“J.P. Morgan Chase, an amalgam of some of Wall Street’s most storied institutions, now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show.”
Posts Tagged ‘Bank of America’
Bank of America is going to call it, “Bank of America Home Loans.” Not very catchy but better than “Scam home loans.”
According to a diarist at the DailyKos, it could number in the thousands and mostly effect workers who were absorbed in the purchase of MBNA three years ago who were contractually protected by having a clause in their contract that gave them one month to one year severance if they were laid off within the three year period. That period is now up and lots of these people were let go. But so far, no mainstream media coverage or announcement.
BofA which, I think is running on fumes, isn’t going to announce any more bad news. They probably hope they can gloss over this latest news, by calling it “further restructuring” or some other nonesense.