Browsing articles tagged with " bank of america"
Countrywide Could Cost Bank of America $100 Billion
David A. Geracioti, editor in chief of Registered Rep magazine and RegisteredRep.com told CNBC Countrywide could cost Bank of America $100 billion - says loans they made were excrement:Yet it also has one big, fat albatross on its balance sheets: Countrywide Financial. Bank of America acquired Countrywide for $4 billion, a deal that has proven a huge headache not just in dollars and cents, but in terms of the bank's reputation. "Basically all the mortgages that Countrywide produced from 2004 to 2007 were excrement," Geracioti says. "The question is: What are Bank of America's liabilities from Countrywide? Some sayTagged bank of america, countrywide total cost
Where’s Ken Lewis?
Back in 2008, Bank of America's CEO Ken Lewis made the fateful decision to buy Countrywide for $2.5 billion. And he thought he was making a savvy buy that would make Bank of America the nation's premier lender. Oh how that turned out. Could this be the worst purchase in all of financial history? Perhaps so. The purchase hasn't turned out so good for Bank of America, despite what Ken Lewis said about Countrywide in 2008:
“Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive priceTagged bank of america, countrywide total cost, ken lewis
Bank of America Downgraded by Bank of America, Then Upgraded by Bank of America
In an unprecedented move, Bank of America's own internal analysts have downgraded their own bank citing concerns about the overhang of CountryWide and the increasing and seemingly never ending lawsuits surrounding its mortgages liabilities. "We just don't expect to see a solution worked out related to all of these lawsuits any time soon. We see this overhang continuing in the second half of this year, and we also think there are plenty of other banks without so much overhang that you would be better off buying," the analyst wrote in a market note. "Plus, Bank of America is not paying Tagged bank of america, downgraded, nonsense
Bank of America Sells China Bank Stake, Raising $8 Billion
So it finally happened. It's been talked about now for quite a while. Bank of America sold half its stake in China Construction Bank and raised $8 billion in doing so. Now, with Buffett's $5 billion infusion, in just a week or so, BofA has raised $13 billion. That wasn't too hard. Tagged bank of america, China Construction BankWarren Buffett to the Rescue, Again
He helped save Goldman Sachs in 2008 with a $5 billion loan, and now Warren Buffett helps save Bank of America with the purchase of 50,000 preferred shares at $100,000 a piece - another $5 billion loan. The preferred stock has a dividend yield of 6% and BofA has the option to buy back the shares at any time for a 5 percent premium. Sure, it's not the 10% dividend yield he got when he loaned Goldman Sachs money, but it's a win win for Buffett, as it only ensures that his top bank stocks, Wells Fargo and U.S. Bank, Tagged bank of america, loan, resuce, savior, warren buffetBillionaire Carlos Slim to Save Bank of America?
Could billionaire Carlos Slim, the world's richest man in the world, come in and save the biggest bank in America? The Mexican CEO of telecommunications companies Telmex and América Móvil sure has the resources. Either way though, it seems like something like this, a loan from a Warren Buffet type or a big share purchase by a guy like Carlos Slim, is what it's going to take to stop the assault on BAC's stock. What do you think? Is Carlos Slim the man to save Bank of America? CNBC's Jim Cramer thinks Slim might be ready to doing something like Tagged bank of america, Carlos Slim, jim cramerBank of America Says Henry Blodgett Is Making Exaggerated & Unwarranted claims
Now it's starting to get interesting. And it's about time Bank of America started to stand up for themselves if there's any reason to stand up for it. If they don't, everyone is just going to keep piling on and hammering the stock like they did in 2008. The shorts are happy to spread fear and make the stock go lower if BAC doesn't do something to stem the tide. And attacking Henry Blodgett is pretty funny, especially given his past history. I'm guessing he was an easy target. But it's nice to finally get something from BAC. Statement from Larry Tagged bank of america, Henry BlodgetCramer’s Thoughts on Bank of America at $6.50 a Share
On Mad Money tonight Cramer was tight lipped in many ways regarding Bank of America's stock, especially for Cramer, who's usually full of excitement and energy when he makes a call on a stock. One could even say he was curt and to the point. On the Lightning Round Cramer had this to say about BAC: "Don't like financial stocks right now, including BAC." For a stock he touted as one to own maybe just four or five months ago, Cramer has since come to his senses and reversed course on Bank of America. With all of the CountryWide issues and lawsuits Tagged bac, bank of america, cramerWhy Bank of America Hit Another 52 Week Low of $8.03
Reuters Pictures Bank of America, the largest bank in the United States, just can't escape their purchase of CountryWide and the rest of their bad mortgage loans. The stock of BofA (BAC) hit another 52 week low of $8.03. $BAC Just this week the stock is down 16% and for the year it's down 40%. Painful if you're long, lovely if you've short. Now their settlement over a good number of these loans for $8.5 billion is going to look more like $20 billion. And it also looks like Fannie Mae and Freddie Mac are asking for more money Tagged 52 week low, bac, bank of america, issue shares, lawsuits, raise capital, settlements
Will Bank of America Have to Raise Capital?
The big question for Bank of America is whether or not they have to issue more shares to raise more capital. And that's the question that seems to have been asked for the last year. Now, after their most recent quarter, it's still the biggest question. CEO said No, which for many investors means Yes. The stock hit a new 52 week low of $9.40 per share. These new 52 week lows seem to be happening every day this week. From the WSJ:Bank of America Chief Executive Brian Moynihan remained adamant Tuesday the bank has no intention or needTagged bac, bank of america, capital raise, issue more shares
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