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COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS

 
Anonymous Coward
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10/18/2010 09:54 PM
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COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
[link to www.prnewswire.com]

HOUSTON, Oct. 18 /PRNewswire/ --Today, the holders of over 25% of the Voting Rights in more than $47 billion of Countrywide-issued RMBS sent a Notice of Non-Performance (Notice) to Countrywide Home Loan Servicing, as Master Servicer ("Countrywide Servicing"), and to Bank of New York, as Trustee, identifying specific covenants in 115 Pooling and Servicing Agreements (PSAs) that the Holders allege Countrywide Servicing has failed to perform.

The Holders' Notice alleges that each of these failures has materially affected the rights of the Certificateholders under the relevant PSAs. Under Section 7.01 of the PSAs, if any of the cited failures "continues unremedied for a period of 60 days after the date on which written notice of such failure has been given ... to the Master Servicer and the Trustee by the Holders of Certificates evidencing not less than 25% of the Voting Rights evidenced by the Certificates," that failure constitutes an Event of Default under the PSAs.



That means that within 60 days, BOAC IS FUCKED UP THE ASS.
PhennommennonnModerator
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10/18/2010 09:57 PM

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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
hmm


{{{€€Bank of America Secretly Asking Congress for a Banking Industry Bailout
Thread: {{{€€Bank of America Secretly Asking Congress for a Banking Industry Bailout
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FREEDOM OF SPEECH:
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The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

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Hillcrest

User ID: 1105194
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10/18/2010 09:58 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
the plot is getting thicker than Bisquick batter...
Water always wins. :sun:
Anonymous Coward
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10/18/2010 09:59 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
So I wonder who gets my mortgage now - it's been sold six times.
Anonymous Coward (OP)
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10/18/2010 09:59 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
BOAF will need at least a 10+ billion $ bailout if they are to survive this.
Anonymous Coward
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10/18/2010 10:02 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
The check is probably being written.
nwdoom

User ID: 1119663
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10/18/2010 10:04 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Look at this wtf
I googled my last name, address with city and state. Then this pops up. Do Ctrl F for find then type in your last name here is what I found

[link to google.brand.edgar-online.com]
Anonymous Coward
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10/18/2010 10:16 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
"compelling the sellers of ineligible or predatory mortgages to bear the costs of modifying them for homeowners or repurchasing them from the Trusts' collateral pools."

Nice.
Anonymous Coward
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10/18/2010 10:20 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
This is huge, deserves a pin

bump
Anonymous Coward
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10/18/2010 10:21 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
hmm


{{{€€Bank of America Secretly Asking Congress for a Banking Industry Bailout
Thread: {{{€€Bank of America Secretly Asking Congress for a Banking Industry Bailout
 Quoting: Phennommennonn


That was 2008 ;)
optics

User ID: 995473
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10/18/2010 10:31 PM

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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
The foreclosures are just the lightweights in the warm up.THIS is the main event as the heavyweights battle each other.
Anonymous Coward
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10/18/2010 10:32 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
The foreclosures are just the lightweights in the warm up.THIS is the main event as the heavyweights battle each other.
 Quoting: optics


Looks like they won't be able to hold it off til after election day.

Good.
Anonymous Coward
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10/18/2010 11:05 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
bump
Anonymous Coward
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10/18/2010 11:10 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Can someone dumb it down for me? Not really up to speed on legalese...
Anonymous Coward
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10/18/2010 11:13 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Can someone dumb it down for me? Not really up to speed on legalese...
 Quoting: Anonymous Coward 1133530


Countrywide/BofA packaged up a bunch of mortgages and sold them as "mortgage backed securities", representing them as good, solid loans. They have turned out not to be, which entitles the bondholders to force Countrywide/BofA to buy them all back. The bondholders have told the servicer to either modify those loans for the homeowners at the servicer's expense or they will be forced to eat the whole thing in 60 days.
optics

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10/18/2010 11:17 PM

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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
All the big boys (pension&hedge funds and foreign investors) who were sold this fraudulent crap are going to shove it back into the banksters faces who are going to squeal for a gov bailout.The tbtf banksters will have to be taken over or bailed out as they cannot possibly cover trillions in bad loans which are backing hundreds of trillions in derivatives. hiding
Anonymous Coward
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10/18/2010 11:24 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
at some point we need to execute all of these fucks for treason
Anonymous Coward
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10/18/2010 11:26 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
so i pay my Mrg. and if they get another hand-out from the fed/gov that tax-payers..ie..me and you have ta pay back thats double dippin on our asses...

I hope they all(banksters)eat shit and die!!!!!!


s226
Anonymous Coward
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10/18/2010 11:27 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
at some point we need to execute all of these fucks for treason
 Quoting: Anonymous Coward 1090221



Got rope?
Anonymous Coward
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10/18/2010 11:48 PM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
so i pay my Mrg. and if they get another hand-out from the fed/gov that tax-payers..ie..me and you have ta pay back thats double dippin on our asses...

I hope they all(banksters)eat shit and die!!!!!!


s226
 Quoting: Anonymous Coward 1134787


Not to mention that they sold your note several times. More like quadruple and quintuple dipping.
Hillcrest

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10/19/2010 12:15 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
bump
Water always wins. :sun:
Anonymous Coward
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10/19/2010 12:49 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
at some point we need to execute all of these fucks for treason
 Quoting: Anonymous Coward 1090221

+100000000000000000000000000000000000000000000000000000000

The whole world population wants them dead.
Anonymous Coward
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10/19/2010 12:59 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
at some point we need to execute all of these fucks for treason
 Quoting: Anonymous Coward 1090221


Clinton's administration while Greedscam was big head of the Fed deregulated Glass Steagall which was set up in the first great depression to prevent exactly this sort of thing from happening. Just placing the blame, at least the beginning point, squarely where it belongs.
Anonymous Coward
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10/19/2010 09:02 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
So we still have to wait at least two months for this all to blow up??

Two months is Christmas - they'll sneak something through over the holidays while no one's paying attention.
Anonymous Coward
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10/19/2010 09:05 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Can someone dumb it down for me? Not really up to speed on legalese...


Countrywide/BofA packaged up a bunch of mortgages and sold them as "mortgage backed securities", representing them as good, solid loans. They have turned out not to be, which entitles the bondholders to force Countrywide/BofA to buy them all back. The bondholders have told the servicer to either modify those loans for the homeowners at the servicer's expense or they will be forced to eat the whole thing in 60 days.
 Quoting: Anonymous Coward 699917


meh. bondholders will be told to eat it. No doom here.
Anonymous Coward
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10/19/2010 09:07 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
at some point we need to execute all of these fucks for treason


Clinton's administration while Greedscam was big head of the Fed deregulated Glass Steagall which was set up in the first great depression to prevent exactly this sort of thing from happening. Just placing the blame, at least the beginning point, squarely where it belongs.
 Quoting: Anonymous Coward 961432


From Wiki:

The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate[6] and by a bi-partisan 343–86 vote in the House of Representatives.[7] After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90–8 (one not voting) and in the House: 362–57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999.[8]
Anonymous Coward
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10/19/2010 09:12 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
:macgun Bonnie Fwank and macgun Chris Dodd

Two of the most notorious dirtbag swindling bastards involved in these fiasco's.

But the sheep just keep voting them in. slaphim
Anonymous Coward
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10/19/2010 09:16 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Does it mean if they go bankrupt that they will call in all outstanding mortgages ?
dennis_k85

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10/19/2010 09:27 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Get the tar and feathers!!!
cd pub
more beer
?
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10/19/2010 09:30 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Yes, I'm an idiot.

I read the linked article and nowhere can I find the words "Bank of America".

I see Bank of New York, but not Bank of America.

Are they the same thing?

If so, why are they calling it Bank of New York??
Anonymous Coward
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10/19/2010 09:31 AM
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Re: COUNTRYWIDE, BANK OF AMERICA BY EXTENSION, IS BANKRUPT WITHIN 60 DAYS
Does it mean if they go bankrupt that they will call in all outstanding mortgages ?
 Quoting: Anonymous Coward 922001



I would like info on this as well,how the hell is all the cards drop?

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