Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yes, they did... I hope B of A is well capitalized enough to deal with all of the toxic mortgage products it's inheriting from both companies.
I believe B of A were planning on doing something to get away from the toxic mortgages... they had a dummy company buy Countrywide then bankrupt them both and then buy them (and Countrywide) so that they didn't inherit the toxic products... they gave those toxic products away to the U.S. government in the bankrupcty filing... wasn't that the trick they were planned on using..
I don't know, but I know they don't have a lot of toxic products themselves (leaving aside the 2 failed companies). They didn't get heavily involved in that stuff.
Quote:
Originally Posted by evilnewbie
I believe B of A were planning on doing something to get away from the toxic mortgages... they had a dummy company buy Countrywide then bankrupt them both and then buy them (and Countrywide) so that they didn't inherit the toxic products... they gave those toxic products away to the U.S. government in the bankrupcty filing... wasn't that the trick they were planned on using..
It was rumored that Merrill was the next hurting firm.
Remember..3Q earnings will be out in a few weeks.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.