Tuesday
Oct262010
A European Lynch Mob Is Coming For Bank of America
The latest ugly news for Bank of America is actually coming from Europe, where big institutional money managers and other mortgage securities buyers are now beginning to organize for an assault.
From John Mauldin -- This week he devotes a lot of his letter to testimony that seems to prove that big banks like Citigroup (C) and BAC were negligent and even willfully careless in underwriting subprime mortgages. He also reports on some new ominous developments brewing overseas and that law firm Quinn Emanuel Urquhart & Sullivan, which specializes in going after money center banks, has been hired by Fannie Mae and Freddie Mac parent, the FHFA, to focus on mortgage putbacks.
Oct 26, 2010 at 6:57 AM