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  #1  
Old 04-23-2012, 05:55 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
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Post Bank of America faced with $5 Billion First Quarter Buy-back Demands

http://www.thenichereport.com/articl...back-requests/
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Old 04-23-2012, 07:09 PM
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gregb gregb is offline
 
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Wonder if BAC is going to stop doing business with Freddie as well as Fannie. Will be interesting to learn what kind of reserves are set aside for the buy-backs, mostly "attributed" to Countrywide acquisition, which is only part of the story.
http://www.nytimes.com/2012/02/24/bu...-mae.html?_r=1
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Old 04-24-2012, 07:46 AM
Restrain Restrain is offline
 
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Countrywide was Fannie's biggest client and biggest problem. Prior to going into government oversight, there were no repurchases of Countrywide loans, per policy. Now all those chickens that BofA did not know about before it's purchase of Countrywide are coming home to roost.
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Old 04-25-2012, 07:51 AM
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Terrel L. Shields Terrel L. Shields is offline
 
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Comments from BOA at the time they bought CW


Quote:
" The execs liked what they saw. "I kept on getting reports back from people saying they are really good at what they do," he says. "They have great technology at the front end, they have great technology in their operations, and their people are very good at selling....
Whatever problems Countrywide had, he concluded, came from bad decisions at the top, not malfeasance on the ground. Once the deal closes later this year, Lewis pledges to do right by Countrywide's borrowers. "We will bend over backwards not to foreclose," he says. "We will find a way to work things out."





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Old 04-25-2012, 05:11 PM
Restrain Restrain is offline
 
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They didn't bother to ask people who actually knew what was going on inside Countrywide but were outside of Countrywide.
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