Happy days are here again! BoA pays off investors!

Bragi

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Wed Jun-29-11 09:50 AM
Original message

Happy days are here again! BoA pays off investors!

Sadly, though, no help yet on offer for people who lost their homes through foreclosures. I'm sure that will come soon. - B

REUTERS
Bank of America expects loss after settlement
New York— Reuters
Published Wednesday, Jun. 29, 2011 7:41AM EDT
Last updated Wednesday, Jun. 29, 2011 9:02AM EDT

Bank of America Corp. (BAC-N11.120.302.77%) said it expected to take more than $20-billion (U.S.) in charges after settling with mortgage bond investors, resulting in a second-quarter loss.

The largest U.S. bank said it expected to post a loss of 88 cents to 93 cents per share for the quarter.

Bank of America said its charges would include an $8.5-billion settlement with bond investors for allegedly selling them mortgages that did not meet their investment criteria, and another $5.5-billion to cover expected payments to other mortgage bond investors.

http://www.theglobeandmail.com/globe-investor/bank-of-america-in-85-billion-mortgage-settlement/article2079814/

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dkf

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Wed Jun-29-11 09:59 AM
Response to Original message

1. What entitles people who get foreclosed on to get help from a lender?

Wouldn't it be more society's fault for not providing unemployment?

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aquart

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Wed Jun-29-11 10:19 AM
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3. ?

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woo me with science

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Wed Jun-29-11 10:05 AM
Response to Original message

2. ...

"You sit around here and you spin your little webs and you think the whole world revolves around you and your money. Well, it doesn't, Mr. Potter. In the whole vast configuration of things, I'd say you were nothing but a scurvy little spider."

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