Wednesday, October 20, 2010

Bank of America

LOL. Originally seen on Zero Hedge

The NY Fed and other friends are apparently going after the Charlotte mafia for $47 bln in soured mortgage backed securities (MBS) that are secured by bad mortgages made by Countrywide - the infamous company that BAC bought in 2008. The big problem is that $BAC has reserves on the books for around 10% of its potential liability. Good luck with that BAC.

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