Is Bank of America Doomed?

Filed in Politics by on November 24, 2010

Is Bank of America doomed?

According to DailyFinance, an AOL Money & Finance Site, Countrywide Mortgage Document errors may doom Bank of America.

Testimony in a New Jersey foreclosure case, decided last week, may spell big trouble for Bank of America. If what a bank employee said on the stand proves to be accurate, paperwork problems from the 2008 purchase of failing mortgage provider Countrywide could leave the Bank on the hook for billions.

Based on this case, it seems Countrywide pledged 96% of its mortgages to secure mortgage backed securities. However, it seems that it commonly screwed up related paperwork in a manner that it cannot fix.  

So, is Bank of America doomed?

Will taxpayers bail it out?

My clients want to know.

Tags: ,

About the Author ()

I provide the fastest and easiest Xero daily automatic accounting for accuracy, very low cost, safety and reliability. QuickBooks, Intuit Federated Applications and our popular http://www.QuickBooks-blog.com/. I increase small and medium business profits and cut business and personal taxes.

Comments are closed.