WSJ Reports Bank Of America Finds High % of Errors in Foreclosure Filings
It was reported by Wall Street Journal that Bank of America found numerous errors in the first of what will be thousands of foreclosure re filings in 23 states. This really comes as no surprise as BofA assumed Countrywide and Countrywide’s shoddy practices… BofA shareholders are left “holding the bag” in this mess. Bank of America found these errors in the first 1% of the over 100,000 foreclosure re-submittal’s….that’s basically 2.5% to 5% average mistakes that should be expected…or about 2,500 to 5,000+ mortgages with errors…or 5,000+...
Read MoreAngelo Mozillo Former Countrywide CEO Settles SEC Charges with a $67.5Million Slap on the Wrist…How about Jail?
According to DS News…The monster from “The Valley”…(San Fernando Valley, CA) finally is paying the piper…but is he. It just goes to show that money talks get’s you to walk from what is tantamount to nothing more than fraud and stealing. The full story is available here The co-founder and former CEO of what was once the largest, most lucrative subprime lender in the country has agreed to pay a total of $67.5 million to settle fraud charges brought against him. Countrywide chief Angelo Mozilo will pay the Securities and Exchange Commission (SEC) a $22.5...
Read MoreJPMorgan Chase, Bank of America, CITI and Wells Fargo to Repay Government $19Billion for 2nd Quarter Defaults
Bank of America, JPM Chase, Citi and Wells Fargo are having to repurchase their bad loans back from Freddie and Fannie. It’s about time! These banks bilked billions from us…the tax payers and they have not been held accountable. What does all this mean? Fannie and Freddie are “Government Sponsored Entities” or “GSE’s” that are in place to lend money and “shore up” the institutions or banks. Another role or GSE’s is to buy “Performing” loans so that the banks will have money to lend. If the loans default or “not...
Read MoreBank Of America To Avoid Foreclosures, Short Sales Preferred If Loan Mod Not an Option
Wednesday, August 18th, 2010, 9:30 am Bank of America pushed its total number of permanent mortgage workouts under the Home Affordable Modification Program (HAMP) to 76,300 in July, a 5.9% increase from June. The Treasury Department launched HAMP in March 2009 to provide incentives to servicers for the modification of loans on the verge of foreclosure. BofA converted 4,300 trial modifications into permanent ones in July, about half of the amount done in June. In order for a borrower to receive a permanent modification, he or she must make three monthly payments in the trial stage of the...
Read MoreBank of America HPO Cooperative Short Sale Program is being Rolled Out
Breaking news. Bank of America is rollling out the HPO Short Sale program…not sure what HPO acronym means? The program also refered to as “Cooperative Short Sale Program“. It’s a turnkey solution that: Pays the seller up to $3,000.00 at close of escrow Releases the seller from any liens or possible judgemtns for any unpaid balances. Requires very little in the way of documentation or hardship It’s a Strategic Short Sale… More to...
Read MoreHousing Inventory Grows, Nearly 10 Month Supply…Good News, Short Sales Are Strong!
No one want to hear that Americans are in trouble…but the reality is we are! Listen to the projected numbers of homes for sale versus homes being purchased…scary. There is good news in the fact that Foreclosure sales are down and short sales are increasingly being accepted by...
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