Corporate fireman and Bank of America CEO Brian Moynihan can give himself a little pat on the back over the putback deal he’s inked with mortgage giants Fannie Mae and Freddie Mac. In the wake his companies’s agreement to settle putback claims by the government-sponsored entities yesterday, Barry Ritholtz at The Big Picture Read More
Investors appear excited this morning over Bank of America, the bank that epitomizes the old adage, “More assets, more problems.” The Charlotte-based financial giant announced this morning that it has agreed to resolve repurchase claims by government-sponsored entities Fannie Mae and Freddie Mac over allegedly faulty mortgage loans assembled and sold to the GSEs Read More
Bank of America appears to be renegging on its vows to engage in “day-to-day, hand-to-hand combat” with its clients over so-called putbacks of allegedly faulty mortgage securities. The Wall Street Journal reports that rather than engage in legal jiu jitsu with heavy hitters like BlackRock, Pimco and Freddie Mac, Bank of America is Read More
Addressing the risk of investor putbacks on mortgage securities his company had sold, Bank of America CEO Brian Moynihan told investors on a recent conference call, “When you get people saying, ‘I bought a Chevy Vega, but I wanted to be in a Mercedes with a 12-cylinder’ … we’re not putting up with that.”
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Analysts are not reacting favorably to recent news about Bank of America, the country’s largest bank by assets and the reported recipient of a nasty letter from lawyers representing some of the country’s biggest money movers. BofA today suffered downgrades from Chris Kotowski at Oppenheimer and Christopher Mustascio of Stifel Nicolaus. Both took Read More
