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Old 04-14-2010, 08:58 AM
 
66,240 posts, read 30,160,286 times
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Quote:
Bank of America's top mortgage executive, testifying today before Congress, will release sobering details of home-loan delinquencies, including that "hundreds of thousands of customers" haven't made a payment in more than a year.

...Perhaps one of the most telling signs: The bank is fielding more than 125,000 calls a day from people seeking mortgage help.

Bank of America expects a "considerable number" of customers to lose their homes in the next two years because of unemployment and the large number of homes now worth less than the balance on their mortgages, known as being "underwater."

Nationwide, some 11 million homeowners fall into this group.
Bank of America exec: 'Considerable number' will lose homes - CharlotteObserver.com (http://www.charlotteobserver.com/2010/04/13/1373260/bofa-to-detail-loan-aid-before.html#ixzz0l3mxYqli - broken link)
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Old 04-14-2010, 09:01 AM
 
23,851 posts, read 19,802,302 times
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Those are astounding numbers. Liberals on this forum who engage in the "V-shape Recovery Rally Cry" might be wise to invest in some Kleenex tissues. The real reason to cry appears to be coming down the pike.
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Old 04-14-2010, 09:03 AM
 
Location: St. Louis, Missouri
9,352 posts, read 16,774,074 times
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i have yet to see anything resembling a "recovery" .... maybe because i am not invested in wall street......
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Old 04-14-2010, 09:07 AM
 
Location: Central Maine
4,687 posts, read 5,520,537 times
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"We're creating... an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property."
So, how is that working out?
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Old 04-14-2010, 09:07 AM
 
40,008 posts, read 24,261,981 times
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Just a personal observation, if this woman is head of the home loans division, she should look at Bank of America's procedures a little more closely, before making recommendations to the federal government. Bank of America has one of the least responsive mortgage departments I've ever seen, they are truly uncooperative.
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Old 04-14-2010, 09:09 AM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,233 posts, read 13,977,359 times
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Quote:
Originally Posted by GreenGene View Post
"We're creating... an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property."
So, how is that working out?
actually bushes 'ownership society' was a CONTINUATION of Clinton's —“The National Homeownership Strategy: Partners in the American Dream”—
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Old 04-14-2010, 09:14 AM
 
66,240 posts, read 30,160,286 times
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Quote:
Originally Posted by DC at the Ridge View Post
Just a personal observation, if this woman is head of the home loans division, she should look at Bank of America's procedures a little more closely, before making recommendations to the federal government. Bank of America has one of the least responsive mortgage departments I've ever seen, they are truly uncooperative.
Yeah... why the heck do they expect anyone to actually make their mortgage payments ...right?
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Old 04-14-2010, 09:17 AM
 
Location: Sinking in the Great Salt Lake
13,143 posts, read 19,137,490 times
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Yay! We ARE still dooomed after all!
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Old 04-14-2010, 09:19 AM
 
Location: Tennessee
34,600 posts, read 33,585,802 times
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Quote:
Originally Posted by InformedConsent View Post
Bank of America exec: 'Considerable number' will lose homes - CharlotteObserver.com (http://www.charlotteobserver.com/2010/04/13/1373260/bofa-to-detail-loan-aid-before.html#ixzz0l3mxYqli - broken link)
Does this mean the word "optimistic" was a tad overused in relation to the economy? If so, they are going to have to bring back that old chestnut from last year and earlier this year: There's a lot of anger out there.
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Old 04-14-2010, 09:21 AM
 
23,851 posts, read 19,802,302 times
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Quote:
Originally Posted by DC at the Ridge View Post
Just a personal observation, if this woman is head of the home loans division, she should look at Bank of America's procedures a little more closely, before making recommendations to the federal government. Bank of America has one of the least responsive mortgage departments I've ever seen, they are truly uncooperative.
I have hesitated to tell this story, but it appears very relevant to this discusion. Here goes:

Back in 2005 I was in Charlotte, NC visiting a friend who worked as a high-level manager in Risk Management for Bank of America. Prior to meeting him one day for lunch, I had noticed a full-page ad in the newspaper touting Bank of America's new 40-year mortgage loan option. I pondered that for a minute and shook my head knowing full well it would take forever to build any collateral with a loan like that.

Later, when I met up with my banker friend, I asked him if he thought Bank of America was being irresponsible for offering loan terms that clearly were detrimental to borrowers (but a financial boon for BOA). His response? "No, it's not irresponsible, its good business." Those were his precise words. I disagreed, but I dropped the subject and moved on.

This is exactly indicative of the culture of big banks at the height of the housing boom. I knew it was bad business, and I suspect he knew it was bad business too. As it turns out, I was right, it was irresponsible, and unfortunately we're all paying for it now.
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