Bank of America Going Belly Up!

That monster needs to die. I'm sure they'll sell the mortgages in a last ditch. I doubt people will just suddenly own their homes. The FDIC might have to take them over to pay all the people with mnney being held by the bank when they close.

First the Hostess thing and now this!

I'm sure they will be bailed out....again.
I currently have a lawsuit in progress against them.

Edit: I better stay out of this.

If BoA were to go kaput, the assets would be sold through bankruptcy proceedings, most likely in large packages to various other banks and servicers. Nobody will magically own their home free and clear because the bank goes out of business.

The market is very soft where I am but some houses are selling.
BoA has for forced decent hard working people out of the homes and into the streets while literally lying and stealing their homes.
Am I concerned about those who work there losing their jobs? Not any of the ones I have had to deal with in the past few years because they have all been liars and thieves. They even sent a letter to my congressman lying about conversations we had.
All my lawsuit with them is about is to make them prove what they claim or back the hell off.
Which,they won't be able to prove because they lied.

Be nice to see people protesting for prosecutions like they did in Iceland. I'm kinda sick of hearing people bitch, and then when you ask them to activate, they don't care. It's not one wonder to me why we're in the crapper.

I have never heard this expression: "The dead cat bounce" - can someone elaborate? Where did this saying come from? (origination) I must be old...I still say "cool dude" -and THAT was something I had to accept as "normal language"...

(my mind is spinning to the possibilities! :rolleyes


*btw: I still love being called Dude these days, since I am an official 'Dudist' - I even have a document of 'divinity'...

I'd never heard of it but our friend google helped out>
Dead cat bounce - Wikipedia, the free encyclopedia

Headline: BOA is DOA

Well.. on the plus side...it's about time...,that I stop paying my student loan...

Don't get your hopes up! The FDIC and the SPIC(?) are supposed to insure funds, etc... OBVIOUSLY, they have to handle BOTH sides! They not only pay for funds held, but dissolve assets.

What happens with the mortgages is the same that happens with everything else. They are sold to ANOTHER entity. So you may go to sleep with a mortgage held by BofA and wakeup with one held by Wells Fargo. Fixed is fixed though so, in that case, the terms may not change. The address and account number MIGHT also stay the same.

Steve

BofA bought MBNA and, in my opinion, that is when their credit cards and maybe their entire credit department took a nose dive. I then had accunts with BOTH! My BofA cards started getting treated like MBNA at that time.

Steve

Hard to accurately comment on a thread like this because it becomes political really quick. Truth is, lots of the big banks are insolvent. If they didn't have the power to literally create money from thin air via the fractional reserve banking Ponzi Plan I'd bet 90 percent of them would be gone in a month.

Maybe BOA will go belly up. I hope that doesn't interfere with the BOA execs getting their multi million dollar performance bonuses. That would make Christmas really hard on 'em. :rolleyes:

that's bold statement for a bank w $2t in assets and $1t in deposits. i don't think we're looking at a dead cat bounce at all. it's def difficult to predict the market, particularly in this economic environment and even more so when you're talking about financial institutions, but boa still has significant financial resources and rev gen potential. boa is somewhat unique in the sense that it's on the forefront of a few large legal battles, subject to ever changing legislation, etc, and as such there's def cause for concern, but calling it a "dead cat" at this point may be a bit premature. a common sentiment is that boa is the source of all that is evil and we should rally to defeat the beast, i get that, but when making a judgment call i tend to look at all available data and decide based on what is the most likely outcome, not simply on what i might want to happen. that being said, i actually like boa. have a few accounts with them, including my mortgage, and they've always done right by me. that's not to say i don't understand the concerns of others, i do, and feel those concerns are valid. personally however i don't want to see boa fall. just my $0.02.

here's what a few analysts are currently saying (not all positive but not all negative either)...

Bank of America outpaces peers on analyst upgrade
November 19, 2012
Bank of America outpaces peers on analyst upgrade - Businessweek
Shares of Bank of America outpaced other financial stocks Monday, climbing 4 percent after an analyst raised the bank's rating, sayings its earnings-per-share growth over the next two years will likely be better than the other large banks, as declining operating expenses offset slow revenue growth.

Bank Of America Is Heading South For The Winter
November 15, 2012
Bank Of America Is Heading South For The Winter - Seeking Alpha
From the Bank Of America litigation news, current financials and stock price chart I can see that Bank Of America will gradually drift down into the $7 range again, maybe even touch the high $6 as it has in the past year. It will then stop its decent, because of its Tangible Book Value (TVG) of $13.48, its Tier 1 common capital ratio (11.41%) and improving long term debt. The $20-$53 billion in lawsuit claims and weak revenues and low net income will keep Bank Of America's stock from going above the $10 range for at least the next year or two. Bank of America is a great company in the long term with $1 trillion in deposits. If you want to acquire Bank Of America I would wait like I will for the stock price to drift down before investing. Exit your Bank Of America position when the stock nears the $10 range if the litigation is still as monstrously high as it is now or if the government implements further restrictions on Bank Of America's business practices.

Bank of America Could Almost Double as Payout Rebounds
Nov 8, 2012
Bank of America Could Almost Double as Payout Rebounds - Bloomberg
Nov. 8 (Bloomberg) -- Bank of America Corp.’s stock could almost double in three years as capital improves, operating costs decline and mortgage risks ease, according to Ed Najarian, banking analyst at ISI Group. Najarian changed his rating to buy from hold, saying in a note to investors yesterday that Bank of America may be able to buy back common shares sooner and in greater amounts than he expected. The dividend, now 4 cents a share annually, could jump to an annual 20 cents next year and 40 cents by 2015, ISI wrote. The stock buyback could amount to 11 percent of common shares over the next three years, “and that outlook could easily prove too conservative,” Najarian wrote.

Bank of America Gets an Upgrade on Profit Ability
November 19, 2012
Bank of America has a chance to beat its peers in growing earnings. Stifel Nicolaus upgraded Bank of America today to a buy and gave the stock an $11 price target, saying it has room to post the biggest earnings growth amid big-cap financials if the low-interest-rate and tepid-loan-growth environment continues. “For example, our estimates project a 30% EPS growth rate in 2014 for [Bank of America] versus a median increase of less than 5%” for the rest of the sector, the analysts said.

As for "toxic" loans - by the way -

What may actually be the death knell of BofA was caused in large part by stupid, greedy pricks @ BofA NC buying Country Wide Financial - THEY WERE the imbeciles with all the bad loans to illegal immigrants and people who couldn't afford to rent an apartment, having a mortage.

This is in large part how BofA got so many of its problems - then there was the failing Merrill Lynch - that added to the negative income when they bought that.

I don't blame anybody for being mad at them now - but I still have to stress that BofA USED to be - when HQ was still in CA where it was born over 100 years ago, a wonderful company that built many homes for poor people - free - and performed many other community services.

The creeps at NATIONS BANK WHO BOUGHT BOFA FOR PENNIES ON THE DOLLAR ARE RESPONSIBLE FOR ALL THE DIRTY DEALS.

... AND incidentally wishing for the employees to be begging on the streets is really beyond contempt - I hope the same thing happens to you. (since these people are merely working for 'the man' - trying to survive just like we all are.) They may sound merciless and incompetent but they are just following the rules and trying to keep their jobs.

Incidentally these are the people suffering because of bad decisions - when you lay off half the people, the people left standing have double the work (@ the same salary). They inherited all this trouble and people's anger (justifiable) is directed at the employees, day in and day out.

I can tell you after a while of being attacked on a daily basis, your attitude changes - where I really want to help, it is very difficult to deal with angry people all the time and it gets so that I am stressed after only 10 minutes right off the top of every day. It's a bummer. So just try to imagine being in their shoes.


Look at How Much Countrywide Has Cost Bank of America - Deal Journal - WSJ

The big banks have a lifeline from the Treasury and the Fed, which guarantees the bailout never stops. It's all funny money. Eventually all this new money triggers an inflationary fire that could burn the goose that lays the golden eggs. Everyone loses.

Funny kurt, I don't even eat balogna anymore.

Steve

Good riddance. They're pretty horrible.

DID YOU KNOW?

Bank of America Foundation awarded $22 MILLION IN HOUSING GRANTS TO NON-PROFITS IN 2012 ALONE?

Bank of America | Find Funding and Resources

Bank of America Charitable Foundation Funding Priorities

(THIS DOES NOT EXCUSE THEIR 'ERRORS' (OR LIES) ) but nobody is all bad and of course I hope they will make good to alleviate all the suffering.

All I am saying is 'don't throw out the baby with the bathwater'.

Long before any of this happened BofA had been very generous to local communities - they are merely continuing what they have always done.

... and please don't bleed on the rug -

Nobody asked you to bleed.

Just consider that BofA is not all bad.

Consider that if you and others get your big wish 275k more people will be out of work.

Do your bleeding for them.

One thing people never seem to consider is that actions that lead to the destruction of te economy will eventually hurt THEM! That is true even if they are the only owner of a bank holding company. Who cares if you have 20Trillion if nobody is there to accept it, etc... In the 1930s, $3000/year was a lot of money. TODAY, it won't even cover the payments on a new car and insurance. In the weimar republic, it is rumored that people were paid twice a DAY so they could get to the store before the value dropped MORE.

Steve

Here's a wonderful website on how Bank of Americunts suck.

bankofamericatv.com

bankofamericasucks.com

Yes they should be in prison.
They are still lying and stealing from people.
And the government still heaps them steal and buse us.
My state has a class action lawsuit against them but they make you jump through so many hoops it is almost impossible to do anything with it.
I do now have a lawyer that is talking to them in my place and they are screwing with him too.
He requested documents about some payments they claimed were missed and they sent him a list of payments,but for some strange reason the documents he asked for were the only ones not in the package.
Go figure.....

Still, the real value of a property ******DROPS****** over time. That is even FASTER if the property is unoccupied! Don't believe me?

OK, I had a customer. I mentioned them before, but will leave their name out of it here. I happened to have met the person that created the deal. They moved from their old building in virginia to Washington DC! WHERE? Literally RIGHT ACROSS THE STREET from the US whitehouse. Maybe you've heard of it? YEP, ONE street between the two! Anyway, the place takes up about 1 full city block, is several stories tall, has a few main buildings, marble, etc.... so how much did it cost them? If I told you, you wouldn't believe me! In fort wayne there are TINY dilapidated 1000sf or less foreclosed homes that cost MORE! I wish I had such a deal! I would even have been willing to pay 1000 times as much, and it STILL wouldn't cost as much as those foreclosed homes. I could stay in the smaller building(Big enough to make into a small apartment building!), and make a fortune leasing out the others.

WHY did they get it so cheap? Because it was practically worthless, an eyesore, and historic. They simply had to agree to get it back in shape. They DID, BTW.

Let's take MY place as an example. I had to repaint it 3 times already(bout $2K each time). I had to replace the sump pump(about $1K) and waterheater(about $1K). I had to clean the heater maybe a dozen times(Free for me, but the HVAC guy would have charged maybe $600). Any one of those things failing could have brought the $300K property down to about $54K(The value of the land).

Steve