Did BofA Really Beat the Street?

Still waiting for those other shoes to drop... not only have they not completed (or at least reported) their total mortgage lending blunder... they will have to face the music on the securities they packaged and sold too. This is why they crafted the "bailout" language the Democrats are trying to push through Congress. To shift that load onto the taxpayers.

it should not be included due to accounting rules. the acquisition closed after quarter end July 1 so it should not be included in BofA results. Hinting the BofA did this so they can beat is really bad journalism.

Factor in Countrywide's 2Q numbers when Bank of America didn't even own it then? What kind of silly accounting is that? How about giving BofA even a day to run the company before adding Countrywide's past losses? For example, we still don't even know how much, if any, of Countrywide's debt BofA will pay. That could have a huge effect on future earnings. As for the future potential loan losses and write downs, look at the massive increases BofA has allocated to provide for this over the last three quarters. It astonishes me how so-called "analysts" focus on the hypothetical, but ignore the obvious: BofA's making billions in profit each quarter. Its ALWAYS paid a dividend, NEVER cut the dividend and ALWAYS had yearly dividend increases. Focus on the simple and obvious: BofA makes billions each quarter for its shareholders and pays them a huge dividend, while other financials post billions in losses, and slash dividends.

Great story... When are we going to see the big impact of consumer debt defaults for companies like BoA and Citi? Right now, everyone seems to be concentrating on the mortgage defaults. Isn't the other shoe about to drop?

Why in the world would I take Morgan Stanley's advice or judgement about anything seriously? They have enough problems of their own

Odd humor just hit me federalize ? but deregulate !

I think Federalize but Deregulate is hitting the printer, then some elmers glue - and then it's time to go to Piggly Wiggly and find some new automobile candidates for the message ! They actually let you give bumper stickers away - so long as you don't loiter for more than 20 minutes a day - OR if you can get a different manager. I think we had some 20 people that had 'Remember: Vote Partial AND Full birth' glued onto their bumper right there. I was surprised, only 3 people let us glue on 'Only You can prevent an identity crisis'. the 'Vanity' stickers fly well - it's a black and white sticker - cross in red dripping down into a black ground around a big black walnut tree, where a man in a black dinner jacket is sitting with walnuts in hand. - not 'too' bad really- SOMEONE had too much time on their hands - that's for sure. btw- did you know black walnut pieces are used in sand blasting ? they are that strong ? and abrasive. Other strange things about black walnut I won't go into - either way - it's a bumper sticker day I think. I do wonder if rubber cement would be better - heavy rain seems to do a number on elmer's ESPECIALLY if it's hot. Last week 'Breath My Exhaust' was tested, 2 takers had it glued on their bumper at the supermarket. I can't wait to get behind one of those cars - will be a blast.

The fix is in. I saw a mope at the home workshop in DC sponsored by the Government on MNBC. She said she had a 10% interest only mortgage from Countrywide. She said they have reworked it into a 3.3% fixed rate. Thats right 3.3% Guess who's going to fund this? It's the taxpayer. Paulson has told the Banks not to worry and to turn everything into a fixed rate mortgage and Freddie and Frannie will take them onto their books and off their balance sheets. That's why BOA didn't divulge any Countrywide figures. They are going to dump them all onto the American taxpayer and then report much rosier numbers. If the Gov't is going to keep the housing bubble going then get ready for hyperinflation just like a banana republic.