Ho ho ho, heh heh he…
First The GSEs, Now The Monolines….
As if Bank of America, Goldman Sachs, Citibank, Wells and the rest don’t have enough to worry about with “repurchase requests” (which are requests in name only – stiff-arm the “requestor” and the next thing you’re likely to see is a summons!) from the GSEs we have this:
For your reading pleasure, here’s the letter that was sent in early September to Bank of America CEO Brian Moynihan from the Association of Financial Guaranty Insurers (the monolines) arguing why they believe his bank will owe their members $10-20 billion for mortgage repurchases…..
Association of Financial Guaranty Insurers Letter to Bank of America-1
Just curious: What’s $20 billion for the monolines, another $20 billion or more from Fannie and Freddie, and that, incidentally, is just one bank?
Is that likely to be a problem?
You decide – oh, and while you’re at it, let me know whether you think this is a “material business development” that should have brought out the Form 8-K filing……. looks like it to me!
Heh ehe heh,
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4closureFraud.org
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Association of Financial Guaranty Insurers Letter to Bank of America
That’s a nicer foreclosure notice than the borrowers receive. In the words of Neil Sedaka, “Breakin’ up is so hard to do…”