Posted by Leonard Steinberg on May 6th, 2013 Do you remember the housing bubble of 2008? It appears many have forgotten it already in this heated market. Most of those banksters guilty of robbing us blind escaped any form of punishment. The government failed in its roll to protect the consumer. Is there now a… [Read More]
MORE BANKER FOLLY…..OR THE SIGNS OF HOPE?
Posted by Leonard Steinberg on July 4th, 2011 Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, the New York Times reported yesterday. In some cases, the banks are slashing the amount… [Read More]
BANK OF AMERICA EXITS RESIDENTIAL MORTGAGE MARKET
As first reported on LUXURYBLURB a few days ago, Bank of America has exited the wholesale residential lending market, cutting off its business with mortgage brokers, the bank announced yesterday. “After receiving $ 45 BILLION in TARP funding from the US Governemnt/taxpayers, BOFA was one of the first banks to re-pay this debt,” says Leonard… [Read More]
IS BANK OF AMERICA ABANDONING RESIDENTIAL MORTGAGES?
Just to-day, Bank of America withdrew a loan that had been completely signed off on and referred it to another lending institution…..word on the street is Bank of America may be exiting the residential mortgage market….. “Its amazing how many smaller banks and untraditional lenders are eating away at the market share of the more… [Read More]