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Wednesday, May 20, 2009

Report: BofA Wants to Repay TARP in 2009

by Calculated Risk on 5/20/2009 11:46:00 PM

From the Financial Times: BofA seeks to repay $45bn by end of year

Bank of America wants to pay back $45bn in bail-out funds by the end of the year, in a faster-than-expected move made possible by an accelerated programme to raise capital.

BofA is on track to raise more than $35bn in capital by the end of September...

People familiar with the bank’s plans say negotiations to sell some of BofA’s non-core assets are under way and, if the asset sales occur in the next few months, the bank will be able to fulfil its stress-test obligations and pay back Tarp funds from its $173bn cash reserves.
Stop laughing!

Plenty of info today:

  • New Mortgage Loan Reset / Recast Chart

  • Architecture Billings Index Steady in April

  • U.S. Vehicle Miles off 1.2% YoY in March

  • Pension Benefit Guaranty Corporation Deficit Increases - and more problems coming from the automakers.

  • Residential Rental Market and Inflation

    best to all.