Here is some good news to all of you that are worried about all the money the government is spending. Apparently the executives at Bank of America woke up this morning and discovered to their amazement that they had an extra $45 billion lying around. They decided to pay back the $45 billion that the Federal government gave them. I guess that is a $45 billion less that us tax payers have to worry about.
With that out of the way, maybe Bank of America can concentrate on approving loan modifications and short sales. In addition perhaps they can also find some time to actually process and underwrite loan applications that have been sitting around for weeks on end. we should be so lucky.
Resident Realty - Fort Collins, CO
I can see how they could misplace a mere $45 Billion! WOW! If that's taxpayer dollars, I assume that we, the taxpayer, will have some of it returned to us?
P.S. B of A streamline their short sale process? Do we even dare to dream for that?
Dec 04, 2009 02:31 AM
Paul Warkow-D.G. Weber Law Associates - Hauppauge, NY
Jon-The check is in the mail. I am equally sure that the short sale process will be streamlined. The federal government will institute in April a new program to streamline short sales. This program has 43 pages of guidelines and forms. Yup, that ought to do it.
Dec 04, 2009 02:46 AM
Featuring Susan Craft, CRS, REALTOR® - McEnearney Associates - Alexandria, VA
Real Estate Editor
BOA is a disaster. They are repaying the money because they could go out and borrow all the money they wanted from the public . . . with a US Government guarantee! Nothing short of a total scam on the American Taxpayer.
Dec 04, 2009 03:39 AM
Stage it Right! - Melbourne, FL
Come on now Paul, they found extra money, are paying back the government, but there is no way they are going to cooperate with the consumer. Just look at the jacking up of their credit card interest, on people who make over the minimum payment and always pay on time, like me!
Dec 04, 2009 10:13 AM
Paul Warkow-D.G. Weber Law Associates - Hauppauge, NY
Susan and Terry-I wish there was a sarcasm font because because unfortunately I did not make myself clear. i was trying to be sarcastic. Of course Bank of America has no regard for the consumer. As a loan officer I try not to deal with them but they consistently have the lowest mortgage rates. Every time I try to rid myself of them, they draw me back in. Damn!
Dec 05, 2009 12:31 AM
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