Troubled Countrywide mortgage purchased by Bank of America

Bank of America better clean up the VERY dirty image of Countrywide BEFORE they incorporate it into their framework !

Anyone with a BofA account, beware. They will be the big bank to fall. Citi should be gone but they have already sold out to the Saudi's and the Orient, thus insuring their existence. Wachovia, Wells, have a higher average balanced customer and accounted for loan losses. BofA services low balance customers, banking on fee income (mostly overdraft, and penalty), from their retail operations but they have just taken on an insane amount of unaccounted for liability with CW. BofA thinks that the Fed will provide a last resort bailout when things get hot, but they are sorely mistaken. The Fed is poised to cost the taxpayer billions with the single Bear Stearns boondoggle, (additional unaccounted for loan losses). There is no way the Fed will jeopordize the entire US financial system, from a domestic and more importantly internationally. The fed will sacrafice a couple million, $40 checking accounts. As they should. The next financial firm or bank to get in hot regulatory water (reserve requirments) will go under.

We knew this a month ago.