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Tag Archives: Bank of America
The last blog post I wrote for Collateral Vision spoke about the inordinate amount of regulation that was being forced on those in the financial industry, which was resulting in uncertainty. Uncertainty in financial markets creates a lack of confidence for virtually everyone that participates in the market. Without confidence it is almost impossible to have a vibrant economy.
The passage of Dodd-Frank is clearly the pendulum of… Continue reading
Spoiler alert: This post is not, in fact, about Steve Jobs.
On Monday, Bank of America’s chief executive Brian T. Moynihan promised to cut $5 billion in annual costs by 2014 (“Bank of America Confirms Plan to Cut 30,000 Positions”). Moynihan vowed to make Bank of America the “best” bank in America, even if not the biggest: At least 30,000 jobs will be eliminated as part of Bank… Continue reading
“We’re going to see how we can be part of the solution,” says Keith Cockrell, marketing president for Bank of America. Today B of A announced that it will donate 10 homes to relocating Detroit police officers, open two service centers and demolish abandoned buildings in the city, reports The Detroit Free Press.
What’s up: foreclosures, underwater mortgages and mortgage applications
What’s down: home prices
What’s happening: federal agencies and banks trying to agree on a solution to reduce home loans; Bank of America meets with investors and analysts
Last week, U. S. banks received a 27-page proposal from state attorneys general and several federal agencies that could lead to a broad agreement to overhaul millions of foreclosures. The proposal, which could… Continue reading
Bank of America announced it would lift its foreclosure freeze in 23 states. The bank will resubmit documents with new signatures in states that require judicial authorization to begin seizing homes. The bank will delay about 30,000 foreclosures while it reviews the paperwork to ensure it is in order.
Meanwhile, the Florida Attorney General released an investigative report saying that one Tampa Bay-area foreclosure mill rewarded its employees with free jewelry… Continue reading
As if the real estate market wasn’t facing enough pitfalls, the process of flushing the foreclosures through the system has created a new challenge–a legal one. All 50 states’ attorneys general are suing or requesting servicers to stop foreclosing because of their practices. This behavior has damaging implications on the recovery of the real estate and mortgage industry.
Falling home prices and record defaults caused enormous problems within the foreclosure… Continue reading
The Wall Street Journal reports that Bank of America has halted all foreclosures until it can review the paperwork involved.
Recently, reports of “robo-signers” who notarized or signed foreclosure documents without reading them have raised questions about the legality of foreclosures among various lenders, including GMAC and Ally.
Follow this link to the story: Wall Street Journal