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  #1  
Old 06-29-2011, 08:10 PM
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SutnNC SutnNC is offline
 
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Default BOA sets aside $14 billion to cover mortgage losses

Sign the contract.......


http://www.newsobserver.com/2011/06/...-mortgage.html
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  #2  
Old 06-29-2011, 09:40 PM
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OSU Beavers OSU Beavers is offline
 
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I thought it was 18.5 Billion?
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  #3  
Old 06-29-2011, 10:09 PM
panappr panappr is offline
 
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Originally Posted by OSU Beavers View Post
I thought it was 18.5 Billion?
Good I hope their losses exceed that amount..... I have no sympathy due to their behavior.... Robo-signing please....
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Old 06-30-2011, 06:59 AM
Jim Hill Jim Hill is offline
 
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Default Hedge Funds will get a large chunk!

The crazy part of this is how much of the money will is going to large hedge funds who should have known better.

These are not your average consumers but savvy investors who do this every day and make billions doing it.

I remember when John Thain who was the head of BOA at the time purchased Country Wide I wondered what he was thinking.

Jim Hill
  #5  
Old 06-30-2011, 07:42 AM
Jim Bartley Jim Bartley is offline
 
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The total set aside is $20.6 billion: $8.5b for the settlement, another $5.5b for future buybacks, and $6.6b for lawsuits, robo signing, etc. They could face another $7.4b in fines from regulators. All told, it will cost them north of $30b.
  #6  
Old 06-30-2011, 08:40 AM
Tom Barclay Tom Barclay is offline
 
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Originally Posted by Jim Bartley View Post
The total set aside is $20.6 billion: $8.5b for the settlement, another $5.5b for future buybacks, and $6.6b for lawsuits, robo signing, etc. They could face another $7.4b in fines from regulators. All told, it will cost them north of $30b.
Unfortunately, it isn't going to end up costing BoA a dime. It's the American consumer that will foot the bill, from the bailout to increased fees.
What I hate to see is the part of the settlement going to Goldman Sachs, probably as responsible as any participant in the whole mess.
  #7  
Old 06-30-2011, 09:39 AM
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Review work is obviously still moving forward, that's how they buyback requests gain traction. One day, possibly, the cost of these requests will exceed some other factor, and the various banks dealing with these issues may reconsider their model. Until then... What's new? There is TARP money still unallocated. Think this is what they left it for?
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Old 06-30-2011, 12:32 PM
Randy G Randy G is offline
 
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How much of that is per appraiser? You know, the one's that signed the agreement?
  #9  
Old 06-30-2011, 04:02 PM
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SutnNC SutnNC is offline
 
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How much of that is per appraiser? You know, the one's that signed the agreement?
Funny.....as I am sure you know the agreement is enforced from the agreement date forward. However, this does set the stage for the future leap frogging of what (all or part) would fall on their shoulders.

They have it pretty daamn good.......a whole lot of reward with a little bit of risk. Guaranteed returns are said to be "a fraud all of the time" unless of course, "the chosen" have the gov't in their hip pocket (what a nightmare).

If you're not in an state with an AMC law forbidding the whole indemnity/hold harmless and have signed, you better hide your children .

It'll only be a matter of time before they want/demand something else of you. "Corporate folding," great stuff.
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