Can we all together say...... "Ahhhh.. Poor Bank of America", they are getting it from all sides!
First people are standing up against the FRAUD Foreclosures and judges are ruling against them left and right.
Pimco and the New York Federal Reserve bank among many other hedge funds and investors of MBS (mortgage backed securities) were demanding their investments back from the fraudulent securities.
Bank of America was fighting it. Well it seems as of the end of 2010 they had paid 46 BILLION back to PIMCO - N.Y. Fed and others and they still have 10.7 BILLION of Claims against their MBS filed! That is HUGE! Also by those big entities demanding all that money, they pretty much know the game is up and the fraud is coming out in all ways. They are wanting out before the complete SHTF when it is disclosed ALL the MBS sold by MERS banks are fraud! One mortgage was put into multiple MBS bonds.
BOA has spent over one Billion more in litigation in 2010 than they had expected to (defending fraud foreclosures). Looks like they have booked more litigation fees in for this year (2011).
Wells Fargo has also had over 1 Billion in litigation fees in loss to the bank due to MERS fraud foreclosures!
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So, lets keep all the banks having to spend money in litigation! STAND UP - DO NOT GET FORECLOSED ON BY FRAUD!