Thread: Bank of America & Others in in some big big truble...

Looks like Bank of America and other banks may be in some big big truble... The banks may be sued to buy back bad paper / mortgages to the tune of over $ 200 Billion This could slam the values of homes across the country...

Bond Holders Look to Force BoA to Buy Back Bad Mortgages - InTheMoneyStocks

How will this effect the rear estate industry and mortgage across the country ? Do you have Bonds or stocks invested any of these banks ?

Hold on looks like things may have just hit the fan...


Ron Bibler Excellence Home/Building Inspection Service
Santa Rosa Pest Control - Inspection and Pest Control in Sonoma County

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Ron, I'm sure your repubican buddies will have the perfect solution for this crisis. I mean they have to save their friends right? And of course they got us into this mess so they should have an exit strategy that protects the common grunt, right?

Nope.... Barney Frank should have the answers. Him and his Dim buddies caused this mess by requiring lenders to give loans to people with no money!

Originally Posted by James Duffin

Nope.... Barney Frank should have the answers. Him and his Dim buddies caused this mess by requiring lenders to give loans to people with no money!

Thank you James...

Best

Ron

Hm...Should I re-paste the book I just deleted or just stay out of this......I think I will stay out of it for now.

Originally Posted by Ted Menelly

Hm...Should I re-paste the book I just deleted or just stay out of this......I think I will stay out of it for now.

Its going to suck you in Ted...

The main point is we have a problem that is not going away anytime soon.

Best

Ron

Originally Posted by Ron Bibler

Its going to suck you in Ted...

The main point is we have a problem that is not going away anytime soon.

Best

Ron

Here is a short reply

Look what has happened and is still happening in France

'The Gov announced that retirement is going up from 60 to 62 and the young folks...not older folks...are rioting in the street throwing stones, burning cars and fighting with police

Entitlements !!!!!!!!!!!!!

That is all I will say for now.

I'll post my long rant after others chime in.

Fannie Mae and Fannie Mac, friends of Frank. But Bush did not veto this absurd law so it is a pox on both parties. We are now 3 trillion in debt and most of it is owed to the Federal Reserve Bank. Do away with the Bank. Issue US Notes once again. Kennedy wanted to do just that and you see where that got him. Why do we still have troops in Europe where the workers get six weeks vacation a year and retire at 60. Who are we protecting them from. Under the present system there is no remedy, no hope. Big business and Big government were supposed to balance each other, but now they are fairly much one and the same. Get out of Gatt and NAFTA.

Centerville Mass. Bought a home for 985,000 in 2006......very, very foolish (not me by the way) way over priced.

On the market for 300,000 less now. Just got an offer for 475,000.00.....and is what the house should have been bought for in 2006. Phony money. Just the beginning No t6hat was not sarcastic even though I used the symbol. Yet another act of who was responsible for this bad economy.

You do not buy a home at the top of the inflationary market or you will eat it. If homes go up foolish amounts in a short amount of time........ ............................................ ..........................................wait.... ..................It will pass.

More info...

N.Y. Fed seeking money back from BofA - Business - Real estate - msnbc.com

Best

Ron

Originally Posted by Ted Menelly

Here is a short reply

That is all I will say for now.

I'll post my long rant after others chime in.

Ted, bring it in a few short rants, it's easier to read.

The people of Iceland are not buying into this global swindle, and that is just what it was, and continues to be, a huge swindle. They are saying no to repayment of the debt they owe and are hitting their politicians with eggs. When our misgovernment changed the laws that allowed investment banks to function as commercial banks I was saying they are getting ready to steal a bunch of wealth, just as they did when they allowed Savings and Loans to function as commercial banks.
On another note, I grew up in coal company houses, and there were two adults and four children living in less than 600ft2. I have always had a grin when I called on a house were two adults and one child living in 3000ft2 and what did they want. A room addition.

One thing everyone involved has in common... they're politicians. I don't really care what tatoo is stamped on their butt. In fact, if everyone would stop pointing fingers we'd be out of this mess light years ahead of where we likely will.

Maybe it's just all the election ads getting to me but nobody even bothers to talk about themselves or their plans... it's just all pictures of the "other guy" buying expensive furniture.

The whole country has gone full circle and it's like a bunch of 3rd graders blaming each other for breaking a piece of mom's crystal.

Something tells me this isn't what the founding fathers had in mind....

I had a client cancel an inspection today. It was on a foreclosed house. He said agent told him the bank was forced to take the house off the market due to pending investigations. Apparently, settlements are being canceled too.

Originally Posted by Matt Fellman

One thing everyone involved has in common... they're politicians. I don't really care what tatoo is stamped on their butt. In fact, if everyone would stop pointing fingers we'd be out of this mess light years ahead of where we likely will.

Maybe it's just all the election ads getting to me but nobody even bothers to talk about themselves or their plans... it's just all pictures of the "other guy" buying expensive furniture.

The whole country has gone full circle and it's like a bunch of 3rd graders blaming each other for breaking a piece of mom's crystal.

Something tells me this isn't what the founding fathers had in mind....

Exactly. I don't give a crap about political parties and who is in control of the house or senate. Whoever is in charge needs to worry about making things right and leave the bickering behind. If people are worried about Republican vs. Democrat, they're just spitting in the wind.

Who is and isn't responsible for the current state of affairs is secondary at this point.

Foreclosure back on the market for a bit over 600,000. Much less than it sold for in 2003.

They done bought to much of a home. only 5200 sf. I think it was far less than asking for my client.

This is an REO property.

History repeats.

Anyone else here familiar with Woody Guthrie's the "Jolly Banker"?

I forget how many "faces of Buddah" there are - but know one of them at least is smiling.

It was and has been a mistake to artifically supress interest rates. Bi-partisian praises were poured all over Greenspan. Nobody saved good old fashioned money. Spend, spend, spend, and most of it on borrowed money.

Loosened up the credit market way too much, finance market skinny margins made up for in volume.This drove the real estate inflation and loose credit. Deflation/adjustment in real estate and credit has tightened, tighter than the end orafice on a water buffalo.

Jolly Bankers, MERS, more short cuts, and cutting-corners on the servicing and foreclosure documentation covering up having cut corners in the origination documenation. Its not over yet.

I expect it will be quite ugly come June 2011.

There is a lot of meat floating in the waters and the sharks are going into a frenzy. Another situation where everyone is hurt but the lawyers, and they get rich. Unless, of course, they were in on many of the closings when obviously ineligible borrowers were granted billions for miniMansions.