Now the bank may be on the verge of trouble again. Its stock has fallen 41 percent since April 15. Mortgage-bond investors are demanding untold billions of dollars in refunds. The foreclosure fiasco is metastasizing. A member of the Troubled Asset Relief Program’s oversight panel, AFL-CIO attorney Damon Silvers, openly worried at a hearing last week about the risk that Bank of America might need another bailout.
A few more months like the last one, and we may be wishing Bank of America had never returned its $45 billion of TARP money.
BofA makes money servicing large toxic mortgages while their fraudulent sales and foreclosure practices go unregulated in spite of all the facts that are mounting up that clearly demonstrate that they have broken laws. Hold these Robber Barons accountable. This is the only way the public will start to build trust in systems again.