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bank of america: Too big to fail? Or just too big to nail? - 12/07/11 03:34 PM
The four biggest banks in the country now control 62% of all bank assets in this country, up from 54% five years ago when housing/banking troubles started. According to the Wall Street Journal, 
JP Morgan/Chase assets have increased from $1.3 trillion to $2.3 trillion  Bank of America has grown from $1.4 to $2.2 trillion  Citibank has edged up from $1.8 to $1.9 trillion  Wells Fargo has gone from $.5 to $1.3 trillion  During the same five year period, housing prices have tumbled by 50% or more in some markets and home sales, job growth and consumer confidence continue to stagnate across the … (8 comments)

bank of america: Backing the Big Banks Down - one small step for mankind. - 10/31/11 01:11 PM
In March of this year I wrote a short piece about the Durbin Amendment to the Dodd -Frank Wall Street Reform and Consumer Protection Act. I had the opportunity to trek back to Washington and testify on behalf of a business advocacy group I belong to about the deleterious impact of  excessive debit card charges (swipe fees) on small businesses across the country and the resulting impact on consumer prices. It was an uphill battle as banks were throwing over $100,000 a day into their lobbying effort to keep this from  being implemented. The loss to them from these fees is … (8 comments)

bank of america: Daddy. Why do they call it a short sale when it takes sooooo long? - 08/23/10 01:03 PM
Why do they call it a 'short-sale'? You could actually have a baby in less time than it takes to work through the short sale process in many cases. And while lenders are promising to expedite the process and reduce the lead time, the fact remains that the problem is growing and as more and more short-sales are brought into the pipeline, the lead time threatens to increase rather than decrease. 
Lenders are expected to try to negotiate more than 400,000 short sales this year - triple the amount they had to work with just two years ago. Do you really … (13 comments)

bank of america: BofA & Chase publish HAFA Guilines. Thanks NAR? - 08/10/10 07:17 PM
A couple weeks ago at our GAD Institute, NAR President Vicki Cox-Golder discussed how she and Ron Phipps have been meeting with banking executives around the country in an effort to get some uniformity in short-sale practices and to find out what problems are preventing these large institutions from doing short-sales expeditiously in the best interest of our entire industry. They had met with B of A exec's just prior to her visit with us and said that in addition to B of A promising to work on the problems, they had also extracted a promise to reduce the time to … (6 comments)

bank of america: Countrywide Loses Ruling in Mortgage Suit - Death Knell for Loan Mods & Short Sales? - 08/28/09 02:24 PM
A member forwarded this article to me this morning. I haven't seen or heard anything about it before this. This particular ruling on short-sale and loan modification relief is limited in that it apparently decided that the matter is more appropriately handled by state courts rather than Federal - but...
If this becomes a precedent on investor rights it will sound the death knell for an already shaky loan mod & short sale program. Sounds like the banks are hung out to dry here . directed by legislature to modify loans and expedite short sales, prohibited by this ruling from doing … (1 comments)