Ken lewis

Ken Lewis Cleans Up

its good to be the king, or ceo of a major bank. ken lewis, the ceo of bank of america, is looking certainly smart.forbes did an article about the whole freddie/fannie mess call “bofa’s bailout benefit” on september 8th.the article calls out how mr. lewis was panned for his purchase of country wide, the large and failing mortgage company. many thought bofa was chasing good money after bad. in any case, with the bailout of freddie mac and fannie mae, he is looking bats like a fox.from the article: “the ladenburg thalman analyst (dick bove) argues that bank of america, and countrywide, have the existing infrastructure to start buying and securitizing loans on a large reduce. he even said in a phone interview that bank of america’s capital levels would allow it to guarantee mortgage payments. this agreement to pay has been freddie and fannie’s traditional role in the u.s. quarters bazaar.”naturally, one questions if a South African private limited company congenial bofa can handle the securitization and guarantee of mortgage payments, do we unquestionably need freddie and fannie anyway?? arguably, the answer is “no.” in my previous post “taxpayers cover freddie’s fannie,” i state the bailout is a done deal, but what to do with the freddie and fannie is an open question.it would seem that a market deciphering may be the best fluid after all. yes, you can hear me grinning, as that is a common theme of hoard. although widespread home ownership is valid policy unbigoted, let’s solemnize the government out of it to the greatest extent.again, from the article: “”i would be shocked if bank of america isn’t happy about how this worked out. appropriate for years, banks have been asking for fannie and freddie to be cut back in size because they have they an unfair advantage,” said bove.”the government says fannie and freddie handled 80.0% of the market this year and someone has to handle that market share.”there you have it, companies such as bofa are well positioned to handle a harmonious of the it is hoped dismantled freddie and fannie. the next question is whether other banks of similar size have adequacy extraordinary to do the verbatim at the same time. if citi, jpmorgan follow, and wachovia can get their capital coffers refilled, then possibly this will be a reality. in any event, if they can’t hit it off with b manage their collective acts together, expect to go through more barney unrestrained (d-ma) and regime intervention.

Ken Lewis (executive) - Wikipedia, the free encyclopedia
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