Category Archives: bank of america

Bank of America Aims To Modify Mortgages For 125,000

Exactly why they are scrambling to help out people who bought more home than they can afford is a head scratcher. Well, it’s good PR. And it will avoid forcing the bank to foreclose on more homes. The U.S. Treasury … Continue reading

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Politicians Jawbone Bank of America, Wells Fargo

The banks received $70 billion from taxpayers. Politicians have taken them to task for not modifying enough loans. The banks just reported big profits. The Obama administration set a target of 500,000 homeowners helped by its HARP program by Oct. … Continue reading

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What Caused The Housing Boom & Bust?

I’m reading this new book by economist Thomas Sowell — The Housing Boom and Bust. From 2000 to 2005, the average home price in the United States increased by one-third. Millions of Americans began using their homes as ATMs, getting … Continue reading

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Thomas Sowell’s New Book: The Housing Boom and Bust

Check out the book on Amazon.com. Economist Thomas Sowell appeared on Dennis Prager’s radio show May 27: Tom: If the results weren’t so serious, all this would make a great Gilbert & Sullivan musical, with all the mutually contradictory statements … Continue reading

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Bank of America Modifies Home Loans

The politicians are a lot more interested in the modification of mortgage loans than the lenders who made the original deals. I don’t blame the lenders. Why should they be forced to revise sacred contracts? If somebody can’t live up … Continue reading

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Bank of America Profits Drop

NEW YORK (AP) — Bank of America Corp. on Monday reported third-quarter results earlier than planned, revealing a wider-than-expected profit drop and plans to boost capital by selling $10 billion stock and halving its dividend. Like most other major financial … Continue reading

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Bank of America Settlement Good News For 400,000 Home Owners

From Seattle: “Since acquiring Countrywide in July, we have committed significant resources and developed innovative programs to help as many Countrywide customers as possible stay in their homes.” The new program will help people who got Countrywide subprime or pay-option … Continue reading

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Bank of America’s Home Ownership Retention Program

CALABASAS, Calif., Oct 06, 2008 /PRNewswire via COMTEX/ — Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for … Continue reading

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B of A Makes Mortgages More Affordable

From the USA Today: Bank of America took over Countrywide in July, and Monday’s announcement will settle claims by attorneys general in 11 states. Bank of America has agreed to modify loans for homeowners holding sub-prime loans and option adjustable-rate … Continue reading

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Bank of America Makes A Deal Over Bad Home Loans

From the Chicago Tribune: LANSING, Mich. – Michigan is among 11 states participating in a settlement in which Bank of America will modify tens of thousands of loans to keep people from losing their homes. The settlement applies to people … Continue reading

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