Category: Bank of America

How not to buy a financial institution: Part 2, repent at leisure

3 July, 2012 (10:26) | Bank of America, Countrywide, Foreclosure, Homeownership, Housing, Regulation, Subprime, US News, Workouts |

By:David A. Smith [Continued from yesterday's Part 1.]   Yes, buying Countrywide was worse than a poke in the eye Yesterday’s post chronicled only half of the major problems that Bank of America bought when it acquired Countrywide Financial in what finance professor Tony Plath called “the worst deal in the history of American finance.”Yesterday […]

How not to buy a financial institution: Part 1, act in haste

2 July, 2012 (17:55) | Bank of America, Countrywide, Foreclosure, Homeownership, Housing, Regulation, Subprime, US News, Workouts |

By:David A. Smith   That didn’t work out so well   Some awards we’d just as soon not win, and some decisions we’d just as soon have back, but life doesn’t have a rewind button, so former bank of America CEO Ken Lewis (pictures above) must be considered the proud papa of what, in hindsight, […]

Time for Foreclosure Plan C

12 April, 2012 (09:25) | Bank of America, Foreclosure, Homeownership, Innovations, Rental, Subprime, US News, Workouts |

By: David A. Smith   When Plan A fails, we go to Plan B – and when Plan B fails?   Time for Plan C, as shown in this Wall Street Journal (March 23, 2012) story:   BofA Tests an Option to Foreclosure   As we’ll see, this is less an option to foreclosure than […]