40% of Bank of America home loans are at least three months past due!

[FireFly]

40% of Bank of America home loans are at least three months past due!

About 60 percent of the 4.2m borrowers were up to date with their payments. The rest were at least three months past due, Mr Laughlin said.

 

[william the wie]

Given BofA's crappy inventory of loans I'm surprised that they are doing this well.

 

[FireFly]

I guess that acquisition of Countrywide was not such a good idea.

 

[sparky]

One would think any given company that assumes a 40% failure rate something of a concern to it's board of directors, unless of course, the gov teat is involved on the horizon.....

 

[uscitizen]

Must have been a good year for bonuses at BoA?

 

[editec]

Dated 5/31/2011

Fannie’s serious delinquency rate has continued to fall for 12 straight months now, and except for one interruptive increase of a mere two one-hundredths of a percentage point last September, Freddie has also seen its rate decline consistently over the prior 12 months.

A year earlier in March 2010, Fannie Mae’s serious delinquencies stood at 5.47 percent. In April 2010, Freddie Mac’s were at 4.06 percent.

source

 

[FireFly]

I don't understand how the bank could even be solvent right now? They would have to have a leverage ratio of 2.5 to 1 to still be solvent. But they were supposedly leveraged at 11.7 to 1. Where did they get the cash to keep the doors open?

 

[FireFly]

Dated 5/31/2011

Fannie’s serious delinquency rate has continued to fall for 12 straight months now, and except for one interruptive increase of a mere two one-hundredths of a percentage point last September, Freddie has also seen its rate decline consistently over the prior 12 months.

A year earlier in March 2010, Fannie Mae’s serious delinquencies stood at 5.47 percent. In April 2010, Freddie Mac’s were at 4.06 percent.

source

A default rate of 5.47 percent would make Fannie Mae insolvent at a leverage ratio higher than 18.3 to 1. They were leveraged to 70 to 1 so there is no way they are even close to solvency either.

 

[uscitizen]

BoA is too big to fail so no worries.

 

[Douger]

I don't understand how the bank could even be solvent right now? They would have to have a leverage ratio of 2.5 to 1 to still be solvent. But they were supposedly leveraged at 11.7 to 1. Where did they get the cash to keep the doors open?

They borrowed it from you, your children, grandchildren and great grandchildrens childrens children.
Don't worry. They have no plans on paying it back.
[ame=http://www.youtube.com/watch?v=oOpQkRsEfaU&feature=related]YouTube - ‪Senator Sanders asks Bernanke WHERE IS THE MONEY!!!‬‏[/ame]

 

[Douger]

Oh. To the murkins viewing please forgive me for posting a video of an evil socialist commie who wants to help your ignorant asses out.

Look Maw ! Billy bob got him a new surcle trak kar !

 

[Mad Scientist]

Oh. To the murkins viewing please forgive me for posting a video of an evil socialist commie who wants to help your ignorant asses out.

Look Maw ! Billy bob got him a new surcle trak kar !

More Americans are concerned about whether there will be an NFL season this year than being robbed by international bankers.

 

[william the wie]

Oh. To the murkins viewing please forgive me for posting a video of an evil socialist commie who wants to help your ignorant asses out.

Look Maw ! Billy bob got him a new surcle trak kar !

More Americans are concerned about whether there will be an NFL season this year than being robbed by international bankers.

Unhappily you are correct sir. The crisis of the industrial age state keeps stranger.

 

[iamwhatiseem]

Keep in mind folks that as reported last year - 2009 was the highest bonus pay out in Wall Street history

 

[CrusaderFrank]

Audit the Fed, then burn it to the ground

 

[Trajan]

I guess that acquisition of Countrywide was not such a good idea.

hey, I have no sympathy for BofA BUT in this context, they wanted out of that deal but the gov. basically broke their arm to make it happen....

 

[iamwhatiseem]

I think it is more than 40% folks. I read somewhere a few month ago that it was reaching 50%.
Does this new number count homes already foreclosed?

 

[iamwhatiseem]

Holy Moly...BofA lost 4% of stock value just today alone.

 

[Toro]

I'd owned the banks for the better part of the year. Though I'd hedged them out, I lost a few percent and liquidated my positions a few weeks ago. I underestimated the tough slogging ahead for the banks.

 

[waltky]

Dyin' of foreclosure...

Dead woman discovered after months in foreclosed home
2 July`11 — Bank contractors, inspectors and even the new owner of a foreclosed home walked past the silver Chevy Nova in the garage numerous times before discovering the former homeowner — dead on the front seat.

After the 57-year-old woman was found, possibly more than a year after her death, it took law enforcement officials months more to positively identify Kathryn Norris Kunzweiler's skeletal remains. Now, after DNA testing on a strand of hair, the Brevard County Sheriff's Office has closed the case and ruled out foul play. Instead, the investigative report paints a picture of a lonely, disabled woman who hoarded furniture, boxes and paperwork and eventually became a victim of her own paranoia.

"During most of my investigations, I find myself learning that most neighbors don't know much about each other," said homicide agent Marlon Buggs, who led the investigation. "Society has changed, and neighbors don't communicate like they did in the past. "In this case, she was a solitary person who was unemployed, twice divorced and did not have any close friends or children."

On Nov. 18, 2010, new homeowner and investor Matthew Everly of Melbourne arrived at Cherie Down Lane in Cape Canaveral to inspect and change the locks on a home he purchased the day before at a real estate auction. Everly, who since has repaired the home and sold it, told investigators he entered the residence through the garage, noted the Silver Nova and then spent about 20 minutes inside home before returning to to the garage.

That's when he looked into the car, saw the remains and called the sheriff's office. "I was just about done changing the locks and was talking to some of the neighbors outside about how she just disappeared," Everly said. "The neighbors couldn't understand where she went and there were a lot of theories being thrown around." Homicide agents said it appeared that Kunzweiler had been sleeping in her car. There was a sheet and pillow on the back seat and a partially burned candle on the center console.

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