BofA Segregates Almost Half of its Mortgages Into ‘Bad Bank’

Bloomberg by Dawn Kopecki | Mar. 9, 2011 (News)

Bank of America Corp. (BAC), the biggest U.S. lender by assets, is segregating almost half its 13.9 million mortgages into a “bad” bank comprised of its riskiest and worst-performing “legacy” loans, said Terry Laughlin, who is running the new unit. Full Story »

Posted by Jon Mitchell - via Google News (Business)

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Subjects: U.S., Business, Living
Topics: U.S. Economy, Finance, Real Estate, Money
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Posted by: Posted by Jon Mitchell - Mar 8, 2011 - 1:52 PM PST
Reviewed by: Jon Mitchell (review), Dwight Rousu (review)
Content Type: Article
Edit Lock: This story can be edited
Edited by: Jon Mitchell - Mar 9, 2011 - 9:49 AM PST

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Dwight Rousu
3.6
 by Dwight Rousu - Mar. 9, 2011

I recommend the story, but it is shallow and leaves out many potential questions. Does the BOA plan for this division to go bankrupt so investers and employees with pensions are hosed while the top financiers prance off with their billions in the ongoing branch that has no pensions for the workers?

See Full Review » (11 answers)
Jon Mitchell
3.7
 by Jon Mitchell - Mar. 9, 2011
Jon posted this story.
See Full Review » (10 answers)

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