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Bank of America Corporation Message Board

  • gburget2003 gburget2003 Sep 5, 2011 6:20 AM Flag

    gcb:Links:How much is BAC being sued for

    The figures have goine from 10 billion to 30 billion... ??? excuse me.. I thought that on thursday they said 30 billion was to cover 7 major banks... Please post links so I can find out the truth....

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    • Fannie and Freddie are suing BAC for $6B. But they are also suing subsidiaries Countrywide and MER for $25B each. The total comes to $56B in lawsuits against BAC and subsidiaries that I don't think have much merit. The disclosures and risk factors were all shown and over 90% of the Mortgage-Backed Securites at the time carried AAA ratings from S & P and Fitch.

      Those ratings are as plain as day and if Fannie and Freddie over-relied on the despite all of the warnings and risk factors in the prospectuses, they should be suing the ratings agencies - not the banks.

      Donald Trump almost went bankrupt in the late '80's after buying Manhattan properties during boom times and paying top dollar. I never saw him try and recover anything from the sellers; he invested at the peak of the boom and suffered greatly when the real estate market fell apart a few years later.

      • 1 Reply to fizrwinnr11
      • So they want money from Merill Lynch also?? I did know that Merill had mortgage problems also... But you are right about the risks.. Fannie knew the risks and it souncs like they wanted to make a bunch just like Lewis wanted to make a bunch off Countrywide... Big mistake in both BAC and Fannie and Freddie in their thinking of making a bundle...

        Thamks for your information. I really appreciate it..

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