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Old 01-22-2014, 05:04 PM
 
Location: Paradise Palms, Las Vegas, Nevada
555 posts, read 1,256,508 times
Reputation: 712

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Bank of America here in town is laying off 77 workers in their mortgage and refinance divisions. There were so many people with Country Wide and Bank of America Home Loans



Here's what they say is the reason why the layoffs are happening



The layoffs are part of an ongoing staff reduction. There has been a 66 percent drop in the bank's portfolio of foreclosed homes and also a decrease in the number of homeowners seeking refinancing because of a jump in the interest rate.

Bank of America lays off 77 employees in Las Vegas - Local News - Las Vegas, NV | NBC News
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Old 01-22-2014, 09:11 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,134,711 times
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...but what about all of that "shadow inventory" that is supposed to get released to the market? Won't they need those 77 people to help with that excess flow?
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Old 01-22-2014, 09:40 PM
 
2,928 posts, read 3,539,634 times
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Quote:
Originally Posted by von949 View Post
...but what about all of that "shadow inventory" that is supposed to get released to the market? Won't they need those 77 people to help with that excess flow?
That would seem to indicate that at least BOA is not planning a huge flood of their distressed properties.
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Old 01-23-2014, 09:24 AM
 
Location: Paradise Palms, Las Vegas, Nevada
555 posts, read 1,256,508 times
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Quote:
Originally Posted by von949 View Post
...but what about all of that "shadow inventory" that is supposed to get released to the market? Won't they need those 77 people to help with that excess flow?

Yes, I've heard stories from friends about another upcoming "foreclosure free for all" as well. I don't see it around town.

In fact, I haven't been seeing many houses with the "for sale" signs posted out front like I used to during the past couple of years when the economy went down the drain.
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Old 01-23-2014, 09:57 AM
 
15,801 posts, read 14,414,927 times
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A lot of the vacant/delinquent inventory is frozen. Due to a lost paperwork and other reasons, the banks can't foreclose and recycle the properties. Until someone figures out how to get them on the market, the market will likely stay fairly tight.

Quote:
Originally Posted by Kitchen Witch View Post
Yes, I've heard stories from friends about another upcoming "foreclosure free for all" as well. I don't see it around town.

In fact, I haven't been seeing many houses with the "for sale" signs posted out front like I used to during the past couple of years when the economy went down the drain.
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Old 01-23-2014, 10:23 AM
 
Location: Paradise Palms, Las Vegas, Nevada
555 posts, read 1,256,508 times
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Quote:
Originally Posted by BBMW View Post
A lot of the vacant/delinquent inventory is frozen. Due to a lost paperwork and other reasons, the banks can't foreclose and recycle the properties. Until someone figures out how to get them on the market, the market will likely stay fairly tight.

Well, then that should be a good thing, right? Driving up home prices?
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Old 01-23-2014, 11:59 AM
 
Location: In a secret bunker under the Cannery
1,078 posts, read 1,148,886 times
Reputation: 796
Unless you are looking to buy
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Old 01-23-2014, 02:36 PM
 
15,801 posts, read 14,414,927 times
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Until they get unlocked. At some point, some people in power are going to see this as a negative, and do what's necessary to allow these properties to be foreclosed (change the paperwork requirements?). When the dam busts....

Quote:
Originally Posted by Kitchen Witch View Post
Well, then that should be a good thing, right? Driving up home prices?
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Old 01-23-2014, 02:56 PM
 
2,928 posts, read 3,539,634 times
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It's not frozen, it just takes the banks time to prepare the foreclosure paperwork.
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Old 01-23-2014, 03:27 PM
 
15,801 posts, read 14,414,927 times
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It's more than that. A lot of the initial loan paperwork was lost, either accidentally or intentionally. There was a lot of fast and loose maneuvering by everyone involved back when they couldn't write loans fast enough. Then they tried to play fast and loose when they tried to do the initial wave of foreclosures (falsifying paperwork, robosigning, etc.), so that the state cracked down. So that the whole thing is now completely constipated.

Quote:
Originally Posted by ddrhazy View Post
It's not frozen, it just takes the banks time to prepare the foreclosure paperwork.
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