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

[Vteckidd]

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

"Bank of America made headlines with its principal forgiveness program. The real news is that they are preparing to blast debtors out of their bunkers of entitlement."

"...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."

"He noted that in some markets, he can buy a house at auction for less money than builders are paying for finished lots. That is a bit crazy."

"Consider the size of the problem: 1.2 million Bank of America homeowners are in default. Even if they forclosed on 45,000 a month for a full year, that is only 540,000 foreclosures. What about the other 660,000 people in default? I think their number -- large as it may seem -- is actually wishful thinking. It is worse than that."

[Total_Blender]

Source?

[joecoolfreak]

I dunno...from a quick search, the source for that is a Irvine based blog and no source is quoted there...No major news corp has picked up or repeated the story yet

[Total_Blender]

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

This is the site. Its an interesting concept, its like "Better Homes and Gardens" from a Fox News perspective.

[Vteckidd]

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

This is the site. Its an interesting concept, its like "Better Homes and Gardens" from a Fox News perspective.

Nope look around its not being reported by major media outlets at all, comes straight from BANK OF AMERICAN themselves.

http://housingstorm.com/2010/03/bank-of-america-to-increase-foreclosure-rate-by-600-in-2010/

[joecoolfreak]

Nope look around its not being reported by major media outlets at all, comes straight from BANK OF AMERICAN themselves.

http://housingstorm.com/2010/03/bank-of-america-to-increase-foreclosure-rate-by-600-in-2010/

Close, BOA didn't state that. Supposedly, Ken Gaitan, who works for BOA's OREO department in the western division stated that at a local business conference. That's a far cry from an official statement from BOA. It is interesting speculation, but I don't know that I would confirm it's a solid source. I have been looking very seriously into picking up a foreclosed property, so this was actually good news, but I am not going to count chickens before they have been layed.

Dumping that many properties onto the open market doesn't sound like it's in BOA's best interest. The more liquidated the market is, the less they can get for each property?

[Total_Blender]

Close, BOA didn't state that. Supposedly, Ken Gaitan, who works for BOA's OREO department in the western division stated that at a local business conference.

And then some guy posted it on his blog, along with a Don Henley song, some lolcats, and an ad for his property he's selling. If theres anyone I trust less than a lawyer, its a real estate agent. If you look at what you posted, on the Byline it says "originally posted on the Irvine Housing Blog," so the link I posted is the original source. And I hate the fuckin' Eagles, man.

http://www.youtube.com/watch?v=h-vwPuiILBc

I'll believe this when I see official documentation from BOA.:goodjob:

[preferredduck]

actually i heard that many banks would be doing this about a year ago. edgar celente also said this over a year ago saying wait until the real foreclosures come out and the bubble will burst even more and really screw things up. this will kill new construction possibly and bring even more homeowners values way down. i bet bank of america will not be the only one.