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News Link • Corruption

Yet Another Lawsuit Against Bank Of America Over Countrywide's Legacy Toxic Mortgages

•, Tyler Durden
 There was a time when the announcement of lawsuits against Bank of America for the fraudulent mortgage practices of the worst M&A acquisition of all time - Countrywide Financial - sent the stock of BAC plunging. Now, it has become a daily thing and any incremental news barely cause a budget in the stock. One just needs to look at the surging Reps and Warranties claims against the bank (most recently in the latest Q3 earnings report) for improper mortgage conduct in the past to get a sense that very soon the firm's entire market cap will be less than the liability and litigation reserve it will need to establish against the avalanche of lawsuits we predicted back in October 2010. The litigation against the bank now is so large, that it will soon have to pull its TBTF get out of bankruptcy card just to avoid being sued to death in a 1000 legal paper cuts.

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