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Do you really claim that Bush designed the Tarp and not Paulson?
do you really claim paulson enacted it without the presidents approval.....or is you claim that obama made it work.....
The ability of BoA to payback the TARP money with interest so quickly, is just a testament to the huge profits that BoA has made thru the increased number of foreclosures caused by the massive layoffs that were in turn caused by the banking system choking off the world's economy.
It seems that the increased number of foreclosures more than offset the relative loss caused by the real estate market crash.
In the end the American people got doubly screwed.
I was going to say...The ability of BoA to payback the TARP money with interest so quickly, is just a testament to the huge profits that BoA has made thru the increased number of foreclosures caused by the massive layoffs that were in turn caused by the banking system choking off the world's economy.
It seems that the increased number of foreclosures more than offset the relative loss caused by the real estate market crash.
In the end the American people got doubly screwed.
How did BofA profit from foreclosures?
The ability of BoA to payback the TARP money with interest so quickly, is just a testament to the huge profits that BoA has made thru the increased number of foreclosures caused by the massive layoffs that were in turn caused by the banking system choking off the world's economy.
It seems that the increased number of foreclosures more than offset the relative loss caused by the real estate market crash.
In the end the American people got doubly screwed.
The ability of BoA to payback the TARP money with interest so quickly, is just a testament to the huge profits that BoA has made thru the increased number of foreclosures caused by the massive layoffs that were in turn caused by the banking system choking off the world's economy.
It seems that the increased number of foreclosures more than offset the relative loss caused by the real estate market crash.
In the end the American people got doubly screwed.
How did BofA profit from foreclosures?
Your scenario has very little basis in reality. A 30 yr mortgage at 6% with a starting balance of 70K would have an outstanding balance of $65,137.71 after 5 years of payments. If the bank foreclosed and sold the house for 50K they would lose $15k plus the transaction costs. (BTW, a 15 yr mortgage would still have a balance of $53,206.32 - still a loser for the bank)I suppose in the short term it increases cash flow for the bank.
Imagine a bank loaned me 80k on a house on which I put 10k down. Over the course of five years I pay 30k worth of payments to the bank. That means the bank has 40k on initial balance in the home they hold the title to before any interest on the 80k they borrowed to lend me, what could that be, 10k? So lets say the bank is in the house for 50k.
Now in 2009 I lose my job. My 90k house was neglected by me and banks don't sell houses worth crud so they sell it for only 70k five years after I bought it. The bank made 20k then in 2009 instead of the 6k they would have made from my mortgage payments.
Your scenario has very little basis in reality. A 30 yr mortgage at 6% with a starting balance of 70K would have an outstanding balance of $65,137.71 after 5 years of payments. If the bank foreclosed and sold the house for 50K they would lose $15k plus the transaction costs. (BTW, a 15 yr mortgage would still have a balance of $53,206.32 - still a loser for the bank)
PS- your house payment would have been only $420.00/month for the 30 yr loan- less than the cost of most car payments.
The economy is not looking up. It is still collapsing.Jeesh...can't you guys just be happy for once that the economy seems to be looking up?
Isn't it funny how the Republicans insist Obama owns the disaster in Iraq and the disaster in Afghanistan but something positive that happens economically, suddenly, it's the one thing Bush did right in 8 years. Well, I don't "buy" it. The Party of "Fail" strikes again.
Well thank goodness no one decided to put their social security funds into the market!There are fools out there who are putting all of their work savings in their 401K plans into mutual funds. They are doing so because they believe all of the Obama lies that the economy is improving.
Well thank goodness no one decided to put their social security funds into the market!There are fools out there who are putting all of their work savings in their 401K plans into mutual funds. They are doing so because they believe all of the Obama lies that the economy is improving.
I saw a statistic on that a few weeks ago. Something like sixty percent of the people have only SS payments to retire on. With the way my wife spends, there is no way in hades I could retire on just that.We should put at least part of our savings into Social Security.
The desire of folks to retire early while not saving for retirement do amaze me. For the record I only believe social security is necessary due to those human failings.
I still wouldn't want to have an account with B of A.2nd UPDATE: Bank Of America Repays $45 Billion In TARP FundsNEW YORK -(Dow Jones)- Bank of America Corp. (BAC) has paid back its $45 billion in TARP funds, marking an official end to the Charlotte bank's most chaotic chapter, in which it counted the U.S. government as a reluctant and hard-nosed investor.
"We owe taxpayers our thanks for making these funds available to the nation's financial system and to our company during a very difficult time," said outgoing Chief Executive Kenneth Lewis, in a statement.
