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Wednesday
Aug312011

IT NEVER ENDS - U.S. Bancorp Sues Bank Of America Over $1.75 Billion Pool Of Fraudulent Countrywide Mortgages

Yes, another lawsuit related to Countrywide.  When are BofA shareholders going to sue former CEO Ken Lewis for leading the worst corporate takeover in U.S. history.  Here's a rundown of the recent stories involving BofA lawsuits:

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Forbes

U.S. Bancorp, one of the nation’s biggest banks, became the latest large financial firm to sue Bank of America, filing a lawsuit over $1.75 billion of mortgage loans on Monday on behalf of investors of the loans.

Acting as trustee of a trust that included 4,400 mortgage loans originated by Bank of America’s Countrywide unit, U.S. Bancorp claims Bank of America, the biggest bank in the U.S., must repurchase loans in the mortgage pool because Countrywide had agreed to do so if it misled investors about the quality of the loans.

“The Trustee seeks to compel Countrywide, and Bank of America as its successor-in-interest, to specifically perform their obligation to repurchase all of the loans that the Trustee has submitted as breaching loans,” the lawsuit filed in New York state court in Manhattan says.

Continue reading...

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Related stories:

Ken Lewis Defends His Purchase of Countrywide - CNN

Bank of America-Countrywide: Worst Deal in History? - WSJ

Ken Lewis tells Maria Bartiromo why BofA's acquisition of Countrywide is a good deal

 

 

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Reader Comments (15)

Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation.

http://online.wsj.com/article/SB10001424053111904332804576541334100124162.html?mod=mktw#articleTabs%3Darticle
Aug 31, 2011 at 10:42 AM | Registered CommenterDailyBail
The WSJ reported last night that Bank of America is exiting their correspondent mortgage lending business which buys loans from mortgage banks. WSJ and Inside Mortgage Finance said BofA had 24.3% market share in correspondent lending, second to Wells Fargo, and BofA’s correspondent channel made up 47% ($27.4b) of the bank’s 1Q2011 mortgage originations.

http://thebasispoint.com/2011/08/31/mortgage-banker-view-bofa-cuts-off-mortgage-bankers/
Aug 31, 2011 at 10:42 AM | Registered CommenterDailyBail
WASHINGTON (MarketWatch) — Private-sector payrolls increased 91,000 in August, led by the service-producing sector and small businesses, according to the ADP employment report released Wednesday.

http://www.marketwatch.com/story/august-private-sector-jobs-up-91000-adp-2011-08-31
Aug 31, 2011 at 10:43 AM | Registered CommenterDailyBail
WASHINGTON (MarketWatch) — A possible White House effort to kick-start the moribund housing market, and create a major backdoor stimulus to boost consumer spending, may be undercut by the regulator for government-seized housing giants Fannie Mae and Freddie Mac.

http://www.marketwatch.com/story/the-regulator-who-could-block-mortgage-refi-plan-2011-08-31
Aug 31, 2011 at 10:43 AM | Registered CommenterDailyBail
Good for U.S. Bankcorp. The hell with Bank of America. While U.S. Bank is by no means perfect, they're exactly the sort of bank that would have taken the place of all those zombie losers on Wall Street that got bailed out in '08. I asked Chris Whalen about this:

There’s a bank in Chicago called Northern Trust. It’s very conservative. It never even touched adjustable rate mortgages. Were there banks in 2008 that could have come up and supplanted the big 6 banks on Wall Street?

There still are. I mean, look at the way US Bankcorp was growing. Very simple institution, they did have exposure to the mortgage market. They were a big servicer too. They’re the fifth largest bank in the country now. But they don’t have a Wall Street arm. It’s a much simpler business.
Aug 31, 2011 at 12:30 PM | Unregistered CommenterCheyenne
Cenk is spot-on in this video. The U.S. government is owned by mulit-national banks that shit all over American citizens.

http://maxkeiser.com/2011/08/31/banks-got-free-money-from-fed/
Aug 31, 2011 at 12:52 PM | Unregistered CommenterCheyenne
Northern Trust is a great bank. And the answer to your question is undoubtedly yes, as you know. Had we allowed Citi and BofA to fail, there would have been plenty of banks ready to grow and take their place. I used to think that was how capitalism worked, but I've learned better.

And thanks for the Keiser link.
Aug 31, 2011 at 1:09 PM | Registered CommenterDailyBail
Plied with drink and armed with the Internet, I just planted a short truncheon in the head of a bankster minion who opined loudly at the bar that the percentage of underwater mortgages in the U.S. stands at "12 to 15 percent."

The tension escalated as I teased it out with predicate questions.

"I take it you're boss doesn't count a second mortgage as a mortgage despite its name," Cheyenne said.

He admitted to uncertainty.

"So it's possible that you're completely full of shit and are just a real advertisement in the flesh."

I-phones and blackberries materialized on the spot.

Banker boy didn't finish his white wine.
Aug 31, 2011 at 9:52 PM | Unregistered CommenterCheyenne
This is from almost a year ago...so it's gotten worse and it doesn't include 2nd liens...if you add 2nd liens the number is close to 40%, i've read in the past.

http://www.huffingtonpost.com/2011/03/08/number-of-underwater-mort_n_833000.html

About 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter, according to report released Tuesday by housing data firm CoreLogic. That's up from 22.5 percent, or 10.8 million households, in the July-September quarter.
Aug 31, 2011 at 10:17 PM | Registered CommenterDailyBail
30% of mortgages are underwater

http://money.cnn.com/2011/02/09/real_estate/underwater_mortgages_rising/index.htm

This is from February and doesn't include 2nd liens. Banker Boy was a douche.
Aug 31, 2011 at 10:18 PM | Registered CommenterDailyBail
That's funny. The 30% article from CNN Money is the very one everyone at the bar found and became the immediate consensus figure. Half-minute later banker boy was out the door, humiliated and angry. Fuck him.

I can't say enough for having the Internet at your fingertips. Lots of blowhards try to get away with prestige and credentials in public. I've taken out a couple of loud-mouithed MSM newscasters that way. Not gonna lie: doing that in public is a feeling you'll want replicated.

Back to banker boy. He really wanted to believe that Jamie Dimon is smart. I kinda felt sorry for him--'til he got loud.
Aug 31, 2011 at 10:34 PM | Unregistered CommenterCheyenne
Yeah, the internet is pretty cool.
Aug 31, 2011 at 10:48 PM | Registered CommenterDailyBail
Quite an incident with Cheyenne and "Banker Boy". I feel the frustration from here. lol But if the guy asked for it. Well, I'm fresh out of pity for the self righteous in particular to say the least. This very post about another incident with the banks is testimony to why I feel this way. Every day something new. Hopes up!..... Hope gone, and back and forth.

DB I have tried to show humility in this very regard. I honestly hope you think as such of me. The internet is good and it is a great soap box for the self righteous. I totally agree. Sad that this whole foreclosure fraud issue has not at this point, made an across the board standard that puts the banks back on their heels in court for wrongdoing. Countrywide was already charged for it and B of A reportedly had to pay for it. As it is, one still will have to spend money to an attorney to make a point in court that in truth should be something a Pro-Se litigant should be able to do without dealing with the bias from the court and confidence.

Maybe it will come to that but I just don't see it happening. Damned issue is ever changing. No wonder the "Theys" and "Who's" walk right through the justice system without a scratch. Most definitely a valid reason to keep Ron Paul or anyone like him from taking office.

There are good people out there who are trying to make a difference. Unfortunately they are outnumbered and need help in the form of aggressive action. (Disclaimer-no violence suggested big bro). Unless your life depends on it. If good people got a helping hand in any way we might even be shocked to see all the issues finally settle down for the better. For me, I have no choice but two. Either find a really high place to take a dive to my demise or hang on to hope that things will at least balance and soon. The choice is obvious for me since I have this strange will to live.

I also understand that people have taught me in general that they really don't have time to learn what they need to. Give a damn.. Most cases are because people are face down ass up in their own lives. Until it happens to them. Then you turn into an internet archaeologist looking for answers like I did and still do. I'm just glad you didn't have a quiz to take to be part of The Daily Bail DB. LOL!!!


So it's keep on keepin on..
Sep 1, 2011 at 5:04 AM | Unregistered CommenterDave
Awesome Cheyenne...
Sep 1, 2011 at 5:08 AM | Unregistered CommenterS. Gompers
@Dave

keep diggin'...and remember, the truth always wins in the end. sometimes it takes a long while...
Sep 1, 2011 at 10:04 AM | Unregistered CommenterJosie

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