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Posts tagged ‘Bank of America’

Your mortgage documents are fake!


If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme? Was it just cheaper to mock up the documents than to provide the real ones? Did banks figure they simply had enough power over regulators, politicians and the courts to get away with it? (They were probably right about that one.)

A newly unsealed lawsuit, which banks settled in 2012 for $95 million, actually offers a different reason, providing a key answer to one of the persistent riddles of the financial crisis and its aftermath. The lawsuit states that banks resorted to fake documents because they could not legally establish true ownership of the loans when trying to foreclose.

This reality, which banks did not contest but instead settled out of court, means that tens of millions of mortgages in America still lack a legitimate chain of ownership, with implications far into the future. And if Congress, supported by the Obama administration, goes back to the same housing finance system, with the same corrupt private entities who broke the nation’s private property system back in business packaging mortgages, then shame on all of us.

The 2011 lawsuit was filed in U.S. District Court in both North and South Carolina, by a white-collar fraud specialist named Lynn Szymoniak, on behalf of the federal government, 17 states and three cities. Twenty-eight banks, mortgage servicers and document processing companies are named in the lawsuit, including mega-banks like JPMorgan Chase, Wells Fargo, Citi and Bank of America………………………

full article at source: http://www.salon.com/2013/08/12/your_mortgage_documents_are_fake/



By Thomás Aengus O Cléirigh

To all mortgage holders in Ireland this article should inspire you to contact your bank and demand a total review of all you mortgage documents and If you are in trouble it would be advisable to have the conveyancing documentation checked, as a good solicitor pal of mine  has told me that quite a lot of mortgages do not have the proper paperwork  because the banks were in such a hurry to finalize the mortgage transactions and in many cases they took “undertakings” from the other side to send on the proper paperwork and in most cases this never happened because of holdups  from other parties engaged in other transactions !At the very least get your bank to prove that they are the owners of the debt!

So we have here a cascading effect, hence a lot of mortgages are in fact not legally binding! This doesn’t take into account the shady practices of the corrupt bankers themselves, knowingly pumping up property prices to gullible homebuyers and then the same banks now telling the same homebuyers that their homes are worth less than half what it was only a few years ago but the hapless mortgage holder must still pay the full price as the banks dismiss any share of responsibility! What a great system for the corrupt banks! Looking at the latest headlines in the property market in Dublin we are again been subjected to the spin that the property prices have turned a corner and we are on the Up and Up and |UP again,

“Happy days are here again”

and all is well so get on the property ladder now

Remember this!

Now who do you think is behind this engineered recent uptick in the Dublin property market?

There is no property market in Dublin or elsewhere the market is totally manipulated by the vested interests, stay away! With 65,000 people leaving the country every year who do you think is going to buy these overpriced shoeboxes again??

When are we going to see the gangsters in the Banks brought to justice and when are we going to see all their political backers exposed and brought to the people’s justice ?????

Bank of America

Bank of America (BAC) — This is the second largest U.S.-based financial holding company with global assets of more than $2.1 trillion. Year-end reviews by Wall Street analysts resulted in upgrades. Reported earnings for 2011 were just $0.01. In 2012, the company earned $0.25. The newly revised consensus for 2013 is $0.91 and $1.36 for 2014.

On May 15, I wrote, “Technically, BAC broke from a 10-month cup-and-handle formation in early December, a clear sign of the beginning of a major move higher… The breakout confirms that BAC is still a strong buy. The immediate trading target is $15, but long-term investors could reap a much higher return.”

On July 23, the stock hit my trading target with a high of $15.03. Since then, profit-taking has taken a small bite out of these gains, and the stock has been stabilizing at its 50-day moving average.

The bull channel is powerful, momentum is strong, and MACD just issued a buy signal. Buy BAC at its 50-day moving average with a trading target of $20. As before, long-term investors could reap a much higher reward by holding this stock as a cornerstone investment.



By Thomas
I am Long on this stock and concur with this Price target withen the next 12 months

Ist going to be a good one !

Market news on BAC

By  Seeking Alpha

Disclosure: I am long BAC, AIG, GS.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More…)

While ten analysts have a strong buy/buy rating on Bank of America (BAC), another nineteen analysts rate the stock a HOLD implying that the company is fairly valued. We disagree.

Analysts estimate a FY2014 earnings of $1.37 per share, an almost 50% increase to current full year estimates. While we do not disagree with the average EPS forecast, we disagree with the current valuation and the earnings multiple investors assign the stock.

Three misconceptions about Bank of America

1. The stock had quite a run-up over the last year and it would be difficult to justify a further increase in valuation.

(Click to enlarge)

Though it is true that Bank of America has performed very well over the last year, it is up 89%, Bank of America was extraordinarily beaten down during the financial crisis. Compared to its peer group, BAC is still materially lagging in terms of price appreciation. Put into perspective, Bank of America is still the second worst performer of its peer group consisting of Citigroup (C), Goldman Sachs (GS) and Wells Fargo (WFC):

(Click to enlarge)

Because of the financial crisis and the corresponding mortgage legacy issues associated with mortgage lender Countrywide, investors have lost confidence in the quality of Bank of America’s book value…………………….

full article at source: http://seekingalpha.com/article/1628732-bank-of-america-strong-buy-30-undervalued-and-lagging-peers?source=email_rt_article_readmore

Billion-Trillion Derivatives Market! … Reform or a Blowup?

Derivatives Reform on the Ropes …


 New rules to regulate derivatives, adopted last week by the Commodity Futures Trading Commission, are a victory for Wall Street and a setback for financial reform. They may also signal worse things to come … The regulations, required under the Dodd-Frank reform law, are intended to impose transparency and competition on the notoriously opaque multitrillion-dollar market for derivatives, which is dominated by five banks: JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup and Morgan Stanley. – New York Times


Dominant Social Theme: We have this billion trillion market under control. Don’t worry.

Free-Market Analysis: Derivatives reform? We hardly think so …

First of all, nobody knows how big the derivatives market is and no one knows how many dollars are at risk. Those involved in making the regulations are also the largest players in the market. Whatever “reform” is being worked out will benefit those who are part of the industry.


Here’s how Wikipedia describes a derivative:

A derivative is a financial instrument which derives its value from the value of underlying entities such as an asset, index, or interest rate–it has no intrinsic value in itself. Derivative transactions include a variety of financial contracts, including structured debt obligations and deposits, swaps, futures, options, caps, floors, collars, forwards, and various combinations of these…………………………..

full article at source: http://www.thedailybell.com/30657/Billion-Trillion-Derivatives-Market–Reform-or-a-Blowup

The Super-priority Status of Derivatives

by Ellen Brown

The big risk behind all this is the massive $230 trillion derivatives boondoggle managed by US banks. Derivatives are sold as a kind of insurance for managing profits and risk; but as Satyajit Das points out in Extreme Money, they actually increase risk to the system as a whole.

In the US after the Glass-Steagall Act was implemented in 1933, a bank could not gamble with depositor funds for its own account; but in 1999, that barrier was removed. Recent congressional investigations have revealed that in the biggest derivative banks, JPMorgan and Bank of America, massive commingling has occurred between their depository arms and their unregulated and highly vulnerable derivatives arms. Under both the Dodd Frank Act and the 2005 Bankruptcy Act, derivative claims have super-priority over all other claims, secured and unsecured, insured and uninsured. In a major derivatives fiasco, derivative claimants could well grab all the collateral, leaving other claimants, public and private, holding the bag.

The tab for the 2008 bailout was $700 billion in taxpayer funds, and that was just to start. Another $700 billion disaster could easily wipe out all the money in the FDIC insurance fund, which has only about $25 billion in it.  Both JPMorgan and Bank of America have over $1 trillion in deposits, and total deposits covered by FDIC insurance are about $9 trillion. According to an article on Bloomberg in November 2011, Bank of America’s holding company then had almost $75 trillion in derivatives, and 71% were held in its depository arm; while J.P. Morgan had $79 trillion in derivatives, and 99% were in its depository arm. Those whole mega-sums are not actually at risk, but the cash calculated to be at risk from derivatives from all sources is at least $12 trillion; and JPM is the biggest player, with 30% of the market.

full article at source: http://webofdebt.wordpress.com/2013/04/09/winner-takes-all-the-super-priority-status-of-derivatives/#more-5620

Trading update Nov.20. 2012-11-20

Since my last trading update we have invested US $ 20,000.:00 in our favoured  Bank stock, Bank of America  (end of Aug).Bought BAC for $7.50 sold 20, BAC 10 (14.09)call Feb 2013  mostly time value and so good chance of collecting a good return (target min 50%+) with some of funds we bought put also bought 8contracts in 9 calls (on 3.10)and on (2.11) later when stock was at 9.86 we bought 20 put contracts .sold out put contracts for gain  and  currently have  now free trades on left over call positions .So total position is 25,813. = 5,813 profit in 3 months trading .The strategies used during this period was, simple calls, puts and variation of covered call’s collars and one straddle at earnings the position was gradually adjusted in such a way as to protect profits whilst minimizing losses which were 875$.This was not an aggressive trade and I did not always take profit that was available to me as I was not at the PC all the time as I was on vacation.

I expect the market to gradually climb the wall of worry over the holidays and am looking to sell perhaps the 11 or 12 calls to get some extra profit and with the extra funds I then intended to purchase put s but I am in no hurry to be in the market as I will wait until the market present the right time and opportunity for me. I will also look at selling the 10 calls and if I am wrong I can always buy back the calls and sell the 11 and so on .Total trading profit margin so far this year is close to 62% return on invested funds and this was achieved using very conservative and well hedged trades.

Remember always invest small amounts and take profits at every opportunity always be hedged and its better if someone else pays for your hedging (covered calls) Remember over 80% of all options lose all of their value and the market is 80% of the time range bound so use these statistics to your advantage. Even as the stock above is range bound we managed to extract a hefty return .Every time the market makes a move you must adjust your position and eventually (if you know what you are doing) you will end up with free trades in either direction! Making 20% every 3 months in any one year = 80% return on invested funds !.That pays all my bills! Stay hedged and wait for the market to set up your trades. I always need to use various legs for a profitable trade as I cannot tell where the underlining stock is going to go! Good trading until the next trading up-date


Why the global political class lies in fear of the LIBOR scandal?

 By John Ward at the slog reports:

A couple of Torygraph journalists were exchanging tweets this morning about Bob Diamond’s cockup being “only the start” of the LIBOR scandal. It could well be that the time has come for some noisy skeletons to walk out of the Westminster cupboard.

An international investigation into the alleged 2008 Libor manipulation scandal has been necessary pretty much right from the start. Without wishing to seem too obvious here, that’s because what happened was internationally arranged. On April 12th 2011, The Slog reported that Vienna-based asset management concern FTC Capital GmbH – and two funds it operates in Luxembourg and Gibraltar – announced their intention to sue twelve major investment banks. FTC accused the banks of conspiring to artificially depress Libor, and limit trade in Libor-based derivatives from 2006 to 2009. The defendants as listed in the suit were Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co, Lloyds Banking Group Plc, Norinchukin Bank, Royal Bank of Scotland Group Plc, UBS AG and WestLB AG.

full article at source :http://hat4uk.wordpress.com/2012/06/28/exclusive-why-the-global-political-class-lies-in-fear-of-the-libor-scandal/

Libor stands for the London Inter-Bank Offered Rate and is the average cost of   borrowing for banks, calculated daily. That average is taken as official   Libor, which is used to price trillions of pounds of loans and financial   products across the world. The rate is worked out by asking banks to submit   their borrowing costs, discarding the top four and bottom four rates, and   taking the average of the rest. There are, in fact, several Libor rates   measuring the cost of borrowing for different lengths of time, of which   three-month Libor is seen as the benchmark. Just to complicate matters,   Libor is also calculated for different currencies of which Euribor, in   euros, is one.

Don’t I know Libor from somewhere?

You might remember the term from the Northern Rock crisis. Having effectively   matched the Bank of England’s base rate for years, Libor started creeping up   after the credit crunch struck. As a visible daily metric, it became the   instrument by which financial stress was measured – bringing the arcane   technical term into households a bit like “quantitative easing” today.   Stress could be seen in the cost of Libor over base rate, which peaked in   October 2008 after the collapse of Lehman Brothers at 1.68 percentage   points. In April this year, the spread was back down to just 0.56 points.


So after almost 4 years of Bank clean ups we are still uncovering corruption and fraud coming from the banks .Irish government’s financial dealings through the equally questionable dealings at the Toxic Bank/property front is no better. a nod and a wink    seems to be the way business is done but for whose benefit? The Irish taxpayers are been forced to pay 1.5 billion Euros of the gambling debts, of faceless unsecured bondholders. Why??  With what we now know is it possible that there is a case for the Irish government to sue Barclays??

With the clueless and gutless Irish minister of Finance we are not likely to see any such action we will not even see an investigation into the possible effects of this uncovered fraud in the Libor Markets might have had on Irish mortgages and bank interest charges. As far as I can see we are still no better off the banks are still running the show!  Our own Bank fraud (Anglo Irish Bank) (and the attempt by Irish Life and Permanent to help doctor the books with a 7 billion dig out) investigation continues and to date not one person has been brought to justice! One law for the Banks and one law for the rest of us!

Bank of America stock (up-date on trading)

Trading up-date with Machholz

Well my friends we are losing our shirts on our protective puts and there is no more value but time now, however we have as a result of the Bank of America stock ( Total stock 3500 )movement up from a purchase price of $5.01- $5.15  we are experiencing a very healthy profit and to offset any losses in these puts total gains for month so far is approx **$9,875 +$ 672 to offset the losses on the puts.

All in all a nice months work and this should pay for my rent in Lubeck for the coming year! Nice one!

Have purchased new protective 8$ puts up until April Just in case the bottom falls out of the market

Remember always be hedged I am still holding on to my  stock as I believe we have a way to go but if I am wrong I make a few bob on the way back down !But I think we are going to see at least a move up to the 200 MDA and maybe beyond!


**This includes all trades that includes other stock and option trades not highlighted in trading posts.

Bank of America Reports Fourth-Quarter 2011 Net Income of $2.0 Billion

In a follow-up on my posting trading with machholz. . Here we have the earnings report for BAC.We are well on the way to target of $7.50 and I expect now to arrive sometime this year at a price of $15.00.As always I have the hedging in place and subsequently suffering a loss on the hedging to the downside but that is then cancelled out by the advance in the stock price and we have an overall plus position for the month so far of $5000:00.I will continue to add to the hedging as we have until march expiry and using this time to average down might still contribute to a free trade to the downside. Remember keep hedged as other market influences can bring about a sudden drop in the markets .


Investment Bank Maintained No. 2 Global Ranking in Net Investment Banking Fees and Gained Market Share in 2011

Bank of America Merrill Lynch Named “Top Global Research Firm of 2011”

–Total Average Commercial and Industrial Loan Balances Increased 13 Percent From the Fourth Quarter of 2010

–Small Business Loan Originations and Commitments up Approximately 20 Percent in 2011, More Than 500 Small Business Bankers Hired in 2011

–Global Wealth and Investment Management Adds Nearly 1,700 Financial Advisors in 2011

–Extended Approximately $557 Billion in Credit and Raised $644 Billion in Capital for Clients During 2011

–More Than 1 Million Mortgage Loan Modifications Completed Since 2008

Bank of America Corporation today reported net income of $2.0 billion, or $0.15 per diluted share, for the fourth quarter of 2011, compared with a net loss of $1.2 billion, or $0.16 per diluted share in the year-ago period. Revenue, net of interest expense, on a fully taxable-equivalent (FTE)(1) basis rose 11 percent to $25.1 billion.

For the full year, the company reported net income of $1.4 billion, or $0.01 per diluted share, compared with a net loss of $2.2 billion, or $0.37 per diluted share in 2010. Revenue, net of interest expense, on an FTE basis(1) declined 15 percent to $94.4 billion

full report at source: http://www.marketwatch.com/story/bank-of-america-reports-fourth-quarter-2011-net-income-of-20-billion-or-015-per-diluted-share-full-year-2011-net-income-of-14-billion-or-001-per-diluted-share-2012-01-19

Where now for Bank of America?

By Keven M O Brien

In an article I wrote for Seeking Alpha last month, I discussed how Bank of America (BAC) stock could either completely  tank relatively quickly – or be an excellent buy if you are willing to take on  some of the additional risk associated with owning it. When BAC was hovering  near $5.00/share, I was very concerned that anything much below that level would really cause the short sellers to swarm it like vultures and completely sink
it.Bank of America released third quarter earnings this past Monday and
surprisingly turned in a profit, compared to the third quarter of 2010 when it
had a $7.3 billion dollar loss. See here for more on these results. The third quarter results did  reveal that Bank of America is now behind JP Morgan Chase (JPM) as America’s biggest bank.

full article here: http://seekingalpha.com/article/301409-bofa-weathered-a-storm-but-risk-still-persists.

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As a trader of  BAC stock I thought this might intrest some of you!

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