By Adam Alvarez:With each and every passing day it seems companies and our own government take measures that indescribably strive to merely elongate our own economic crisis. Whether turning a blind eye to rising gas prices to baiting us with electric cars to even taking steps to weaken our own currency while falsely denying the inevitable inflation, most in authority just don't seem to understand economics.
In February, five of the nation's largest banks agreed on a $25 billion settlement over widespread, systemic mortgage fraud and related issues.
The $25 Billion Deal, announced with huge fanfare, was supposed to help up to a million struggling homeowners, primarily via debt forgiveness.
Let's flash forward a few months to see how debt forgiveness is working out in practice.
Remember that massive $25 billion settlement between the nation’s largest mortgage servicers — Bank of America, Wells Fargo, Chase, Citi, Ally — and attorneys general from around the nation? Well, it comes with a lot of rules for these institutions to follow.
Hedge fund manager and famed short seller David Einhorn is right: no matter how bad you think it is, it’s worse.
Consider this pious statement by David Holland of Rust Consulting, the firm responsible for sending out settlement checks, at the Senate Banking subcommittee hearings on the Independent Foreclosure Review earlier this week:
By John R. Conway:I have a love/hate relationship with Bank of America (BAC). From a trader's point of view, I like to trade Bank of America's stock to the upside or downside due to its high beta and how cheap it can be bought or sold using options.