Bank of America CEO says he regrets Countrywide

(Reuters) - Bank of America Corp (BAC.N) Chief Executive Brian Moynihan said on Wednesday he often regrets the bank's 2008 purchase of mortgage lender Countrywide, but the loan losses from that deal will not force the bank to issue new shares.

It was the first time the bank has expressed regret over its 2008 Countrywide purchase, which has saddled Bank of America with billions of dollars of mortgage losses.

Moynihan's admission shows the extent to which the bank is still reeling from the housing crisis, and the intensity of investor fear that losses from that deal will force the bank to issue more shares to bolster its balance sheet.

"Obviously there aren't many days when I wake up and think positively about the Countrywide acquisition in 2008," said Moynihan during a conference call arranged by Fairholme Capital Management, one of the bank's biggest shareholders.

http://www.reuters.com/article/2011/08/10/us-bankofamerica-shares-idUSTRE7795H320110810

One of the few things BOA has done right is how they treated Countrywide customers who WEREN'T behind. It would have been very easy for them to paint us all with the same brush.

We paid off our loan and I won't do business with BOA for their poor performance in this whole mess, and as far as I' concerned Moynihan can go bite one.

bought Angelo Mozilo's sham of a company.

But they own it now - and the billions in liabilities that came with it.

http://en.wikipedia.org/wiki/Angelo_Mozilo

U.S. drops criminal probe of former Countrywide chief Angelo Mozilo
http://articles.latimes.com/2011/feb/18/business/la-fi-mozilo-20110219
Mozilo and others involved in the mortgage boom "should go to jail," said Bruce Marks, founder of the nonprofit Neighborhood Assistance Corp. of America, which provides counseling to homeowners facing foreclosure.

"And they should throw away the keys," Marks added. "By not prosecuting them you have blessed their activities and allowed them to continue," he said, contending that many former originators of abusive loans are now buying up foreclosed properties for cash.

With cheap jumbo loans on their real estate.

that balloon into 12% rates after three years at 2%.

The government endorsed that terrible shit via Fannie and Freddie.

B of A gets to dance and we have to pay for the band!

They are nothing more that tax evaders, just like Al Capone!!!

But honor among thieves, and all that. They start going after one another, and the whole thing could snowball and half of Wall St. would end up in prison for what they did to us.

Never happen.

Oh, and I don't trust this guy for one second when he says BoA is healthy, despite this purchase. Both BoA and Citi Bank haven't yet had their shit-storm, and there's no damn way they're getting another bailout on our backs.

As an aside, the Feds made Anthony Mozillo give up ~$60 million - 10% of the wealth that he made (and hadn't yet spent) while heading Countrywide. But, of course, no prison time.