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Pace of BofA foreclosures to increase?

By corntrollio follow corntrollio   2011 Sep 13, 9:07am 2,525 views   6 comments   watch   nsfw   quote   share      


http://www.cnbc.com/id/44503938

Bank of America is ramping up its foreclosure processing, sending out far more notices of default to borrowers in August than in previous months, well over 200 percent more month-to-month.

If so, this can be good for future price discovery purposes. Hopefully other banksters will start releasing their backlog too.

#housing

1   bubblesitter   ignore (0)   2011 Sep 13, 9:59am     ↓ dislike (0)   quote   flag        

Yeah,they should get the money out from those mortgages rather then laying off 30,000 employees and then put the money to work. Are the banksters stupid?

2   bmwman91   ignore (1)   2011 Sep 13, 1:21pm     ↓ dislike (0)   quote   flag        

Well, one can only hope that this will unleash the "who can unload toxic assets sooner" game among the big banks. It seems unlikely, but it might happen.

3   TMAC54   ignore (5)   2011 Sep 13, 2:10pm     ↓ dislike (0)   quote   flag        

We could all afford a home soon !

4   zzyzzx   ignore (1)   2011 Sep 14, 5:20am     ↓ dislike (0)   quote   flag        

bmwman91 says

Well, one can only hope that this will unleash the "who can unload toxic assets sooner" game among the big banks. It seems unlikely, but it might happen.

I agree!

5   Future Cash Buyer   ignore (0)   2011 Sep 14, 6:01am     ↓ dislike (0)   quote   flag        

why are the banks afraid of turning REO's into rental properties to generate income? I think a lot of realtors, due to plummeting home sales, are willing to work as leasing agents and provide some kind of property management.

6   TMAC54   ignore (5)   2011 Sep 24, 6:49am     ↓ dislike (0)   quote   flag        

Future Cash Buyer says

why are the banks afraid of turning REO's into rental properties to generate income? I think a lot of realtors, due to plummeting home sales, are willing to work as leasing agents and provide some kind of property management.

Rent will not even cover the interest let alone operating costs to lease. In other words, the properties the banks are claiming are "UPSIDE DOWN" "OVER VALUED" "OVER LEVERAGED" and just "TOXIC". A taste of their own meds ?
Banks stopped Shared equity mortgages a couple years before the bubble burst and were quite open about them being too RISKY.
They saw this coming, yet taxpayers will pay for their NEGLIGENCE !
They should all seek other work !


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