The market is not perfect.  BAC is oversold, undervalued and a
bargain.  The market is in a fear, gloom and doom cycle.  BAC is
paying a FAT 6 plus per cent dividend yield, the current stock is low
and management is positioning itself for more favorable terms in the
CFC takeover.

The market is offering BAC at bargain prices because of AIG
incompetence, Citibank restructuring and misjudging financial
mortgages.  BAC's earnings, without allowances and accruals for
mortgage writedowns, are pretty darn good.

BAC is getting the mortgage servicing, origination and valuable
California real estate from CFC at bargain basement prices.  BAC has
teams of managers going through CFC mortgages, throwing out the bad
and keeping the good.  I don't see the price changing for CFC but I do
see the quality of the purchase increasing.

BAC is not assuming all the fraud, bad loans and moral turpitude in
the CFC operations.  The deceit and dishonesty will be evicerated from
the mortgage portfolio and operations of CFC.  Only the good will be
purchased and transferred to the BAC mortgage portfolio

The CFC cruddy business operations will be segregated into a separate
operating company and allowed to go bankrupt and rot.

I have a $100 price target on BAC and a $5 dividend.  Reverse the last
2 for 1 stock split and you have a $100 dollar stock and $5 dollar
plus dividend.  The past has a way of repeating itself.  Look for more
opportunities in BAC.  We might even be able to acquire more BAC at
cheaper prices going into the June dividend.

Good Luck All,

Best Regards,

Kurt