BofA looks to sell toxic mortgages worth $1 billion: report

Reuters ^ | Dec 13, 2010 | Abhinav Sharma

[mdittmar]

Bank of America Corp has put up for sale at least $1 billion worth of toxic mortgage assets, the New York Post said on Monday, citing sources.

Bids are due by the end of December for the assets, which includes already written-off loans and mortgage-servicing rights, the paper said.

[mdittmar]

Hmm,what was that TARP thing suppose to do again?

[Frantzie]

BofA is a very pro-illegal alien bank. I hate that bank - criminals.

[allmost]

Bank of America has a reserved corporate suite in Hell.

[umgud]

I have some old check-books in a box in the garage. I wonder if anyone would buy them from me?

[WOBBLY BOB]

Bank of Amigos.

[Steely Tom]

Why, it seems like only yesterday that we were all being told how The Bank Of America was changing it's credit card application process to make it easier for people who didn't were here in the old Red White and Blue States and who woke up one morning and realized "hey, I don't have any proof that I'm a citizen of this great country, and, in fact, come to think of it, I'm not even sure I'm supposed to be here!" that The BofA, your friend through thick and thin, was gonna get you your very own MasterCard (used to be called BankAmericard, way back when Columbo was in it's first season), yes sir, not like those other nasty old banks that look at you like you're some sort of piece of garbage just because you don't happen to have a dumb old green card. Huh.

And now this. No good deed, right?

[Frantzie]

LOL! The idiots called me trying to picth one of their services. I never try to harass employees even when the NY Times used to call me trying to get me to subscribe. I would tell them that they could not pay me to take the paper.

The BofA lady was very nice. I said I would NEVER do business with her bank - EVER. She said why? I said you pander to illegal aliens and encourage illegal immigration.

[Frantzie]

How many billions in stuff bought by illegals on a BA credit card is back in Mexico and will enver be paid for? I bet a lot of it. How many tens of billions in mtgs on house bought by illegals who could not make the payments.

I loathe B of A.

[UCANSEE2]

Maybe we can trade it to CHINA for toxic wallboard.

[Rebelbase]

Let’s not throw the baby out with the bath water. A significant portion of BOA’s toxic mortgage portfolio was acquired from Countrywide.

[dragnet2]

Don't bank with BofA and Wells Fargo

Both these corrupt banks pander to and totally support this epic invasion of illegal aliens.

Lets hope these two banks go belly up fast...

[WOBBLY BOB]

They’re too big and illegal to fail.

(we’ll end up bailing them out)

[mdittmar]

Left both years ago.

[FromLori]

Throw the bums out!

A report by the Post today discloses that Bank of America, haunted by ongoing pressure in both the robosigning/fraudclosure scandals, and demands by the likes of Pimco and the New York Fed to putback billions of paper to the bank due to misrepresentations, is rapidly trying to dump $1 billion worth of toxic paper. One can only assume that this is merely another tactic by the bank to further confuse forensic tracking of who owns what in the multi-trillion whole loan/RMBS space, in which it has recently been discovered that few actually know and track who is the end owner (as opposed to servicer) of a large amount of mortgage paper. This follows comparable actions by Wells Fargo which recently announced it was spinning off its mortgage business as a separate division, as well as Goldman’s announcement it was seeking to distance itself from its Litton Loan mortgage unit. It appears the Plan B in case a broad settlement with the Attorneys General is not reached is to simply offload as much responsibility to someone else before the hammer finally falls. Then again for BofA this may be far too little too late: “As of Sept. 30, BofA owned more than $12 trillion in mortgage-servicing rights, down from $19 trillion last year. The bank owns and services mortgage assets totaling $2.1 trillion.”

Continue http://www.zerohedge.com/article/bofa-scrambling-dump-1-billion-mortgage-paper

No, The Big Banks Have Not “Paid Back” Government Bailouts and Subsidies

http://www.zerohedge.com/article/no-big-banks-have-not-paid-back-government-bailouts-and-subsidies

Barack’s Wall Street Problem is Now America’s

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

More On the Gifting of WaMu to “Obama’s Favorite Banker”

http://www.economicpolicyjournal.com/2009/12/more-on-gifting-of-wamu-to-obamas.html

http://www.nytimes.com/2009/07/19/business/19dimon.html';;

Top Contributors

Citigroup employees were Obama’s 7th-biggest contributor, giving $586,866

Other bailed-out banks, which have contributed to the inauguration fund, include Goldman Sachs ($44,500), JPMorgan Chase ($30,600), and Wells Fargo ($2,450).

Goldman Sachs employees were Obama’s second-biggest contributor, giving $884,907 to the candidate. JP Morgan Chase employees were Obama’s sixth-biggest contributor ($600,210). Morgan Stanley employees contributed $425,502 to the candidate.

http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638

http://www.mcclatchydc.com/2009/01/14/59707/bailed-out-wall-street-helps-float.html

Islamic Banking
J.P. Morgan’s Islamic Banking group is dedicated to developing new products and services that observe and respect Sharia-compliant ethical principles. Its main goal is to provide Islamic banking solutions to clients with increasingly sophisticated financing needs and requirements.

http://www.jpmorgan.com/pages/jpmorgan/emea/local/mena/isb

Shariah Compliant Banks

http://www.shariahfinancewatch.org/blog/shariah-compliant-banks/

[MinuteGal]

I banked with BofA only because my bank, Barnett Bank, was absorbed by it and I only had a checking account with them.

I've now closed out the account. I had received a rather harsh form letter from them last month informing customers (with some exceptions) that they had to now pay a monthly fee of nine bucks for the privilege of having a CA with them....and also in the letter a string of rules and regulations concerning new and enhanced monetary penalties if you so much as sneezed incorrectly while doing checking business with them.

I'm going to write a letter to them as to why I quit their business, but I still have to find some asbestos paper to write on.

One thing I'm going to point out is a do-good customer letter I received a number of years back crowing how they were now concentrating on helping the immigrants and underclass to get mortgages. I knew then that I wouldn't be long when they'd get stuck in the ga-ga.....and I was right.

CEO of JPMorgan Chase, Jamie Dimon, is also a board director of the Bank of America. He's a slimy liberal and one of Obama's best buds.

These politically-connected guys in the banking and investment business have interlocking directorships with each other, and take care of each other first....and their customers last.

I switched to a healthy local bank....and am treated like the Queen of Sheba.....nice little perks, respect and no threats.

Leni

[FromLori]

They also supported Acorn!

JPMorgan Chase Asked to Stop Funding ACORN

http://nlpc.org/stories/2009/09/15/jpmorgan-chase-asked-stop-funding-acorn

[LibLieSlayer]

I can just smell that the January wikileaks will be about boa... You can just feel it in the air.

LLS

[Terry Mross]

When they sell these mortgages will they use robo signers?

[dragnet2]

Me too...

When I saw big a$$ed banners hanging from the ceilings of BofA and Well Fargo in LA, in *Spanish*, telling all the illegals how they were making it easy for them to "Send money back to Mexico"....I about freaking choked....

I told them what an outrage that was and closed my accounts ON THE SPOT..

[dragnet2]

Don't bank with BofA and Wells Fargo

They also supported Acorn!

Yep

I not only don't like these banks, I don't like people that bank with these corrupt crooks.