This is just snippet of the report to show that it is not just about the foreclosures but the MORTGAGE FRAUD. THEY know there are problems with the mortgage from the get go.
FRAUD in the making and FRAUD in the taking. Fannie Mae wants documentation by the lenders (who naturally are resistant) Florida's Attorney General has actually subpoenaed one lender for all its documents regarding process of loans and foreclosures, training documents, and other records. We envision the bank having shredding party.
"Bank of America is seen as especially vulnerable because it took over Countrywide, one of the firms most heavily criticized for its lending practices during the housing bubble. Bank of America's shares fell 4.9 percent Friday.
As of mid-year, the bank faced unresolved claims that it repurchase $11.1 billion of problem loans, according to its last quarterly report. The bank had put $3.9 billion in reserve to cover such costs.
Bank of America is scheduled to release its next quarterly report Tuesday. A bank spokesman declined to go beyond past disclosures.
Other major banks felt the sting of the widening foreclosure crisis Friday. Wells Fargo's stock fell 4.6 percent, JPMorgan Chase's fell 4.1 percent, and Citigroup's fell 2.7 percent. By contrast, the Standard & Poor's 500 index, a broad measure of the stock market, rose slightly."
Additionally:
Fannie and Freddie maintain that they were sold the disputed mortgages on deceptive grounds - and that the banks that sold them the loans should be held responsible for the resulting losses. But the industry has resisted efforts by Fannie and Freddie to obtain documents that would show whether the investments were aboveboard.
To see video on Stock Reports check out this link to Washington Post
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