Salis, no doubt quality of posts here are 1000% more knowledgeable! Don't forget, banks already have billions in reserves for this very action. They knew what was going on. I believe ABK, MBI, AGO and Fannie and Freddie (and others) will get out from under all that they incurred from bad apps!
"Moynihan told an investor conference in San Francisco today that buyback demands are manageable, and that his goal is to resolve legal issues as quickly as possible" Sounds to me like the man would like to settle and put the whole thing behind him as quickly as possible. How could anyone blame him, it's the only logical thing to do.
And here's another one: "The trade group is pushing for Bank of America to report the “full magnitude of its liability” to the bond insurers in its regulatory filings, according to the letter. The bank’s year-end audit may “put increasing pressure on accounting and disclosure obligations surrounding this liability,” Casey wrote."
So maybe we'll see some settlements before the end of the year?