Bank Of America Corp
NYSE: BAC
$39.23
+$0.01 (+0.0%)
Closing Price on October 2, 2024
BAC Articles
According to Reuters, UBS (UBS) will cut 5,500 jobs. The company is also selling $15 billion in subprime mortgage paper to Blackrock. Reuters writes that Bernanke says that high foreclosure rates are...
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One of the interesting by-products of S&P cutting Countrywide’s (CFC) debt to junk is that Bank of America (BAC) may be frightened witless now about taking over the mortgage banker. According...
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Bond-holders who own debt in Countrywide (CFC) have assume that Bank of America (BAC) would take those obligations on and that they would get paid out. Maybe not. According to Bloomberg. “There is...
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The FBI appears to have uncovered some fraud in lending practices at Countrywide (CFC) and now the question is whether management knew. As Captain Renault said in a scene in Casablanca "I’m...
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Consumers and businesses are faced with two difficult problems as a result of major banks taking huge write-offs. The first is that, even though the Fed is chopping rates, lower interest loans are...
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Royal Bank of Scotland (RBS) will raise as much as $24 billion to bolster its capital position, a dubious record which US banks will not want to match anytime soon. The big UK bank will write-down...
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The mid-month reports on short interest in NYSE shares showed that many short sellers moved out of big financial stocks but made large bets against airlines and auto companies. With the prices in...
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According to Reuters, National City (NCC) will raise as much as $7 billion. Reuters writes that Viacom (VIA) will launch a pay TV channel to compete with Time Warner’s (TWX) HBO. Its partners will...
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Wall St. wanted some sign that the the recession might not be pulling the economy under for the next four or five quarters. Some investors still have hopes that the downturn will not be deep and...
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Over the last week, both major financials and techs sold off substantially, another sign that one major sector is doing nothing to offset the other. Taken in tandem with GE’s (NYSE: GE) bad news it...
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Moody’s cut the credit rating of Countrywide (CFC) to "D" for default, over worries about liquidty. According to Reuters "The downgrade does not reflect Countrywide’s planned acquisition by Bank...
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A federal judge has approved an investigation into the lending practices of Countrywide (CFC). The mortgage company may have, among other things, charged borrowers large, unjustified fees. That was...
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With all of the carnage in the financial sector it would be hard to believe that any other group of stocks could have done worse. The technology sector claims that, for the most part, it has not done...
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Banks are going to the Fed and getting money at 2.5% and putting it onto their balance sheets. What do the big money centers do with the money? They make investments in high-yield instruments. Or,...
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Countrywide NYSE: CFC) chief operating officer David Sambol cannot get a job as a garbage man. He is viewed as being too closely tied to policies whereby his company made subprime mortgage loans to...
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