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In a move that could either send BAC stock limit down overnight or send it soaring (we are still trying to figure out just what is going on here), the NYT has broken major news that the US is preparing to go nuclear on more than a dozen big banks among which Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, in an attempt for Fannie and Freddie to recoup $30 billion if not much more.
The lawsuit is expected to hit the docket in the next few days: “The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.”
FHFA goes hog wild and potentially full retard in suing everyone, or specifically 17 global banks, up to an including such dead men walking as Barclays, RBS and SocGen. Oddly such crony capitalist favorites as Wells Fargo are suspiciously absent: we wonder what the cost of that particular Eureka moment was to the interested party.
“While I believe that F.H.F.A. is acting responsibly in its role as conservator, I am afraid that we risk pushing these guys off of a cliff and we’re going to have to bail out the banks again.”
Either way, come Monday, this will get interesting when already scarce liquidity goes… poof.
http://www.zerohedge.com/news/massive-wave-lawsuits-be-filed-us-against-americas-biggest-banks-soon-tomorrow
Duration : 0:1:39
60 Minutes, CBS News, 4-3-2011
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Labor Talk Podcast 9/07/2011
Sept. 2 (Bloomberg) — Paul Miller, managing director at FBR Capital Markets Corp., talks about a potential lawsuit by the U.S. Federal Housing Finance Agency against Bank of America Corp. and other lenders over faulty 
Aug. 24 (Bloomberg) — Douglas Yearley Jr., chief executive officer of Toll Brothers Inc., talks about the impact of financial-market volatility on the U.S. housing market.
Aug. 22 (Bloomberg) — Frank Pallotta, a managing partner of Loan Value Group, talks about the increase in the percentage of U.S. mortgages overdue by one month.
Aug. 11 (Bloomberg) — Brian Charles, an analyst at RW Pressprich & Co., talks about Bank of America Corp.’s stock performance and the impact 
Finding the right 
July 19 (Bloomberg) — Brian Charles, an analyst at RW Pressprich & Co., discusses Bank of America Corp.’s second-quarter loss and outlook.