Archive for the ‘bank of america’ Category

Bank of America Gets Hit with Two Mortgage Settlements in One Day

Monday, January 7th, 2013

After months of negotiations, Bank of America settled not one, but two legal disputes on Monday. While they will certainly prove costly to the nation’s second largest bank, analysts hope that this puts BofA and the housing market one step closer to healthier future.

In the first deal, BofA, along with nine other lenders including Wells Fargo, JPMorgan and Citibank, agreed to an $8.5 billion payout to cancel claims against the banks for foreclosure fraud and mismanagement. Bank of America’s portion will be $3 billion. The settlement means that homeowners who were foreclosed on during the specified time may be able to receive up to $125,000 for their losses.

The second deal was between BofA and government-controlled finance agency Fannie Mae. This time the bank agreed to pay $11 billion to settle Fannie’s claims that it made toxic loans and then sold them to the agency. The default of those loans has cost taxpayers millions of dollars already.

A major portion of those claims come from Countrywide Mortgage,

which Bank of America bought in 2008 after the company failed from all its own bad loans. BofA assumed responsibility for those loans and has had to foot the bill. It bought Countrywide for $4 billion and has seen an estimated $40 billion to date in losses connected with soured mortgage loans.

While all of this is very painful at the moment for the bank, the hope is that this will help put many of it’s mortgage problems behind it and allow BofA to move forward financially on more solid footing. It may also give other mortgage lenders more incentive to lend, by taking some of the ambiguity out of the new rules and regulations.

“These agreements are a significant step in resolving our remaining legacy mortgage issues,” the bank’s chief executive, Brian T. Moynihan, said in a statement as quoted in the , “further streamlining and simplifying the company and reducing expenses over time.”

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The Bank of America Mortgage Settlement

Wednesday, September 26th, 2012

Banks and other lenders don’t benefit from foreclosure, and they prefer not to be involved in it, but if the borrower can’t pay the are forced to take back the property and sell it to recover their funds.  In avoiding such mistakes or any troubles on mortgage debt and foreclosures, we must able to know what to do and learn from any various ways what should be done to have the more safer and legality for the banks. It has been said to have a loan to make sure that your credits are up to follow.

 

We have here a short listings about the and how it turned out not only for the market but for almost the world:

If all fifty states were to sign on to the settlement, Brown’s office estimates (forty-four have so far), it would provide $8.68 billion in reduced payments and fee waivers to some 400,000 Countrywide borrowers struggling to stay in their homes. And a small Foreclosure Relief Fund of $150 million would provide direct payments to Countrywide borrowers who have already lost their homes to foreclosure.

In fact, the settlement has functioned more as loss mitigation for than as recompense for victims of predatory lending, says Alan White, an associate professor of law at Valparaiso University and an expert on the subprime crisis.

Countrywide borrowers facing foreclosure have not even been notified that they may qualify for the settlement. It has kept, at best, about 134,000 families in their homes, and most

of these only temporarily.

Imagine that your home to be disclosed and will have no. It is better to have a solidarity in each things and finding solutions like settlements.  So that’s why you should know the programs and regulations so that you can able to avoid any foreclosures. Make a listings and refer all the necessary ways with your plan so that you can able to attain every payment check on the bank.

Here on we give you knowledge and ideas on what is going on around the foreclosure areas around the world to help you what you are looking for and what you want to know on the current events and news that is reliable to avoid and stop foreclosure.

 

 

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