Bank of America has just released a press releasing stating it is going to refund the U.S. Government $45 Billion in TARP funds, plus interest.
Under the terms of the TARP agreement, Bank of America is repurchasing the 600,000 share of preferred stock it issued to the U.S. Treasury. It plans to repay the $45 Billion using $26.2 Billion in excess liquidity, as well as $18.8 Billion in proceeds from the sale of "common equivalent securities" it plans to convert into common stocks. It also plans to increase liquidity by $4 Billion through "asset sales" by June 30, 2010.
Could this be a sign that the company most notorious for dragging their feet on short sales could possibly be in a position to improve the speed by which they handle short sales? Does this mean we might actually see some movement? We can only hope. I'll believe it when I see it.
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Lina Robertson Jones
Owner/Agent
RE/MAX Solutions
1715 James River Road
Ozark, MO, 65721
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Mobile: (417) 844-7265
linarobertson@remax.net
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RE/MAX - Outstanding Agents, Outstanding Results!
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About the author: I am full-time REALTOR® with RE/MAX Solutions in Springfield, MO, and a member of the Greater Springfield Board of REALTORS®. I have helped hundreds of families in the Springfield, Nixa, Republic and Ozark real estate markets, whether buying a home, or selling a home. Visit my website at www.ozarks-realestate.com to search for All Springfield MO Area MLS listings. Want to know what our market is like? My website is also an excellent resource for current Springfield MO Area Real Estate Market Reports, as well as current market reports for Ozark, Nixa, Republic, and Rogersville.
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I don't know if it will have any effect on short sales. As they wind down the bailout program and foreclosures continue to rise it would be nice to see the banks get more proactive.