Tuesday, November 22, 2011

WSJ: BofA warned by regulators

by Calculated Risk on 11/22/2011 12:35:00 AM

From the WSJ: BofA Warned to Get Stronger

Bank of America Corp.'s board has been told that the company could face a public enforcement action if regulators aren't satisfied with recent steps taken to strengthen the bank ... The nation's second-largest lender has been operating under a memorandum of understanding since May 2009 ... In recent months, regulators met with Bank of America's board and said they wanted to see more progress ... Otherwise the informal order could turn into a formal and public action ...
This would be a huge addition to the "Unofficial" problem bank list (We only include banks operating under a formal action on the list). A formal action would mean greater restrictions - and would bring more negative publicity to the bank.

Earlier:
Existing Home Sales in October: 4.97 million SAAR, 8.0 months of supply
Existing Home Sales: More on Inventory and NSA Sales Graph
Existing Home Sales graphs