Posted on 08/30/2011 5:28:11 PM PDT by WOBBLY BOB
The lawsuits against Bank of America are piling up.
The latest comes from Minneapolis-based U.S. Bancorp, which wants Bank of America Corp. to repurchase poorly-written mortgages sold by Countrywide Financial in 2005.
Bank of America bought Countrywide Financial Corp. in 2008.
The lawsuit, which was filed in New York on Monday, claims Countrywide sold U.S. Bancorp a pool of over 4,000 loans originally valued at $1.75 billion. U.S. Bancorp claims Countrywide ignored its own mortgage underwriting guidelines when issuing those loans.
According to the complaint, Countrywide agreed to repurchase loans within 90 days if any of the statements made in the loan contract wound up being untrue. Those statements included an assertion that the loans complied with the bank's underwriting guidelines.
(Excerpt) Read more at twincities.com ...
A.P. Giannini, the founder of the Bank of Italy ( in San Francisco) the predecessor to B of A is spinning in his grave over what his bank has become. The Bank of Italy was set up for the common man. Oh how far that notion has fallen with B of A.
He started spinning when B o A sold it’s good name to NATIONS Bank. Bad rep, lousey CS. ETC.
To bad, but hey they got into bed with the Dums, they should have expected to get raped.
When BofA get bailed out AGAIN, I would hope there will be an insider trader investigation of berry and “pay more taxes” Warren.
As a former BOA customer, I hope that bank crashes and fall.
Warren Buffet is getting 6% on his Preferred Stock.
Just looking at their “cost of funds” (what B of A is paying depositors) and it’s an astonishing 0.48%. Screw the public, but Warren gets his lucre.
Go here and type in Bank of America. It’ll bring up all the details of the bank.
http://www2.fdic.gov/idasp/main.asp
Damn, I forgot about Nations...
No 5/3 Bank is the worse.. I’m actually happy with Chase (I know that sounds strange)..
Stock will probably go up on the news. Each lawsuit = higher stock price.
It was bad enough federal regulators threatened them into taking on Merrill Lynch.
To Warren (Buffett) From The Taxpayers: Eat #@/t You Jackass
Karl Denninger
September 24, 2020
http://market-ticker.org/akcs-www?post=167422
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