BOA gets MORE bad news. 47 billion in paybacks of bad bonds.

[dixiegrrrrl]

The headline is long, but the explanation is easy.
Countrywide sold bad mortgages, BOA bought Countrywide, warts and all, and now the Mortgage bond holders want BOA to pay for
a new batch of bad bonds, 47 million worth.

Who did what:
HOUSTON, Oct. 18 /PRNewswire/ --Today, the holders of over 25% of the Voting Rights in more than $47 billion of Countrywide-issued RMBS sent a Notice of Non-Performance (Notice) to Countrywide Home Loan Servicing, as Master Servicer ("Countrywide Servicing"), and to Bank of New York, as Trustee, identifying specific covenants in 115 Pooling and Servicing Agreements (PSAs) that the Holders allege Countrywide Servicing has failed to perform.

When: today

What the bondholders want:
demanding the repurchase of loans that were originated in violation of underwriting guidelines, and compelling the sellers of ineligible or predatory mortgages to bear the costs of modifying them for homeowners or repurchasing them from the Trusts' collateral pools.

http://www.prnewswire.com/news-releases/institutional-holders-of-countrywide-issued-rmbs-issue-notice-of-non-performance-identifying-alleged-failures-by-master-servicer-to-perform-covenants-and-agreements-in-more-than-47-billion-of-countrywide-issued-rmbs-105221854.html

[FirstLight]

1. i wonder what would happen if

everyone closed their BOA accts in protest of these shady dealings...? are they *really* too big to fail? i think not...


first bank of coffee can, here i come!

[grasswire]

2. I've been thinking of leafletting the local branch parking lot...

...or carrying a sign on the sidewalk. But the armed guard standing around outside is inhibiting my ambition a tad.

[FirstLight]

3. no armed guards here,

but getting arrested is not in my best interests either, got kids to feed...

[Po_d Mainiac]

4. There is no reason to patronize any of the TBTF banks n/t

[Lugnut]

7. I dumped B of A years ago.

Our accounts have been in a credit union since then and I have no complaints.

[Po_d Mainiac]

5. Kick.....

DG,

You having any success getting the point across to friends, neighbors and relatives?

Half I buttonhole just get a glazed over look like I was speaking Mandarin. The other 70% just think I'm nuts.

[dixiegrrrrl]

6. I live in Alabama. No point in trying.

Neighbors except for one couple are Republicans, 2 of them are realtors, one is a fundie.

Friends are of course Dems, but few of them, actually most are spread across the country.

Relatives, the ones I speak to, are very progressive, of course.
They honor me by listening when I give them a heads up about the economy.

But, there is that damn law of averages. 50% of people are below average and 90% seem to live in my town.