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Bank of America Wants In On This TARP Payback Business, ASAP


Not as soon as Goldman, though that'd be nice, but about three decades earlier than anyone expected it'd get done. BAC is apparently telling people it'll have the government out its hair by the end of the year, after raising the $35 billion in capital the Treasury claims are necessary by September, and returning the strings-attached bailout funds. This bold declaration, possibly spawned by liquid courage, has resulted in lots of laughs and many a "have another drink, Ken." Even the FT is barely able to conceal the smirk on its face.

BofA's desire to repay its Tarp money early will surprise the market. Most analysts expect BofA to be one the last banks to do this, partly because of the large amount of the funds it received and partly because it was found to have the biggest capital shortfall of any US bank in recent regulatory stress tests.

BofA Seeks To Repay $45bn By End Of Year [FT]


Who Wouldn't Want To Sue Bank of America?

August was kind of rough for Bank of America on the legal front, to the point that we once said in Write-Offs "Everybody who hadn’t yet sued BofA did today, or will soon." But that turned out to be wrong! Or at least, it underestimated the continuing appeal of suing Bank of America, because now not only is everyone who is not Bank of America suing Bank of America, but so is Bank of America: [I]n Florida's Palm Beach County alone, Bank of America has sued itself for foreclosure 11 times since late March, according to foreclosure fraud activist Lynn Szymoniak, who forwarded one such foreclosure filing, dated March 29, 2012, to The Huffington Post. ... In the March 29 filing, Bank of America is seeking to foreclose on a condominium and names the condo owner and Bank of America as defendants in the suit. The company is literally seeking damages from itself in order to foreclose on the condo owner. Ha ha ha but why is Bank of America a delinquent condo owner? Because of course it's not; it's the second lien holder: