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bank of america: Which Lender has the most (REO) properties for sale? (Update) - 06/03/09 10:05 PM
With foreclosures now making up almost 50% of all home sales nationwide and the major banks still holding most of the assets, you may wonder who has most REOs for sale.
As of today (June 3, 2009), the troubled mortgage company, Countrywide Home Loans (now part of bank of America Home Loans) shows approximately 51,000 properties for sale on its REO site. The new owner of Countrywide, Bank of America, has only about 2,000 listings.The numbers for Wells Fargo have gone down since last year and it now only show-casts approximately 11,500 for sale on its website.Just before having been taken over by … (0 comments)
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bank of america: Bank of America’s own bail-out plan for Countrywide customers in risky loans. - 10/06/08 10:42 PM
Bank of America's own bail-out plan for Countrywide customers in risky loans.
Bank of America 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 almost 400,000 Countrywide customers nationwide (125,000 of them in California).
With this plan, Bank of America is trying to create goodwill and also further distance itself from the lending practices that went on at Countrywide for the last few years. After initial promises of keeping Countrywide's management in place and letting them run the mortgage division of the … (0 comments)
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bank of america: Which Lender has the most (REO) properties for sale? - 01/02/08 10:25 PM
With an estimated half a million foreclosures on the market at the end of 2007, one might wonder why they are not more aggressively advertised. You would think that lenders would do everything they can to get rid of the properties as soon as possible as every day they keep a house on the books, it costs them money. Banks are not in the business of owning homes; they are in the business of financing properties.
As of today (January 2, 2008), the nation's largest residential lender, Countrywide Home Loans shows only approximately 15,000 properties for sale on its REO site.Wells Fargo shows … (11 comments)
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