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Here’s That Devastating Report On Bank Of America That Everyone Is Talking About Today

Here’s That Devastating Report On Bank Of America That Everyone Is Talking About Today


Business Insider published this report yesterday:

Excerpts:

Earlier, we wrote about Felix Salmon’s contention that there’s a new mortgage fraud scandal that has the potential to dwarf Goldman’s ABACUS dealings. In this fraud scenario, banks took advantage of their information advantage and sold CDOs with mortgages they knew to be bad without clear representation to investors.

In August, Manal Mehta and Branch Hill Capital put together a presentation targeting Bank of America’s potential exposure to this mortgage fraud, as well as other problems in the mortgage market.

The presentation comes to a pretty damning conclusion: Bank of America’s exposure could nearly halve its share price.

It’s all about what capital Bank of America has in reserve for the scenario of mortgages having to come back on its balance sheet.


Read more: http://www.businessinsider.com/bank-of-america-mortgage-report-2010-10#ixzz12X9OhENP

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CONFIDENTIAL PRESENTATION

[ipaper docId=39475268 access_key=key-mp9uuxa33spuihcjdet height=600 width=600 /]


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Posted in bank of america, foreclosure, foreclosure fraud, foreclosures, insider, insurance, investigation, mortgage, Mortgage Foreclosure Fraud, stock, STOP FORECLOSURE FRAUD, Wall StreetComments (1)


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