Hahahaha! They’re trying to claim they reviewd all their foreclosures in progress since this story broke?! And they think someone believes this?!
They hired Robo-Reviewers.
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Sorry Folks, The Put-Back Apocalypse Ain't Gonna Happen
“The Financial Modernization and Stability Act of 2010”, etc.
It’s not really over...
There will be lots of lawsuits snippet
Analysts differ in their cost estimates. Compass Point Research and Trading LLC’s Chris Gamaitoni estimated in August that lenders may suffer as much as $179.2 billion in losses tied to soured mortgages they will be forced to repurchase from mortgage-bond insurers and investors. Last week, Mike Mayo, an analyst at Credit Agricole Securities USA in New York, estimated a cost of $20 billion for repurchases when including government- sponsored entities Fannie Mae and Freddie Mac. Goldman Sachs Group Inc.’s Richard Ramsden said a worst-case scenario would be $84 billion, while Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia, said it could cost the banks as much as $91 billion.
‘A Lot of Uncertainty’
“There’s a lot of uncertainty surrounding what the eventual cost of mortgage repurchases will be,” Deutsche Bank AG analysts led by Matthew O’Connor wrote in a note last week. “The bad news is we (and the banks) won’t know the answer for some time. The good news is the banks should have time to absorb the losses.”
Bank of America, JPMorgan and Wells Fargo have the most at stake, O’Connor wrote.
Citigroup today said third-quarter profit rose to $2.17 billion, beating analyst estimates, as it reduced loan-loss reserves. The New York-based bank set aside $322 million to repurchase mortgages, compared with $347 million in the second quarter. Bank of America, which has halted foreclosure sales in 50 states, is scheduled to report third-quarter results tomorrow, and San Francisco-based Wells Fargo will announce results Oct. 20.
‘Messy Process’
Oh and about the citi fraud profit not so much
Citigroup: Essentially ZERO Actual Profit
http://market-ticker.org/akcs-www?post=169494
I can’t stand citi knowing how they paid off obama
Citibank Top Donor to Obama Inauguration:
http://nalert.blogspot.com/2009/01/citibank-top-donor-to-obama.html
http://online.wsj.com/article/SB123146096981566339.html
Of course jp morgan’s been his buddy for years in Chicago
http://www.nytimes.com/2009/07/19/business/19dimon.html
This is why you won’t see obama do anything lol $$$
http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/
This is so he can look tough
U.S. stakes out ‘robo-signing’ strategy
No moratorium, but problem servicers will face ‘full force of the law’
http://www.inman.com/news/2010/10/18/us-stakes-out-robo-signing-strategy
Smells a little fishy. And as I understood it, the issue was not so much that the foreclosures were justified, but that BOA did not follow proper legal procedure. That being the case, it seems to me that BOA would have to redo each foreclosure following this proper procedure. That certainly hasn't happened in this length of time.
“Hahahaha! They’re trying to claim they reviewd all their foreclosures in progress since this story broke?! And they think someone believes this?!”
I’m not saying I believe them or not, but they probably did a sample of the mortgages, to see how severe the title and paperwork problem was...