Tag Archives: bank of america

Bank of America Closes Down A Lending Division

Bank of America today saw its stock price fall below $6 for the first time since the crisis of 2008. Bank of America is trimming and selling off much of its troubled lending program, particularly in the mortgage sector. Unable … Continue reading

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Bank of America Stability Threatened By Rising Foreclosures

The foreclosure rate has taken a dramatic tick upwards. This puts downward pressure on home prices which in turn causes more foreclosures. Flooded by foreclosed properties, which cost banks on average more than $40,000 each, banks have taken their time … Continue reading

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Is Bank Of America The Rich Man’s Bank?

Bank of America started as the poor man’s bank in San Francisco. It was for Italian immigrants and then it spread out. Then Bank of America made a massive number of bad loans to Latin America and looked in danger … Continue reading

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A Bet On Bank Of America Is A Bet On Housing

That’s a line I just heard on CNBC (9:40 am PDT). Bank of America and Wells Fargo are disproportionately in the mortgage market. Meanwhile, home builder stocks are hitting record lows. Problems in housing are going to plague earnings for … Continue reading

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Bank of America Stock Weighed Down By Bad Mortgage Loans

Bank of America is still digging out from its 2008 purchase of Countrywide. In 2011, the bank has spent about $30 billion settling mortgage claims. Subprime lending was the largest cause of the housing crash and Countrywide was the largest … Continue reading

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Will There Ever Be A Foreclosure Deal?

OK, we know that banks were not perfect in processing foreclosures. They were overwhelmed with the number. They’re losing an average of at least $40,000 per foreclosed home. Still, I don’t know of anyone who’s made his payments who’s been … Continue reading

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Goldman Sachs Getting Sued For Junk Mortgage Securities

Goldman Sachs apparently recommended to many of their clients in 2006-2007, to buy into junk mortgage securities that Goldman Sachs was simultaneously betting would go short. There are trillions of dollars depending on the following civil cases. Report: This all … Continue reading

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Betting On Banks With Big Mortgage Portfolios Have Proved To Be Bad Bets

Bank of America and Wells Fargo have disproportionate share of their assets in mortgages. Hence they are more vulnerable to the downturn in the housing industry that has swept through the United States since 2007. Here’s one billionaire trader who’s … Continue reading

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America’s Biggest Bank Is Bank Of America

Bank of America become so big thanks to some unwise acquisitions in 2008 — principally Countrywide and Merrill Lynch. The Countrywide purchase made Bank of America the nation’s largest supplier of mortgages but this came at a huge cost. Bank … Continue reading

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Major Banks Allowing For Mortgage Modifications

Mortgage modification is a great phrase among politicians. They see problems like the foreclosure wave and they want a quick solution. Hey, why not push banks to modify mortgages so that there will be fewer foreclosures? This is phase-one thinking … Continue reading

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