SOURCE: The Bedford Report

The Bedford Report

March 30, 2011 08:16 ET

Major Banks Brace for "Shock and Awe"

The Bedford Report Provides Analyst Research on Bank of America & Wells Fargo

NEW YORK, NY--(Marketwire - March 30, 2011) - A speedy resolution to the so-called "foreclosure-gate" looks less likely after recent events. Efforts to reach a coordinated settlement with mortgage servicers over alleged "robo-signing" foreclosure practices are still in the preliminary stages, with federal regulators, state attorneys general still hashing out the size and scope of any deal with banks . The Bedford Report examines the outlook for companies in the Financial Sector and provides research reports on Bank of America Corporation (NYSE: BAC) and Wells Fargo & Co. (NYSE: WFC). Access to the full company reports can be found at:

Reports suggest that the Obama administration is trying to push through a settlement over mortgage-servicing breakdowns that could force America's largest banks to pay for reductions in loan principal worth billions of dollars. According to reports from HuffPost Business, the Administration wants to push through a "shock and awe" campaign that could cost Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial as much as $30 billion.

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Bank of America could also face fines for the collapse of five institutions at the heart of the nation's credit-union industry. The National Credit Union Administration (NCUA) is threatening to sue several investment banks unless they agree to refund approximately $50 billion of mortgage-backed securities sold to five wholesale credit unions.

Regulators seized the five wholesale credit unions in 2009 and 2010, inheriting a pile of battered bonds now worth only about $25 billion, or half of their face value.

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