Investors Extend Talks With Bank of America Over Mortgage Bonds

Bank of America (BAC) said talks will continue with bondholders who are demanding it buy back securities backed by billions of dollars of bad mortgages.

Bank of America has been in talks with investors including Pacific Investment Management Co (Pimco), BlackRock Inc (BLK) and the Federal Reserve Bank of New York over $47 billion of mortgage bonds, Bloomberg News reported.

Some of these investors agreed to extend a deadline set in October, Bank of America said. The bank did not name the investors or a new deadline.

The bonds are backed by loans created by Countrywide Financial, a unit of Bank of America.

"The reason why settlement is a much-preferred alternative to litigation is to avoid extensive discovery," said Manal Mehta, a co-founder of hedge fund Branch Hill Capital in San Francisco. "Who knows what sorts of skeletons lurk in the closets of Countrywide?"

Branch Hill Capital has bet against Bank of America shares.

Pressure has been mounting on big banks to buy back bonds that are backed by mortgages that have gone sour. Investors, bond insurers and government mortgage agencies Fannie Mae and Freddie Mac are all pushing banks to take back the securities at face value.

Brian T. Moynihan, CEO of Bank of America, said in November that the company would engage in "hand-to-hand combat" to fend off unwarranted buyback demands.

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americandoo

"TIME FOR BIG INVESTORS TO STEP UP TO THE PLATE LEAD AMERICA
BY INVESTING IN AMERICA"



"WHEN YOU INVEST IN AMERICA YOU INVEST IN YOUR
CHILDREN'S FUTURE"

"INVEST IN A LARGE PROJECT THAT WILL MAKE A DIFFERENCE FOR THE FUTURE"
Similar to this idea;


In past history when the USA needed a Moral Boost to our Country we built
such things as;

The Largest Bridges, Dams, Statue Of Liberty, Worlds Largest Futuristic
Fair, Landed on the Moon etc. It is overdue for us and time for us to build the
Largest & Best Futuristic CITY IN THE WORLD, using ALL OF OUR CUTTING EDGE
TECHNOLOGY AND ALL OF CHINA'S, GERMANY, RUSSIA and all other Countries CUTTING
EDGE TECHNOLOGY and BEYOND ALL OTHERS ! !

We need to find a location in the USA somewhere that has the space for our
"FUTURE WORLD PROJECT" where this ENTIRE CITY will Utilize all of the Newest
and Cutting edge combined technology in the world to build our City using
entirely GREEN energy with 0 pollution ! ! !

(This City Would Also Have A NEW VERSION OF THE STATUE OF LIBERTY, Holding the
torch in one hand and OUR SPACE SHUTTLE or GREEN PLANET EARTH in her other hand
raised high and

looking into the sky ! ! to our City..Too Cool Or What..) I would love to
be part of this project and so would America ! !

This would make a GREAT FILM & Could be based on a True Story with the help of
A TEAM OF BIG MONEY INVESTORS ! ! !

Use your Imagination and think how GREAT THIS WOULD BE FOR AMERICA & OUR
ECONOMY ! !

" COULD BE AN HISTORICAL EVENT IN OUR HISTORY BOOKS FOR OUR NEXT
GENERATION TO FOLLOW"

Thank You, Respectfully, Michael V. Caldwell, Proud American
Inventor/Dreamer..Dream Big..Do Big..

(Always Striving To Be Part Of The Solution Using Respect & Ameri-Can-Do
Attitude )

December 23 2010 at 8:35 PM Report abuse rate up rate down Reply
1 reply to americandoo's comment
Wayne

Very Good Idea, I applaud you. Detroit comes to mind. Tear it down and start all over again. Relocate those who need relocating and it would be very good for Detroit who lost so much.

December 29 2010 at 1:26 AM Report abuse rate up rate down Reply
shm3418

the investors should say "see you in court"! But BOA would quickly settle in order to keep those and other skeletons safely locked in teh closets! Bust up BOA just as the govt. busted up the Bells years ago! NO more mega banks and to big to fails!

December 16 2010 at 8:34 AM Report abuse +1 rate up rate down Reply
2 replies to shm3418's comment
jkennedy806

I agree, in the olden days, you went to the local bank, and got a mortgage, you talked to one person, usually a vP that your family knew for years of banking with this local financial institution. The mortgage stayed with this bank, it wasn't swapped, it wasn't sold, the only investor in the whole process was the YOU the homeowner. I would like to know what skeletons they are hiding. ?????? And where's Barney these days. Is he being replaced ? Oh yeah I think Ron Paul of Texas Sick em.

December 16 2010 at 10:00 AM Report abuse rate up rate down Reply
Wayne

If you want to know the skeletons that they are hiding watch these video's on Youtube http://www.youtube.com/watch?v=HMkcpgqvc5E&feature=related. This might start out in tape 4 but go to tape 1 part 1. It is quite long but I guarantee you this is very interesting and it will put everything in it's place and bring out the skeletons that the banks "Don't want you to Know". This problem with the mortgages is beyond just a problem it is a crisis beyond a monumental extent. Can you imagine being a politican knowing this crap ... How would you handle such a crisis with so much fraud? I am in the middle of this mess not paying my mortgage in 2 years only for the fact Countrywide refused and Bank of America can't tell me who I am to pay. Come to find out I was going at it wrong. Although I am on the map, sort of speak, just folling the wrong road. Watch the videos and learn. It is an eye opening.

December 16 2010 at 11:59 AM Report abuse rate up rate down Reply
presidentporky

Break out your record profit bonuses BOA , time to suck it up and pay the piper.There will be other bonuses later.

December 16 2010 at 8:06 AM Report abuse rate up rate down Reply
1 reply to presidentporky's comment
jkennedy806

Jail time is the the only bonUS the American's can hope for

December 16 2010 at 10:02 AM Report abuse rate up rate down Reply