Bank of America: Foreclosing Again


Taxpayer Bailout Made $35 Billion (CNBC via AP) "The government's heavily criticized $700 billion financial rescue program has earned nearly $35 billion in income over the past two years, according to data obtained by The Associated Press. The data showed that income from the Troubled Asset Relief Program rose nearly 17 percent through November, compared to where it stood in October. The income was boosted by the government's ongoing sales of Citigroup."

Companies Staying in Cash (Wall Street Journal) Most cash since Eisenhower: "Corporate America's cash pile has hit its highest level in half a century. Rather than pouring their money into building plants or hiring workers, nonfinancial companies in the U.S.

were sitting on $1.93 trillion in cash and other liquid assets at the end of September, up from $1.8 trillion at the end of June, the Federal Reserve said Thursday. Cash accounted for 7.4% of the companies' total assets—the largest share since 1959.The cash buildup shows the deep caution many companies feel about investing in expansion while the economic recovery remains painfully slow and high unemployment and battered household finances continue to limit consumers' ability to spend."

Bank of America: Foreclosing Again (Wall Street Journal) "Bank of America Corp. said it restarted about 16,000 foreclosure cases across the U.S. on Monday, but it may be weeks before it is known whether the bank's submission of new documents will pass muster with local judges. The bank instructed its foreclosure attorneys this week to prepare new affidavits in 7,800 cases where court approval is required to foreclose on a home, out of a total of 102,000 frozen by the bank amid documentation concerns. In states where no court approval is required, attorneys were asked to lift the hold on 8,000 delayed foreclosure sales out of 30,000." And: "Bank of America officials previously said they would resubmit affidavits on pending foreclosures starting Oct. 25, with foreclosure sales resuming in November. But those efforts hit several snags, including the hiring of new law firms to handle new foreclosure paperwork, as the bank refiled just a 'handful' of cases as part of an initial pilot test of the process. 'We are taking a deliberate and phased approach,' said bank spokesman Dan Frahm."

Prince Charles' Vehicle Attacked by 'Student Protesters' in England (BBC) Also called, simply, 'thugs'. "A window was smashed and paint thrown at the vehicle as the royal couple made their way to a central London theatre. Violent demonstrations spread after MPs voted to increase university tuition fees in England. Met Police chief Sir Paul Stephenson said the royal attack was shocking and there would be a full inquiry."

NYP: Wikileaks' Assange Has 'Underground Lair' —Pictures Included (NY Post) Classic NY Post style: "This is the underground lair where WikiLeaks' own Doctor Evil stores the 250,000 secret cables that are wrecking US diplomacy. It's a high-tech granite cave, carved out of hard rock and hidden 100 feet below a downtown Stockholm park. Inside, there are all the trappings of a James Bond villain."

"European Indexes Moderately Stronger" (New York Times) "Markets in Europe were slightly higher on Friday as investors grew more confident about the prospect for economic recovery after robust data from the United States and China. The Treasury markets stabilized after a sell-off earlier in the week. Friday’s data showed China’s imports and exports were much stronger than expected in November, providing robust numbers that served as a reminder that Chinese demand was still growing."