Bank of America's stock jumped 8.6 percent Thursday on a good day for bank stocks as rumors swirled about a possible new federal home refinancing program.
The stock closed at $6.31, up 50 cents from the day before. It marked the largest one-day surge since Oct. 18, when the stock gained 10.1 percent.
The KBW Bank Index finished up 2 percent.
Rumors abounded Thursday that the Obama administration might launch a new loan refinancing program for government-sponsored entity mortgages. The Labor Department also reported positive job numbers.
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4 comments:
Of course. The president wants to buy some votes before elections. What is new?
http://blog.american.com/2012/01/january-surprise-is-obama-preparing-a-trillion-dollar-mass-refinancing-of-mortgages/
Yes anon 5:03, President Obama is the only politician in history who wants to get re-elected.
My investment in HOGS was up 8.18% today.
Methinks happy days are here again.
BTW - if you have a political bone in your body, you know this is great news for Obama!
Bank of Americas problems are with existing foreclosures mortgage putbacks and warranties even if this rumor is true which is unlikely it would not help the bank with these problems. The reason why this program will never pass in that pension funds are major holders of mortgage backed securities this would cut income received by individuals who have pensions.
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