Bank of America Is in Deep Trouble...again! (loan, calculate, mortgage)

[Grandpa Pipes]

BoA is once again in trouble and I'll bet the taxpayer gets to bail them out again.

Bank of America Is in Deep Trouble, and There May Be Financial Disaster on the Horizon | Economy | AlterNet

[Oildog]

That link crashes when I open...

[nightbird47]

Originally Posted by Oildog

That link crashes when I open...

Didn't for me. Try again.

I just wonder when we stop believing that a bank is "too big to fail" and let them. Especially since the mess with Countrywide is mired in fraud. I have several friends who have taken their accounts out of B of A since everything you could possibly need to do now has a fee.

Way back in the 90's my ex and I got a call from B of A about refinancing. They quoted great numbers that would have made the low end of our adjustable rate morgage cheaper. But something bothered him about it and he dug up an old program he had that calculated interest. They called back, saying this was a limited time offer. We said we were thinking. He tried to call the "loan officer" at the bank but was told she was "no longer with them" to talk about how at the end of the loan there was a ballon using their numbers. Either they were "incorrect" or they were leaving something out. Needless to say we didn't take the offer but I'm sure some did. It was shocking at the time since B of A had a very good reputation. Not so shocking at all now with the full pattern emerging.

I wonder just *how* long banks haven't been doing these fradulant or decieving practices and just how rotten the core really is.

[HappyTexan]

Pretty rotten I'll wager. QE1 was nothing more than giving banks money in exchange for their bad paper. The banks then took that government money and bought treasuries with it at a higher rate.

When the printing presses go non stop and that newfound money NEVER circulates in the economy flags should go up. The money went to the banks and stopped right there.

The NY Fed is suing BofA because BofA gave the NY Fed mortgage paper as collateral for $$$$$
and the Fed has a fiduciary responsibility to US taxpayers to sue for payment on that paper they are holding.
And BofA has decided to sue the FDIC because it claims that the Countrywide mortgages it took over were bad and the FDIC didn't tell them.

You just can't make this stuff up.....

[maschuette]

I say let them fail and liquidate 'em

[HappyTexan]

Originally Posted by maschuette

I say let them fail and liquidate 'em

Not til the Fed gets their money back..actually OUR money.
Then let them fail.