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AUGUST 19, 2011 Bank of America Set to Slice Jobs Reductions Total 3,500 in Current Quarter; Many More Seen BY DAN FITZPATRICK Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation said. The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified. Thousands of additional reductions are expected as part of an aggressive...

Bank of America’s actions continue to betray its words. CEO Brian Moynihan bravely maintained in an investor conference call last week that the beleaguered bank would be around for the next 230 years and did not need more new capital. He nixed selling equity at its current price levels, because it would be highly dilutive. Yet we and others have raised the issue that the bank is in a corner in dealing with its not so hot balance sheet. Not only are equity sales an alternative the bank desperately wants to avoid, but the other route back to health, earning...

A day after the US downgrade to AA+, Warren Buffett (who elsewhere continues his op-ed uber-campaign in hypocrisy by writing in the NYT that the government should "Stop Coddling the Super-Rich") said that in his book the US is AAAA. Amusingly, hours later S&P downgraded Berkshire to pari with the US. Judging by the record near surge in volatility in the ensuing days, the market was not too convinced with the octogenarian of Omaha's latest orations. What it was more convinced by, judging by market results, was the fact that Bank of America upgraded something totally different to an AAAA...

Aug 12 (Reuters) - Bank of America Chief Executive Brian Moynihan met privately this week with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo amid the campaign to calm investors and employees about the bank's share price fall, the Wall Street Journal reported. The separate meetings took place on Wednesday in Washington, the WSJ said, citing people familiar with the situation. The intent of the meetings with the two top federal officials was for Moynihan to discuss issues related to housing, consumer spending and the U.S. economy, two people familiar with the meetings told the Journal.

With Bank of America investors finally realizing it is game over for the company as a going concern, at this point there are just two options for Brian Moynihan: - the spin off of CFC as a bad bank, backstopped by the Fed, or - Chapter 11, which for a bank is essentially liquidation (and with CDS trading up 50 bps to 260 a bankruptcy seems increasingly inevitable). It also means that another TARP is on the way. And once America realizes that another several trillion have to be put into its insolvent banking sector, it will get quite violent....

Bank of America reported a loss of $8.8 billion in the second quarter, as the nation’s biggest bank by assets doled out huge payments to settle legal claims related its troubled mortgage division. The loss, which amounted to 90 cents per share, was steep, but was fully baked into expectations. Analysts predicted the bank would lose 90 cents per share, compared with the second quarter of 2010 when it notched a $3.1 billion profit, or 27 cents a share. The mortgage problems also ate into the bank’s revenue, which fell by roughly 55 percent to $13.2 billion. The revenue drop...

Bank Of America Is Tanking Again, As Firm May Need $50 Billion In Fresh Capital Katya Wachtel | Jul. 18, 2011, 11:53 AM | 1,700 | 16 A A A x Email ArticleFrom To Email Sent!You have successfully emailed the post. inShare.5 It's been an ugly few months for Bank of America. The stock has been dropping steadily through 2011, with July particularly bad. It nosedived this morning on news that the bank may "may have to build its capital cushion by $50 billion... as mortgage losses drain funds," Bloomberg reported. The stock is hovering around $9.60 right now. That...

“Failure to strictly comply with the terms of the PSA means that the loan at issue was never properly transferred to the trust”~Not only did the Honorable Archie C. Brown destroy MERS, he discusses the PSA and securitzation failures in great detail…From the ruling… JAMES HENDRICKS, et al., Plaintiffs, v US BANK NATIONAL ASSOCIATION - AS SUCCESSOR TRUSTEE TO BANK OF AMERICA, et al., Defendants. OPINION AND ORDER DENYING IN PART AND GRANTING IN PART DEFENDANT’S MOTION FOR SUMMARY DISPOSITION AND GRANTING PLAINTIFF’S MOTION FOR SUMMARY DISPOSITION ~The contention that the contract between MERS and First Franklin provided MERS with an...

A bank foreclosure story you've got to see to believe. A Collier County couple turns the tables on Bank of America, the bank that tried to foreclose on their home. Now, the family is foreclosing on the bank! Even bringing trucks and deputies ready to seize property. The foreclosure nightmare started when Warren and Maureen Nyerges paid cash for a home owned by Bank of American in the Golden Gate Estates. They never had a mortgage whatsoever. But, the bank fouled it up and wound up issuing a foreclosure through their attorney.

After wrapping up the three-day UAW collective bargaining convention at the Cobo Center, King and cohorts shut down the Bank of America branch for more than 30 minutes with chants including "money for schools, not for banks.

Hacker group Anonymous (aka OperationLeaks on Twitter) just released what they say is a trove of damning documents on Bank of America.You can find them here: bankofamericasuck.comRemember, at this point, we can't verify whether they are legitimate or not, but Gawker's Adrien Chen, who has sources within Anonymous, suggest there's something real to the leaks.Anonymous says the emails deal with BofA's mortgage practices, but the source is not an employee of Bank of America proper -- the source is a former employee from Balboa Insurance, a firm which used to be owned by BofA. Click here to see what Bank...

Hacker group Anonymous (aka OperationLeaks on Twitter) just released what they say is a trove of damning documents on Bank of America. You can find them here: bankofamericasuck.com

After Julian Assange crashed and burned in his threat to release documents that expose fraud at Bank of America, many thought he had been only bluffing, and that BofA is actually clean. Not so fast. A member of the hacker collective Anonymous, which single handedly destroyed "hacker defense" firm HB Gary, who goes under the handle OperationLeakS "is claiming to be have emails and documents which prove "fraud" was committed by Bank of America employees, and the group says it'll release them on Monday" reports Gawker. As to the contents of the possible disclosure: ""He Just told me he have...

What if you go to use your debit card but find you have a $100 spending limit — even if you have more money in your account? Right now, the idea is a bargaining chip being used by some of the nation's biggest banks, including JP Morgan Chase, Bank of America and Citigroup. The change would have a big impact on shoppers. The average family spends $122 on groceries every week, so a simple trip to the supermarket might in the future require a stop at the ATM. It all goes back to new rules that Congress is considering aimed...

After the tip from Crowdleaks.org, The Tech Herald learned that Palantir Technologies, HBGary Federal, and Berico Technologies, worked together with law firm Hunton and Williams to develop a proposal for Bank of America in order to deal with the “WikiLeaks Threat.” Hunton and Williams were recommended to Bank of America’s general counsel by the Department of Justice, according to the email chain viewed by The Tech Herald. The law firm was using the meeting to pitch Bank of America on retaining them for an internal investigation surrounding WikiLeaks.

Bank of America Corp. on Thursday said it is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The bank said the new Legacy Asset Servicing unit will be responsible for resolving issues involving faulty paperwork that led Bank of America to suspend foreclosures in all 50 states in October. After reviewing procedures, it resumed the actions nationwide in December. The legacy unit will also handle mortgage modifications and buyback claims on bad home loans sold to investors. It will be led by Terry Laughlin, who joined Bank of...

Bank of America(BAC_)'s legal expenses continue piling up, as another big lawsuit came to light Tuesday from investors who bought mortgage backed securities (MBS), bonds stuffed with home loans made by Countrywide Financial during the crisis. Bank of America saw $1.5 billion on litigation expenses in the fourth quarter of 2010, up from $500 million in the previous quarter, according to financial statements. For the year, Bank of America spent some $3 billion on litigation. Those costs do not include "special items," such as a $3 billion settlement with Fannie Mae (FNMA_) and Freddie Mac(FMCC.OB) over Countrywide MBS or a...

*BANKS LOSE PIVOTAL FORECLOSURE CASE IN MASSACHUSETTS HIGH COURT *MASSACHUSETTS TOP COURT DECIDES CLOSELY WATCHED IBANEZ CASE *MASSACHUSETTS DECISION MAY AFFECT FORECLOSURE-CRISIS CASES

Bank of America will begin testing a new slate of checking accounts in Massachusetts and two other states later this month in an effort to generate more revenue from customers.......... A second new account, called “Premium,’’ will cost $15 a month unless customers either maintain a $5,000 minimum balance, use a Bank of America credit card at least once a month, or add $2,000 to the account every month. A third new account, labeled “Enhanced,’’ will cost $25 per month unless holders maintain at least $20,000 in deposits and investments in certain accounts or link their accounts to a Bank...

Financial stocks just caught fire. Someone must be getting bailed out, right? Why yes, say critics of the giant banks. They charge that Monday's rally-stoking mortgage-putback deal between Bank of America (BAC) and Fannie Mae and Freddie Mac is nothing more than a backdoor bailout of the nation's largest lender. It comes courtesy, they say, of an administration struggling to find a fix for the housing market while quaking at the prospect of another housing-fueled banking meltdown. Monday's arrangement, according to this view, will keep the banks standing -- but leave taxpayers on the hook for an even bigger tab...