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Old 08-11-2011, 09:32 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,024,131 times
Reputation: 1256

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This underscores some of what I've said for years.

Banks are holding back on the release of many properties because releasing them for sale, and making foreclosures IS going to force them to write down those losses. Reducing their financial position. They don't want to do. The dam will eventually burst. They cannot hold these bad loans back forever. There are too many banks, with too much back-log. Slowing the flow (not acknowledging these losses - because - technically they haven't been losses because they have sold for less than what is owed) has helped improve the equity position of the banks AND everyone else. This has had untold effects bouying the financial markets to this point. It is clearly more manipulation between the government, the banks, and the financial institutions that are holding all these bad notes / toxic mortgages.

Bank losses, drop in stock prices, cash depletion - is not good news for the above plan. Because of the huge losses this week, the amount of toxic loans they hold (and have been slow to release for the past couple years - more so by % than other banks) they are going to get hit hard in the future - they just haven't shared all this, because they haven't recorded it and told everyone - and the government regulators hasn't made them disclose this to the public even though they know about it.

Foreclosures slow to trickle as lenders adapt - Business - Real estate - Mortgage Mess - msnbc.com

The problem for them is - they need to raise cash now because of the impacts of this week. In addition to this is the fact that AIG is going to sue them (BoA)for $8 Billion - although the effect of this will be years down the road because it will be held up in a court fight.

Strategically, many banks have allowed the fees and charges to accrue on the loans, which shows an off-setting asset on their balance sheets. In many cases they continue to charge the lenders who they sold the mortgages to as well - where they could, because they haven't brought the defaulting mortgages to foreclosure timely. They are beginning to get push-back for their exploits in doing this.
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Old 08-11-2011, 01:27 PM
 
3,409 posts, read 4,858,997 times
Reputation: 4249
Quote:
Originally Posted by beachbum wannabe View Post
Lets see the picture,that sounds hilarious
I'd love to, but she'd kill me. She doesn't even like it when I put pictures of the 3 of us at a bar or something on my facebook page! In her business you have to be soooooo careful of where your face appears.
If you REALLY want to see it, DM me your email address and I'll email it to you.
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Old 08-12-2011, 12:48 AM
 
Location: on the edge of Sanity
14,268 posts, read 18,837,558 times
Reputation: 7982
I'm in no way defending Bank of America or any large bank, but the biggest lenders will usually be the ones with the most complaints. If I'm not mistaken, Bank of America has over 2.4 trillion in assets. Chase is #2 with 2.1 trillion. Earlier this year J.P. Morgan Chase admitted to overcharging American soldiers and wrongly foreclosing on their homes.

I'm sorry if I jumped on LovePalms, but that's why the comment that "Chase and Citibank are both decent" bothered me. Decent is definitely not the right word for a bank that throws families out of their homes while a loved on is fighting for our country. After an investigation (or should I say "after they were caught?") they said it was all a big, regrettable mistake and would make restitution to the families.
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