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Loan Modification
: Mortgage Lender Implode-o-MeterIs Bank Of America Quietly "Selling The Furniture"?
By Implode-Explode Heavy Industries
What they can?t sell to other banks they are selling to Fannie Mae and Freddie Mac. This would explain why my office has seen an increase of Bank of America owned loans transferred to GSEs like Fannie Mae and Freddie Mac. This increase in transfers to the GSEs would also explain why Fannie and Freddie have asked congress for more corporate welfare from the TARP fund... Bank of America has turned into the SS Titanic. The only thing lacking are the musicians playing their parting music on the bow of the ship.
We have pointed out here for quite a while that Bank Of America has apparently done a magic trick by weathering the housing crash and financial crisis by surviving not only their own bad loans, but also those of Countrywide and Merrill Lynch, both of which they swallowed up in the midst of collapse.
Meanwhile, Wachovia collapsed into the arms of Wells Fargo, while its only major merger folly was the 2006 acquisition of Golden West.
We have suspected that Bank of America's apparent survival in comparison was, indeed, a sort of "magic" trick -- one that is sure to wear off sooner than later.
Full post as published by Mortgage Lender Implode-o-Meter on July 26, 2010 (boomark / email).
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