to effectuate NINJA style programs. The idea that the SAME GOVERNMENT will then go back in blame the same institutions for somehting that they were responsible for creating (much of) due to a littany of policy mistakes and gratuitous and selfish grandstanding for political favor among constituents..... the idea that now the same government would come back and try to bankrupt the same institutions goes well beyond blasphemy.
We have long said that the DEBT of the banks will be fine but that the EQUITY will be of dubious investment quality due to the "whipping boy" routine which would follow such an enormous increase in bank reserves after the spreads that these institutions have been able to enjoy under current interest rate conditions. Simply put, the authorities would see the massive buildup of cash and then sue for it under the pretense that banks were ENTIRELY at fault for the mortgage mess, when in fact policy was more the problem. Banks are currently stacking up huge reserves as a result of being leveraged 12:1 and collecting three points of spread.... 30%+ annual book cash growth.... makes up for tons of bad debt..... and then there are the increased reserve requirements...... so the cash laying around is now extraordinarily significant. Expect this to be chewed up during the new process in which the same policymakers blame banks for human tendency to overextend themselves, and a government policy which effectuated more home ownership than any time in history, at which point a newbie couple out of college or even high school would have the opportunity to buy a house for $500,000.00 with basiclly zero down.
Suck it Up II
That's not evil bankers....that's a system which was primed from many years of policy preconditions resulting in a boom and the bust that had to follow. Expect BAC, C, WFC and JPM to muddle along and for the authorities to attempt to extract cash (the government is in fact desperately in need of it) in which case the populist threat swells with a littany of spurrious suits, then ebbs a while before going away entirely over the next several years.
At some level, if I were a BAC or a WFC Chairman, I would relish the thought of winning the majority of these suits. At some point, the whole "bankster" argument becomes ridiculous and the system has been purged "enough" and the rally cry from the sock-puppets (politicians) in the audience becomes a joke. Some people wiill not stop complaining until the whole system has collapsed. Since that's not going to happen, we must deal with the imerfections, and work with a system that while imperfect.....every passing day confirms that the USA still has the best one in place....save for those people lucky enough to be among the PIIGS.
Buy the bank bonds, preferred stock....and for real cowboys, buy the convertible preferred equity. Common need not apply.
Solutions Delivered Daily: shawnm@pamria.com
So BAC is being sued for 55 billion?
I know this a little OFF TOPIC but this really really needs to get out! Maybe Tyler will even post or talk about this, please!
This is written by Sibel Edomonds by the WAY!!
"I will go as far as calling the penetration of the Ron Paul camp by Bruce Fein ‘the greatest threat to Paul’s camp to date,’ and will make a solid case for this characterization based on glaring and alarming facts; facts and concerns shared by several loyal Paul advisors today.
Who is the real Bruce Fein? Why there are so many different versions of Fein – one contradicting the other? How do his real actions and intimate associations stand in stark contrast to Ron Paul?"
http://theintelhub.com/2011/09/02/the-greatest-plot-against-the-ron-paul...
Damn, not sure the UN could come up with that much money if they were facing nuclear blackmail. GS probably has it kicking around in the basement of an executive's mansion.
i love the smell of lawsuit in the evening - i hope i can wake up to some more on tuesday....
So let's assuming this goes to trial, or gets settled and Uncle Gorilla gets $200-400b from these banks. Wouldn't that only fuel the Federal spending for what, 20-35 days?
When they finished with the focus group of PO'd voters that pegged the angry needle, they decided:
Step 1 - sue them
Step 2 - discovery
Step 3 - publically vilify them
Step 4 - RICO
Step 5 - seize them
Step 6 - reset
If Bam etal is playing politics, then a post election settlement will be in order and this will all come to nothing just like the Microsoft suit.
If someone (and I cannot decide who that is) is serious, and wants to clean house, then the question is who, because we know it is not the Bamster. How far are they willing to go? If it is serious, then they better have deep pockets, balls of steel and be ready for the fight to the death.
sschu
nobody wants to clean anything, but BAC, as in "clean up"
my theory is that if the fix wasn't in, warren would not have made the deal, shortly after prez0 called him. but, i have no proof. then, shortly afterward, we get a motion to move to a "federal" jurisdiction, due to certain "aspects of the nature of the case". a motion. in a state court. which can be appealed all the way to the fuking supremes, just like the fla election case of 2000. really!
now this! more lawsuits! just more reasons to grant the motion to a "higher" venue for this "landmark" case. trust me?
if you think buffett is gonna do a $5 Bil (!) hard fuking money deal with these shitheads and lose, how about a nice bridge for the missus?
now, i'm probably wrong, again, but that's the most likely scenario according to my limited knowledge and understanding
tyler doesn't know one iota more here than elmer fuking fudd
question "authority"!
some day maybe you can honestly say, with me: people have made freaking fortunes fading my calls!
The huge rebound in the ponzi markets these past two years has been nothing but a means of restocking the money supply-"green shoots"- of the pension and 401k accounts so the banks being sued can collapse the markets again and pay the damages; with a few strategic, engineered, bank collapses (mergers) of course.
hii, my name is Lucaz ..
I live in the united states , Los Angeles
I have blog that I show for men..
http://lucazbrewz.mylivepage.com/blog/index
http://vigrxplusworks.inube.com/
http://www.tanning.com/members/view_content/LucazBrewz
http://lucazbrewz.createblog.com/blog/
VigRX Plus Penis Enlargement Pills
Welcome to http://www.replicabagsell.com .Our company was founded in 2004 and was committed to internet marketing businesses in 2006. Replica Handbags are always in a great demand and sells well. Recently, we launched some new and updated them on our website. Here you can find some scarce Cheap Christian Louboutin shoes, which were difficult to find from other websites. sac à main are also always in hotsale.
We have gotten many great comments from our customers and earn a good NFL jerseys reputation in foreign makerts, more than 90% customers are satisfied with our products and service, till now our online members NFL jerseys are beyond 80,000. As of right now, we currently serve customers from over Christian Louboutin 18 countries, and we are still growing. We really hope to expand our business through cooperation with individuals and companies from around the world.