[bumpercar]

Bank of America to release homes - Business - ReviewJournal.com

[007 license to sell]

Originally Posted by bumpercar

Bank of America to release homes - Business - ReviewJournal.com

It will be interesting to see what other banks will follow suit.

[olecapt]

Well exactly what does that mean?

How many did they release in 2009?

Note that this is all meaningless information without a base line etc. BofA in Las Vegas is mainly Countrywide...which had a huge percentage of the mortgages here during the bubble.

In that context BofA is primarily a loan servicer...so it is difficult to tell whether they are in fact going up or going down.

[tony soprano]

Originally Posted by bumpercar

Bank of America to release homes - Business - ReviewJournal.com

Unpossible. Bank of America only services loans. I read it on the intarweb.

[007 license to sell]

Originally Posted by tony soprano

Unpossible. Bank of America only services loans. I read it on the intarweb.

I called a loan officer at Bof A and it's true they are releasing 6000 properties in Las Vegas and the surrounding area's. It really doesn't matter who is releasing them it still means additional inventory and what it does to home prices only time will tell.

[tony soprano]

Originally Posted by 007 license to sell

I called a loan officer at Bof A and it's true they are releasing 6000 properties in Las Vegas and the surrounding area's. It really doesn't matter who is releasing them it still means additional inventory and what it does to home prices only time will tell.

007, my post was something of an inside joke. I should have ended my comment with . A prolific poster on this board told someone in another thread that BofA owned no inventory, they simply serviced loans. I found it quite humorous that a BofA VP indicated they were taking back homes at a rate of 30 - 35 thousand a month towards the end of last year.

[jpk]

The repo I bought was from Countrywide. So tony soprano is either kidding or misinformed. It is true that Countrywide didn't actually own the home, the bank on the title was actually Bank of New York (I think). But Countrywide was the bank I had to negotiate with and was listing the property as a part of their inventory and hiring the real estate agent to represent the property.

Maybe there was a deal where if any loan they originate goes bad, they have to pick up the overhead of getting the property listed and sold on behalf of whomever they sold the loan to?

[olecapt]

In your dull mode again?

In house mortgages or serviced loans?

I would not be surprised they were releasing something like 500 per month in LV last year...so did it change?

[tony soprano]

You can find most your answers in a BAC 10Q. Ask your financial advisor to explain what that is.

[007 license to sell]

Originally Posted by tony soprano

007, my post was something of an inside joke. I should have ended my comment with . A prolific poster on this board told someone in another thread that BofA owned no inventory, they simply serviced loans. I found it quite humorous that a BofA VP indicated they were taking back homes at a rate of 30 - 35 thousand a month towards the end of last year.

It's funny that you posted it to get at someone who is denying BofA has lots of foreclosures, the sad thing is it is true