For those who pay on time, nothing. BOA has the ability to process the mortgages and even respond in a timely manner to refinances with other banks.
BOA will have some difficulty sorting out the mess with the bad loans and claims from other banks/institutions demanding repurchase of loans/paper sold with fraudulent claims. It is lawyer paradise
That's balloon stuffing right there. I know how they've "responded" just on simple requests and it's been nightmares from hell every time.
TG's experience with just a SS# correction is exemplified. TG, I'm so sorry you have to deal with them, but even sorrier they're HQ'd in my home state...what a black mark!
Bert, you might better not trivialize BofA's troubles so nonchalantly. Monoline investors are poised to really do some scalping with the rest of the big boys and BofA begged for it. At the potential for their share of the $1.5 trillion monoline securities put-backs at 30%, it could end up costing BofA 1/2 TRILLION dollars. Watch their stock - it's SELL, SELL, SELL. Do heavy investors know something we don't? I'll wager on the side they do.
"We bought the company (Countrywide) and all of its assets and liabilities... We are aware of the claims and potential claims against the company and have factored these into the purchase." - Scott Silvestri, BofA spokesperson, 2/2008