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Bank of America to Increase Foreclosure Rate by 600% in 2010

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BR_Parkway Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:11 AM
Original message
Bank of America to Increase Foreclosure Rate by 600% in 2010
We're no where near out of the woods yet


I attended a local Building Industry Association conference on Friday 26 March 2010. The west coast manager of real estate owned, Senior Vice President Ken Gaitan, stated that Bank of America, which currently forecloses on 7,500 homes a month nationally, will increase that number to 45,000 homes per month by December of 2010.

After his surprising statement, two questioners from the audience asked questions to verify the numbers.

Bank of America is projecting a 600% increase in its already large number of monthly foreclosures.

This isn't unsubstantiated rumor; this comes straight from one of the most powerful men in Bank of America's OREO department (yes, that really is what they call it). It appears they have too many properties already.

http://www.irvinehousingblog.com/blog/comments/bank-of-america-to-increase-foreclosure-rate-by-600-in-2010/

(emphasis added)

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Catshrink Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:13 AM
Response to Original message
1. That is obscene.
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BR_Parkway Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:35 AM
Response to Reply #1
7. And that's just one mega bank - consider how many, as well
as the regionals and the mess they are hitting with their CRE defaulting 60-70% right now
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Mari333 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:14 AM
Response to Original message
2. hold on to your hats.
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:17 AM
Response to Reply #2
4. indeed...
with the next wave of Option-ARM and Alt-A resets coming down the pike, it's going to be a bumpy ride.
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DemocratSinceBirth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:15 AM
Response to Original message
3. Wow
If a fraction of the people contest their foreclosure it will throw BOA and the courts into chaos. A decent attorney can drag out the foreclosure process from six motnths to years.

Maybe they try to keep people in their homes.
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DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:24 AM
Response to Reply #3
5. "Maybe they try to keep people in their homes." Maybe they won't have a choice.
That's a lot of papers to shuffle and they aren't real popular right now. Perhaps they'll "get it" and try to do the right thing. Then again, it IS Skank of America and not really known for consumer-friendly practices.
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DemocratSinceBirth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:29 AM
Response to Reply #5
6. More And More People Are Buying Time By Challenging Their Foreclosures
Most folks don't even show up in court. I think about one percent contest their forclosures. If , say, ten percent or so did, the courts would come to a halt.
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customerserviceguy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:52 AM
Response to Reply #3
8. You think an attorney
is any more affordable than the mortgage payments?

The sooner we get to the bottom, the sooner we can start to rise again. Overvalued homes eventually had to fall back to earth, when the market finally ran out of suckers to pay the artificially inflated prices.
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DemocratSinceBirth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 04:05 PM
Response to Reply #8
18. If You Have A $2,000.00 Mortgage It Sure Is
Foreclosure defense attorneys will handle your case for $500.00 a month.
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Edweird Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 04:09 PM
Response to Reply #8
19. Yep. Mine cost $500.00 and bought me YEARS. Huge return on investment.
Edited on Thu Apr-08-10 04:12 PM by Edweird
Not to mention the joy of fucking bank of america, which is itself priceless.
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customerserviceguy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 08:56 PM
Response to Reply #19
20. Well, more power to you guys
I always got a high bill from an attorney for everything I ever asked one of them to do. I think I even got charged when I accidentally called one on a wrong number...
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nebenaube Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 07:54 AM
Response to Original message
9. Nationalize them...
they are predatory.
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Bigmack Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 04:00 PM
Response to Reply #9
17. I said that long ago... one of my beefs with Pres. Obama....
is that he didn't nationalize the banks - at least temporarily.

They have hurt this country far more than Al-Qaeda or the Taliban ever dreamed of doing. When will people see that the banks are the number one national security issue?

The Pres. Obama hired Geithner and Summers... but that's a whole different thread.
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 08:05 AM
Response to Original message
10. AZ new record high last month. Very high concentration of pigliCONs.
Edited on Thu Apr-08-10 08:06 AM by lonestarnot
Go figure.
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 09:30 AM
Response to Original message
11. at 45k per month how does BofA plan on staying in business if they don't'
get those mortgage payments.

I smell BS here. It's more in BofA best interests to work with the homeowners to get something than nothing at all.

In an already dead housing market, what does BofA plan on doing with these properties? Sit on them and lose a ton of money per day?

This doesn't make any sense.
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Bigmack Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 10:02 AM
Response to Reply #11
12. Banks can make out on foreclosures....
Banks are often better off allowing homes to go into foreclosure than they are modifying loans. A lot of them have insurance on those mortgages. As long as the house-of-cards mortgage insurance racket keeps standing... with taxpayer help, of course... the banks are OK.
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 10:31 AM
Response to Reply #12
13. Ahhh, I have been educated. Thanks! :)
it's like partners in a ponzi scam.
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Dappleganger Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 10:35 AM
Response to Reply #13
14. Aptly spoken. nt
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SOS Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 10:41 AM
Response to Original message
15. The Fed bought $1.25 trillion in mortgage CDOs
Edited on Thu Apr-08-10 10:46 AM by SOS
Stank of America got their money years ago.
They wrote the mortgages, issued fraudulent AAA CDOs, robbed the investors and dumped the whole trash pile onto the Fed.
Now they want to repossess the homes they got paid for years ago?

This country is dying.
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EnviroBat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-08-10 10:44 AM
Response to Original message
16. Refinanced my home three months ago.
Took my business from BOA. Specifically had my contract state that the new mortgage company would not sell my mortgage to BOA. I'm with Wells Fargo now. Not sure how much better that is, but I sleep better at night knowing that BOA isn't dangling my life by a thread.
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