Tue 2010-08-24 20:34 EDT
Is Bank of America Hiding an Insolvency Problem From The Public? | MFI-Miami
...My contact told me that Bank of America is selling off their servicing rights on loans they serviced for other investment houses and they are selling off their trustee rights they hold in their name, Countrywide's name and LaSalle Bank's name to Deutsche Bank. What they can't sell to other banks they are selling to Fannie Mae and Freddie Mac...On the surface this looks like Bank of America is having a liquidity problem but then buried deep in the Asian edition of the Wall Street Journal last week was an article that the Blackstone Group was taking over Bank of America's Asian Real Estate Fund. This would indicate this much more than Bank of America having a liquidity problem. This would indicate that Bank of America has turned into the SS Titanic...My source was even bold enough to say that executives are planning on Bank of America being out of business by the end of the year. They are waiting for someone to buy their branch network before making the news of their pending demise public...while the mainstream media was distracted by the Gulf oil spill, Bank of America could go about liquidating their assets and no one would be the wiser.
America Hiding; bank; insolvency problem; MFI-Miami; public.