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Old 07-19-2011, 09:37 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,330,891 times
Reputation: 1245

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They have been holding a ton of properties back from going to foreclosure. They are going to have to start releasing them soon, and then they will have to show those right-offs, not just project them at the current values. That is going to hurt even more - just a guess though.

BofA reports $8.8 billion net loss, worst ever - Business - US business - msnbc.com (http://www.msnbc.msn.com/id/40557494/ns/business-us_business/ - broken link)

BoA is also the bank that just paid a huge $8 billion settlement for gouging the investors that they service, because the over charged them high fees while holding properties - when they should have been foreclosing on them in a more timely manner. Apparently some of the fees they charged the investors, because they could not get the borrowers to pay them for the loans they serviced when the borrowers began defaulting - the fees were transfered to the investor companies holding the mortgages that BoA and Country Wide passed through.
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Old 07-19-2011, 11:19 AM
 
Location: Port Charlotte, FL
3,979 posts, read 9,871,122 times
Reputation: 1920
Just plain and simple - I don't like Bank of America when dealing with them for loans for my buyers. Something always goes wrong. I have recently, within the past month, seen several foreclosures come on the market in North Port from Bank of America. So they are releasing them.
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Old 07-19-2011, 11:28 AM
 
Location: Sierra Vista, AZ
17,593 posts, read 23,431,314 times
Reputation: 9944
B of A is going nuts. There was a townhouse in suburban Phoenix advertised for $75K, I bid $73K and was told I would need to top $91K. Then the house was supposedly sold for $85K. two weeks later the house was back on the market for $69K, ignoring the fact that I had offered $73K. Then I was told I would have to top $85K. It's a crap shoot but the dice have no numbers, sheer insanity.
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Old 07-20-2011, 08:18 AM
 
35,036 posts, read 54,793,453 times
Reputation: 22106
BoA should have stockholders with large share holdings like hedge funds taking control of this fiasco

we have mutual fund with holdings in BoA and while it is showing a profit--every time I look at it the BoA shares are always a major loser--
apparently eventhough the fund has sold (and I am sure played hedges and stuff) with shares--it is a dog--
and they won't admit it--
frankly I wish they would sell every share they own of BoA stock
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