Browsing articles tagged with " bank of america"
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 say
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 price
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
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
Bank of America Chief Executive Brian Moynihan remained adamant Tuesday the bank has no intention or need
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