Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said. http://www.bloomberg.com/news/2010-...-bank-of-america-repurchase-of-mortgages.html
fucking hilarious. see the vipers squirm as each tries to get out from the other. what will REALLY make me giggle is if Obama's promise on the whole dodd-frank bill (remember when he signed it he said) of "this means we'll never have to do another bail out again". lol! riiiiiight. sorry, shitbird. unless you plan on letting bac and the others go down in flames (never happen), youre gonna have to step to the plate again.
Wall St. is over. Already , in banking, they are cutting the vig in underwriting mortgages, and people are screaming. How long before the politicos put the noose on all these guys, and cut the fees and vig in all product lines, underwriting and trading? The outrage is so widespread it will have to happen to everyones' detriment. However, they asked for it. After running the country in the ground for the umpteenth time, they showed no remorse, and continued the charade. We need some serious jailtime, and an overseer that is tough, and remains dogged in pursuit of whitecollar guys. Isn't it amazing we spend billions on defense, and track down GI's accused even wrongfully of some war crime on an individual basis, and that is correct policy, but when a few guys steal a trillion, destroy lives, homes, jobs, and companies, nothing is done? Wow. How much money is in little white envelopes, or Berlize bank accounts. I'm hearing in excess of 10 trillion, gone forever.