Posted on 10/18/2010 1:41:10 PM PDT by earlJam
The Crisis Is Over: Bank Of America Is Set To Begin Foreclosures Again
Joe Weisenthal | Oct. 18, 2010, 3:27 PM | 1,658 |
Bank of America says it plans to start re-submitting foreclosures in 23 states next week, and that all in all the foreclosure-gate stuff will affect about 30,000 mortgages. A spokesperson told WSJ that it had not found a single case of a foreclosure without justification, which is key.
(Excerpt) Read more at businessinsider.com ...
Agreed 100%.
8 MILLION homes foreclosed....Crisis isn’t over, it hasn’t even started yet.
And Obama, Pelosi and Reid...just kickin the can down the road to someone else.
Apparently it is not "key" to the WSJ for banks to follow the established laws of property assignment.
all in all the foreclosure-gate stuff will affect about 30,000 mortgages
It doesn’t work that way because the Fed are the masters
Banks Shared Clients Profits, but Not Losses
http://www.nytimes.com/2010/10/18/business/18advantage.html?_r=2&src=busln
:o)
I can’t believe that anyone actually still uses Bank of America. I use a small local bank for most of my banking. I actually get a live voice on the phone when I call there and they know me.
...and your nick is WebFocus? Please focus on the tremendous amount of info on the Web-Focus.
Foreclosure is NOT the issue here.
explain this statement please?
nevermind, I got it
It’s not really over...
There will be lots of lawsuits snippet
Analysts differ in their cost estimates. Compass Point Research and Trading LLCs Chris Gamaitoni estimated in August that lenders may suffer as much as $179.2 billion in losses tied to soured mortgages they will be forced to repurchase from mortgage-bond insurers and investors. Last week, Mike Mayo, an analyst at Credit Agricole Securities USA in New York, estimated a cost of $20 billion for repurchases when including government- sponsored entities Fannie Mae and Freddie Mac. Goldman Sachs Group Inc.s Richard Ramsden said a worst-case scenario would be $84 billion, while Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia, said it could cost the banks as much as $91 billion.
A Lot of Uncertainty
Theres a lot of uncertainty surrounding what the eventual cost of mortgage repurchases will be, Deutsche Bank AG analysts led by Matthew OConnor wrote in a note last week. The bad news is we (and the banks) wont know the answer for some time. The good news is the banks should have time to absorb the losses.
Bank of America, JPMorgan and Wells Fargo have the most at stake, OConnor wrote.
Citigroup today said third-quarter profit rose to $2.17 billion, beating analyst estimates, as it reduced loan-loss reserves. The New York-based bank set aside $322 million to repurchase mortgages, compared with $347 million in the second quarter. Bank of America, which has halted foreclosure sales in 50 states, is scheduled to report third-quarter results tomorrow, and San Francisco-based Wells Fargo will announce results Oct. 20.
Messy Process
Oh and about the citi fraud profit not so much
Citigroup: Essentially ZERO Actual Profit
http://market-ticker.org/akcs-www?post=169494
I can’t stand citi knowing how they paid off obama
Citibank Top Donor to Obama Inauguration:
http://nalert.blogspot.com/2009/01/citibank-top-donor-to-obama.html
http://online.wsj.com/article/SB123146096981566339.html
Of course jp morgan’s been his buddy for years in Chicago
http://www.nytimes.com/2009/07/19/business/19dimon.html
This is why you won’t see obama do anything lol $$$
http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/
This is so he can look tough
U.S. stakes out ‘robo-signing’ strategy
No moratorium, but problem servicers will face ‘full force of the law’
http://www.inman.com/news/2010/10/18/us-stakes-out-robo-signing-strategy
Exactly!
Wait, no armageddon??? And I was all dressed up for it.
Oh, btw, earlJam, you yadda-yadda’d over the best part! You don’t have to excerpt BusinessInsider. If you don’t mind posting it all here, it’s much easier to read without all the flash.
Bombshell: Industry Price Guide for Fabricated Foreclosure Documents
On the web page:
A foreclosure lawyer sent sent this little beauty by email last night. I had no idea the market was so robust for missing mortgage documents. And apparently there is inflation within the foreclosure fabrication circles. Prices to replace missing documents keep going up ;-)
Smells a little fishy. And as I understood it, the issue was not so much that the foreclosures were justified, but that BOA did not follow proper legal procedure. That being the case, it seems to me that BOA would have to redo each foreclosure following this proper procedure. That certainly hasn't happened in this length of time.
If BOFA pulled their head-out, they could start with identifying families that could pay their mortgage with simple re-financing help. I believe there has to be a good percentage of homeowners who would desire to stay in their home and keep their credit in good standing and make faithful on-time payments but need their ARM converted to FIXED 30 year mortgage.
This would be WIN-WIN for both.
Bottom line, BOFA and others have AIG insurance backup covering their A!! and could care a less about America’s homeowners who are seeking help.
So, people are strategically walking away and don’t care about credit problems. They are at the end of the rope and will re-build again.
In the meantime, they don’t care about deficiency judgment, they just want to walk away from the OVERHEAD RIGHT NOW and worry about whatever else may come down the road.
Ha ha
It seems very obvious that nothing has changed except the tanking of BAC stock and what that implies.
BAC best choice is to defy the various states Attny Gen’ls and they have now been given the green light that no matter how unpleasant, Uncle Sugar will legislate them out of yet one more box its criminal behaior has created.
“Hahahaha! Theyre trying to claim they reviewd all their foreclosures in progress since this story broke?! And they think someone believes this?!”
I’m not saying I believe them or not, but they probably did a sample of the mortgages, to see how severe the title and paperwork problem was...
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