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« CBO And The Pentagon Are LYING - New Brown University Report Pegs The Real Cost Of Current Wars At $4 TRILLION | Main | CNBC: Weisenthal Pushes $1 Trillion Dollar Coin »
Wednesday
Jan092013

Bank Of America's $12 Billion Fraud Settlement With Fannie

"We thought this would be dragged out at least another two years."

Good discussion yesterday on Bloomberg.  FBR banking analyst Paul Miller on BofA's agreement to pay Fannie Mae $11.7 billion to resolve home-loan repurchase claims.

---

BofA Settles Fraud With Fannie Mae For $12B, Moynihan Escapes Countrywide

Bloomberg

Bank of America will make a $3.6 billion cash payment, spend $6.75 billion to buy back residential loans sold to Fannie Mae, and pay $1.3 billion in fees for taking too long to assist or foreclose on overdue borrowers, according to separate statements.  Even after these costs and an additional $2.5 billion for expenses that include litigation and a separate regulatory settlement, the Charlotte, North Carolina-based lender said the fourth quarter was “modestly” profitable.

It’s the latest effort by Chief Executive Officer Brian T. Moynihan to cap the damage caused by his predecessor’s takeover of Countrywide Financial Corp. and its defective subprime home loans.  Before today, the bank committed more than $40 billion since 2007 to cover the costs of refunds and litigation tied to faulty mortgages and foreclosures.  Much of that sum went to the government-sponsored entities of Fannie Mae and Freddie Mac.

“This does put the GSE stuff behind it,” said Paul Miller, an FBR Capital Markets Corp. analyst who has a hold rating on Bank of America shares. “We thought this would be dragged out many years, or at least another two years.”

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Reader Comments (6)

All the TBTF,Wall Street, Real Estate frauds,NDAA, Paper collateral backed by more paper collateral throughout the Global Economy.
Not to worry, things could get worse.

http://www.youtube.com/watch?v=Ina16XSJQvM
Jan 9, 2013 at 3:06 AM | Unregistered CommenterTR
TR

Since I don't have 47 minutes to watch that, why don't you give me a quick summary.
Jan 9, 2013 at 4:29 AM | Registered CommenterDailyBail
All the crooks are walking free with pockets full of money.
Tens of thousands to millions of americans who believed the american dream lies of the elite manipulators have had their futures stolen. The government that is supposed to represent and protect their interests has done exactly the opposite and backed the criminals. Now these pillars of crime and corruption want to take away our firearms.
80 percent of the people in this country have no confidence in the government to fix the present problems it caused. 70 to 80 percent believe the government is completely corrupt. If they try to disarm the american people by regulation or force they will start an armed insurrection that will eventually involve the whole country. Americans will fight before they let a corrupt, criminal establishment disarm them.
Jan 9, 2013 at 11:52 AM | Unregistered CommenterSagebrush
Well stated, Sage.
Jan 9, 2013 at 12:25 PM | Registered CommenterDailyBail
Thumbs up Sagebrush!


Obama Said to Name Jack Lew to Replace Geithner at Treasury

http://www.bloomberg.com/news/2013-01-09/obama-said-to-name-lew-tomorrow-as-choice-to-replace-geithner.html

Jack Lew MUST NOT Be Treasury Secretary


Bet you didn't know what's hidden in The Gun Control Act of 1968.

The Treasury Secretary is vested with the right to ban importation of any firearm he finds "does not have a sporting purpose."

more

http://market-ticker.org/akcs-www?post=215794

Reality Check: Piers Morgan vs. Alex Jones, and the truth about gun homicide rates

http://www.fox19.com/story/20538164/piers-morgan-vs-alex-jones-the-truth-about-gun-homicide-rates

hahaha lock me up or hey with this diagnosis people could probably get $$$ :)

Fear of Tyranny Is Now Treated As A Psychiatric Disorder In The West

http://disquietreservations.blogspot.co.uk/2012/04/fear-of-tyranny-is-now-treated-as.html

Over 8 Million Collected Social Security Disability Benefits to Hit the High Record

http://disabilitynews.com/social-security-disability/over-8-million-collected-social-security-disability-benefits-to-hit-the-high-record/

The Chuck Hagel Bankster Connections

http://www.economicpolicyjournal.com/2013/01/the-chuck-hagel-bankster-connections.html
Jan 9, 2013 at 12:41 PM | Unregistered CommenterLadyLiberty
And how many $$$$ have the American public lost to the TBTF and associates? How much more will the taxpayer have to cough up that the banks didn't have to, compliments of the "O" and his DoJ?
Jan 9, 2013 at 4:45 PM | Unregistered CommenterNorman

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