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« Video: Saying Goodbye To The 'Governator' | Main | The Title Insurance Nightmare Scenario - NYT »
Monday
Jan102011

UH OH!: Bank Of America Could Be Forced To Pay $20 Billion To Bond Insurers For Mortgage Loan Put-Backs

Editor's Note: Another in our series of articles from late 2010 that we are reposting in the wake of Friday's landmark foreclosure ruling from the Mass. Supreme Court.

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Dear Brian Moynihan:

You owe us between $10-20 billion for MBS fraud.  Pay up, securitizing thief.

Certified letter to Bank of America CEO Brian Moynihan from the Association of Financial Guaranty Insurers, which is the industry group representing the monolines in their suit against BAC.  For more detail on this story, please see:

  • and

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Chris Whalen nails it in this 3-minute clip...

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Reader Comments (9)

But wait, there's more...

"Institutional Holders of Countrywide-Issued RMBS Issue Notice of Non-Performance Identifying Alleged Failures by Master Servicer to Perform Covenants and Agreements in More Than $47 Billion of Countrywide-Issued RMBS"
http://www.prnewswire.com/news-releases/institutional-holders-of-countrywide-issued-rmbs-issue-notice-of-non-performance-identifying-alleged-failures-by-master-servicer-to-perform-covenants-and-agreements-in-more-than-47-billion-of-countrywide-issued-rmbs-105221854.html
Oct 18, 2010 at 9:32 PM | Registered CommenterDr. Pitchfork
pitch...i hadn't seen that...have you seen it written up anywhere...i would like to see some analysis of it...
Oct 18, 2010 at 10:12 PM | Registered CommenterDailyBail
WASHINGTON (AP) - The pace of U.S. home foreclosures may not slow much after all.

Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.

Other major lenders have yet to say whether they will follow suit and resume foreclosures in the 23 states that require a judge's approval. But analysts said they expect the move by the nation's biggest bank will mean other lenders will proceed with a wave of foreclosures that have depressed the housing market.

http://apnews.excite.com/article/20101018/D9IUDE703.html
Oct 18, 2010 at 10:13 PM | Registered CommenterDailyBail
Chicago Fed President Warns of Liquidity Trap

http://www.cnbc.com/id/39717269
Oct 18, 2010 at 10:14 PM | Registered CommenterDailyBail
Fed's Lockhart: QE2 is an "insurance policy" against further disinflation

http://www.calculatedriskblog.com/2010/10/feds-lockhart-qe2-is-insurance-policy.html
Oct 18, 2010 at 10:18 PM | Registered CommenterDailyBail
hat tip for the PSA suit against Countrywide ( ie BAC) goes to Karl Denninger
http://www.market-ticker.org/akcs-www?post=169575

The only analysis he gives really is to say yep, uh huh. told ya.

i'll keep looking.
Oct 18, 2010 at 11:03 PM | Registered CommenterDr. Pitchfork
Here's a suit against Cuntrywide that got tossed a few days agoa for not following the conditions in the PSA itself re when and how investors are allowed to sue.
http://subprimeshakeout.blogspot.com/2010/10/new-york-judge-tosses-greenwich-suit.html

The group in the link from Market Ticker appears to be a different group altogether, but they also appear to be following the rules in the PSA to a tee. Notice they're not suing yet, but filing a written notice to Countrywide as per the PSA. CW then has 60 days to "remedy" the situation, but i'm not sure exactly what that entails other than cash payment.
Oct 18, 2010 at 11:18 PM | Registered CommenterDr. Pitchfork
It's late and thus open season for completely off-topic posts. Check this clip from Lone Wolf & Cub:

http://www.youtube.com/watch?v=NT0xRQwKpvY

Advance to 3:53 and see how well Ennio Morricone's score works for the action shown.

More importantly, at 5:38, notice the anticipation of Josey Wales' final confrontation with Red Legs in Clint Eastwood's 1976 classic.
Oct 19, 2010 at 12:26 AM | Unregistered CommenterCheyenne
Here's a suit against Cuntrywide that got tossed a few days agoa for not following the conditions in the PSA itself re when and how investors are allowed to sue.

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Chris Whalen sent some private commentary on this dismissal...said it was completely acceptable and the judge did the right thing by following the law strictly and denying the claim...another thing i like about whalen..his honesty...he knows Countrywide committed fraud, but is fair about the merits of each case...
Oct 19, 2010 at 4:38 AM | Registered CommenterDailyBail

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