A contractor for Bank of America went into the home of a borrower which was not vacant nor in default with the mortgage. While Angela Iannelli was away, under instructions from Bank of America, the contractor cut off utilities, padlocked the door and confiscated her pet parrot, Luke. Maybe the contractor was thinking the woman [...]
The good and bad of foreclosures is a mixed bag. The bad is that banks which pushed these risky loans are going to take a bath. The bad is that people who are being foreclose on either because of being tricked into a bad loan or loss of income, are going to have bad credit [...]
There is sometimes nothing more frustrating than a short sale. Banks typically take 90 days to six months, accept other offers if they are a dollar higher in the meantime, therefore never knowing if the home your are trying to buy will become a reality. So the news is that Bank of America and Wells [...]
Bank of America has created a new website called Bank of America Home Loans for borrowers that includes a calculator that determines not just what size loan people can qualify for, but how much they can spend without being stretched too thin. “We wanted to change the conversation to ‘How much house can I comfortably [...]
What the figures show for April of this year is that residential sales are about the same number as it was for April of last year. However, we’ve had a further decline in medium residential home prices of minus 23 percent. Here are the stats for sales in Nevada County. There were 67 residential [...]
So the major banks have been given billions of dollars from TARP so we could start borrowing money to buy cars and homes to get the economy going again. But now that the banks are awash in cash they’re keeping it in the bank. It seems that the banks are hoarding their cash so they [...]
Fannie Mae and Freddie Mac will once more begin buying “super-conforming” mortgage loans of up to $729,750, which will bring rates down for borrowers with good credit seeking loans previously classified as jumbo. Currently, loans greater than the $417,000 conforming limit in “normal” housing markets — or the super-conforming limit of up to $625,500 in [...]
American International Group also well known as AIG, and Countrywide Financial Corporation have sued each other. Countrywide sued AIG’s United Guaranty Indemnity Company for breach of contract in a dispute over insurance losses for subprime mortgage loans now in default. In turn, AIG sued Countrywide last week in a California federal court, contending the lender [...]
Mortgage rates are dropping to near record lows – below 5%. This is in the wake of the Federal Reserve’s decision to buy up Treasury bonds and mortgage securities. Lower rates may help spur home sales, but analysts expect much of the action to come from homeowners seeking to refinance. If you are in the [...]
Geez, I can’t get by with $500,000 if I have to run a big corporation like GM, or Bank of America into bankruptcy, woops, I mean run these companies! Here is what some of the CEO‘s of these large companies made as they ran their companies into the ground according to The New Times First [...]
