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Reuters: Boa Needs $34billion.

Discussion in 'General Real Estate and Real Estate Finance' started by Mike Kennedy, May 5, 2009.

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  1. Mike Kennedy

    Mike Kennedy Elite Member

    38
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    http://news.yahoo.com/s/nm/20090506/bs_nm/us_bankofamerica

    28 mins ago
    WASHINGTON (Reuters) – Bank of America (BAC.N) has been deemed to need an additional $34 billion in capital, according to the results of a government stress test, a source familiar with the results said on Tuesday.

    A Bank of America spokesman declined comment.

    The amount is far higher than published reports had speculated the largest bank might need. It is certain to increase the pressure on Chief Executive Kenneth Lewis, whom shareholders ousted as chairman last week.
     
  2. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    135
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    A zillion here a zillion there...Uncle Obama gonna take care o' me.
     
  3. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Of course they won't need any additional funds. At least not for a month or two.

    Can the government please shut down at least one of these giant zombie banks??
     
  4. Jonah

    Jonah Junior Member

    0
    Mar 22, 2006
    Professional Status:
    Licensed Appraiser
    State:
    Utah
    ^ You read my mind.
     
  5. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I guess we should stop criticizing the large zombie banks. :new_cussing:

    They, (along with GM and Chrysler), are the new GSE's.

    If they need more tens of billions to stay afloat, then they get it. End of story. :new_squarecycle:
     
  6. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    $34 Billion is no problem, it just means AMC appraiser is now only going to get $75 for the full 1004 w/ MC,. Oh and there will be a $25 fee paid by appraiser per appraisal transmitted.

    See simple solution....:icon_mrgreen:
     
  7. PLCG

    PLCG Member

    0
    Jul 12, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    Aw, you're just cranky because none of us is too big to fail! :new_all_coholic:
     
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