banco de america

Have you been wondering what's up with this bank, like so many of us have been? Major LO's leaving, cutting mortgage broker channel, closing down their correspondent division, squeezing warehouse customers ... well, you'e right ... "it walks like a duck!" In a news piece I saw 10 minutes ago, I discovered these tidbits:

"(1). the company could face a public enforcement action if banking regulators aren't satisfied with recent steps taken to strengthen the bank
(2). it is in the process of reviewing its warehouse lending accounts and plans to shift over some of those relationships to its Merrill Lynch division.
(3). B of A has been operating under a memorandum of understanding since May 2009, following repeated disputes with regulators over the purchase of securities firm Merrill Lynch 
(4). finally -->> and a downgrade of the company's confidential supervisory rating."