Parsad Posted May 23, 2012 Share Posted May 23, 2012 Interesting article on the originated loans that BofA is buying back. Moynihan will whittle all of the litigation down like this over time. Cheers! http://www.bloomberg.com/news/2012-05-23/bofa-will-buy-back-330-million-of-mortgages-from-freddie.html Link to comment Share on other sites More sharing options...
Uccmal Posted May 24, 2012 Share Posted May 24, 2012 This is awesome. As housing and employment improves I'll bet we see alot more of this at all US banks. Link to comment Share on other sites More sharing options...
ERICOPOLY Posted May 24, 2012 Share Posted May 24, 2012 It does seem like a good thing: The weighted average interest rate on loans in the securities listed in Freddie Mac’s statement as most affected by the buybacks is 5.91 percent, compared with typical rates on new loans of less than 4 percent, according to Bloomberg data. Link to comment Share on other sites More sharing options...
Guest Dazel Posted May 24, 2012 Share Posted May 24, 2012 http://www.bloomberg.com/news/2012-05-24/aig-can-t-pursue-some-countrywide-claims-in-10-billion-case-1-.html?cmpid=yhoo You can add this one to the clean up as well... Dazel. Link to comment Share on other sites More sharing options...
moore_capital54 Posted May 24, 2012 Share Posted May 24, 2012 http://www.bloomberg.com/news/2012-05-24/aig-can-t-pursue-some-countrywide-claims-in-10-billion-case-1-.html?cmpid=yhoo You can add this one to the clean up as well... Dazel. Wow this is a good one! Board would you care to opine? Link to comment Share on other sites More sharing options...
PlanMaestro Posted May 24, 2012 Share Posted May 24, 2012 AIG's was a long shot from the beginning, but considering Judge Mariana Pfaelzer's consisting ruling against BAC it is very nice. "filed more than three years after the bonds were first sold" should take care of all the headache vintages. (2005-2008) GSEs: SETTLED. But Fannie asking to putback mortgage with failing insurance. Private Label: Article 77 to go. Monolines: AGO SETTLED, MBIA and AMBAC to go Foreclosure/Robosigning: MOST AGs SETTLED, a couple of AGs to go. Merrill Acquisition: SETTLED AIG: in process, but far cry. DISMISSED FHFA: just starting Link to comment Share on other sites More sharing options...
PlanMaestro Posted May 24, 2012 Share Posted May 24, 2012 From Monday: Matthew D. O'Connor Deutsche Bank AG, Research Division I'm going to sneak in one more and then we'll open up to audience the questions here. But as we think about -- let's just combine kind of mortgage put back and litigation costs combined here, obviously, it's been very costly for you to date, costly for the industry in various areas. How much through of this -- how much left is there of this -- it seems like things keep cropping up and it's not even just the mortgage put back right there, it's just various investigations into different parts of banking and charges being taken? Brian T. Moynihan Well, I think we are still -- if you look at the P&L, everything pales by comparison what we did in the quarter last year. We put up $20 billion. But if you think about the amount of balance sheet position we have between the reps and warranties reserves and the litigation reserves and things like that, there's a lot of money that's been put up on the various pieces and I won't go through it in detail here. But think about what we done the agency and a non-agency and $8.5 billion settlement, and all that stuff. So a lot of that has been put on the balance sheet. And so you can debate about whether we'll move a little bit, but a lot of these were put on the balance sheet. The real cost now is the operational cost. Link to comment Share on other sites More sharing options...
PlanMaestro Posted May 25, 2012 Share Posted May 25, 2012 Wow this is a good one! Board would you care to opine? Not so fast? http://newsandinsight.thomsonreuters.com/Legal/News/2012/05_-_May/AIG_(mostly)_survives_Countrywide_timeliness_defense_in_MBS_case/ AIG's $6 billion in mortgage-backed securities claims against Countrywide survived a near-death experience late Wednesday, when U.S. District Judge Mariana Pfaelzer of Los Angeles issued her ruling on Countrywide's statute of limitations defense. In a 25-page opinion, Pfaelzer tossed AIG's federal securities claims, as well as some fraud and negligent misrepresentation claims by AIG subsidiaries. But AIG said in an email statement that the ruling leaves alive "more than 98 percent of the recovery it seeks." For a plaintiff that feared the worst -- as AIG most certainly did, thanks to a silver bullet Pfaelzer handed to Countrywide in February -- the judge's ruling is a stunning reprieve. Link to comment Share on other sites More sharing options...
Guest Dazel Posted May 25, 2012 Share Posted May 25, 2012 I am not going to get into this...but the $10b suit is now $6b? A waste of time....these lawsuits will all settle in time....the business matters. Dazel Link to comment Share on other sites More sharing options...
Uccmal Posted May 25, 2012 Share Posted May 25, 2012 Does anyone find these sort of lawsuits more than a little strange. A little like Samsung suing Apple or vice a versa, and being Apples biggest supplier at the same time. No doubt AIG and BAC have all sorts of daily business transactions, and meanwhile one is suing the other. And to top it off, when BAC wins this case AIG suffers, and they likely have many of their shareholders in common., such as mean and PlanM. A bit like suing myself, or taxing myself a certain percentage of my profits. Link to comment Share on other sites More sharing options...
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