Posted on 10/25/2010 10:23:38 AM PDT by blam
Bank Of America Getting Crushed In Trading That's Scarily Reminiscent Of Pre-Crisis Days
Joe Weisenthal
Oct. 25, 2010, 12:39 PM
And there goes Bank of America again.
Both it and JPMorgan are getting crushed right now, as concern about foreclosures and mortgage putbacks continue to weigh on the megabanks.
There's something about Bank of America's action that's particularly nausea-inducing. It's the relentless selling -- all headlines not withstanding -- that suggest the market knows something or thinks something that nobody can voice about how bad this will get.
Some comments from Sheila Bair -- via ZeroHedge -- about how the mortgage mess will be costly, are clearly not helping.
Click here to see Manal Mehta's guide to Bank of America's mortgage exposure >
[snip]
(Excerpt) Read more at businessinsider.com ...
A clueless question from me .. what will happen to people who had countrywide mortgages way back when which now have Bank of America Mortgages?
There appear to be only a couple of ways out of their current mortgage conundrum, neither of which is too appealing.
Either the mortgages remain in limbo and millions of people continue to live for free in houses without clear title, perhaps leading these banks to cut deals with them on a future mortgage at a fraction of the price of the original, or the Government passes a law saying it is OK to use phony forged paperwork, which will likely touch off CW II.
Holy shiite!! From 12.40 to 11.20 in 5 days! It’s getting crushed! /s
Great question, as I’m one of those.
Oh, and BOA sucks. When I was mortgage shopping I avoided them like herpes, and then voila - they hold my mortgage.
Well lol who could have seen that coming what with all the class action suits being filed now and even the NY Fed wanting some of the mortgages bought back and investor’s looming at the door sarc.
(rolls eyes) What is it with folks thinking that something like this is going to start a Civil War? I mean, sure, it sounds dreadful and exciting, but come on....
There you go ... reading the scales on the plots. You know a good alarmist would never stoop so low as that.
I have the numbers of all mortgage lenders in our metro area; and was shocked to see how low their market share had dropped to.
Really? Who’s picking up the slack? Local, smaller banks and credit unions?
$10 very minor support...may go to sub $5 once again.........................................
BofA: The Illegal Aliens Bank
I wouldn’t buy stock in this criminal enterprise for a nickle a share.
Unintended consequence still coming..title insurers are in big trouble..many will fold..owning one used to be viewed as a license to print money...and many will stop writing until this mess is straightened out..which will kill any RE recovery..
Well, they say they do.
Exactly - you took the words right off my keyboard!
” what will happen to people who had countrywide mortgages way back when which now have Bank of America Mortgages?”
The forclose on them just like any other, I bought one 3 months ago.
“What is it with folks thinking that something like this is going to start a Civil War? I mean, sure, it sounds dreadful and exciting, but come on....”
Standard exaggeration.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.