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Bank of America Reported $35.7 Billion Nonperforming Home Loans, Leases and Foreclosures in Q2

admin — Mon, 26 Jul 2010 12:30:54 +0000

Even though mortgage rates were extremely low for much of the quarter and Americans look to be saving more than they spend it was still the case that Bank of America reported $25.7 billion nonperforming home loans, leases and foreclosures in Q2 of 2010. That number is up 15% from one year ago and has increased the balances of these property types by $5 billion since the second quarter of 2009.

Even though there were substantial losses in the mortgage and home loans division of Bank of America, it was still they case that the largest bank in the country reports $3.1 billion for Q2. During the second quarter of the year Bank of America completed 80,000 mortgage modifications which included 38,000 trial modifications that were converted into permanent home loan modifications.

Many media outlets are reporting that if the mortgage modification fails Bank of America is urging owners to go through short sale rather than going through the foreclosure process. It will be very interesting to see how Bank of America continue to perform when it comes to the Obama HAMP program.

Author: Mike Garner

Bank of America Looks to Sell Insurance Unit Acquired With Countrywide Financial – Home Loan Liquidations May Rise

admin — Thu, 22 Jul 2010 20:53:29 +0000

The CEO of Bank of America, Brian Moynihan has made it apparent that BoA plans to sell the insurance unit that was acquired with Countrywide Financial, Balboa. Moynihan feels that Bank of America should sell Balboa “because it’s not a core activity of making mortgages and we’re continuing to fine-tune the franchise.” He made the statement on a July 16th earnings call.

Countrywide Mortgage has had a very low liquidation rate on home loans that have fallen delinquent. Approximately 3% of home loans serviced by Countrywide Financial that are at least 90 days delinquent were turned into seized property or foreclosure in the month of April. This is very low when comparing data with Wells Fargo who saw 10% of delinquent home loans addressed.

Now that Bank of America is planning to sell off the insurance unit Balboa it will likely be the case that home loan liquidations will rise. The issue at hand is that any process involving millions and possibly billions of dollars will take time. Bank of America CEO Brian Moynihan is confident the deal will be completed.

Author: Jeremy North

Bank of America Refinance Mortgage Rates – Home Loans Continue to Drop to Lows Below for 30 Year Fixed

admin — Thu, 22 Jul 2010 11:45:34 +0000

Bank of America refinance mortgage rates are, once again, getting very close to all time lows. After the Federal Reserve Bank made the comments that they are going to keep interest rates low for an extended period of time home loans for the 30 year fixed mortgage have dropped to around 4.5%.

It is very important to remember that not all homeowners have the ability to lock in to mortgage interest rates at all time low levels. Many Americans will likely find it difficult if they have a credit score that is below 720 or they have a debt to income ratio that is currently above 40%.

If these are financial restrictions that you have then you can expect mortgage rate quotes to be somewhat higher. Just because borrowers cannot lock in to the lowest possible mortgage interest rates it does not mean that there is not money to be saved by refinancing.

The general rule of thumb is that homeowners can save by refinancing if they can lower their mortgage interest rate by one full percentage point. If borrowers cannot save one full percentage point then it will likely be the case that closing costs outweigh the benefits of refinancing.

Author: Alan Lake

Bank of America Refinance Mortgage Rates – Home Loans Could Test All Time Lows for 30 Year Fixed

admin — Wed, 21 Jul 2010 11:45:09 +0000

Bank of America refinance mortgage rates saw a slight bounce higher over the last few days but there is a very strong possibility that whole loans could test all time lows in the very near future. With the 10 year treasury rate yield dropping over the last few days and will likely be the case that 30 year fixed mortgage rates drop as well.

Bank of America is currently the largest mortgage lender in the country but it is important to realize that they are not the only option when it comes to taking out a home loan. By doing your research online you will likely find many other options when it comes to mortgage lenders.

With the advancements in technology should not be difficult to find the information you need when it comes to refinancing your home loan. It would be wise to exhaust your resources with these mortgage lenders before making a final decision as you will have a long relationship with this bank or lending institution.

Over the next few weeks it will be very interesting to see a 30 year fixed mortgage rates can test all time lows. I dropped well below 4.5% for the 30 year fixed would be historical territory for mortgage rates.

Author: Alan Lake

Bank of America Home Loans – Refinance Mortgage Rates Move Above 4.5% on July 20, 2010

admin — Tue, 20 Jul 2010 11:45:49 +0000

Bank of America home loans have been at or below 4.5% for the 30 year fixed mortgage for quite some time. Today we are seeing the 30 year fixed jumps slightly above 4.5% as many sources are quoting 30 year fixed with an average around 4.55%. Even though mortgage rates are up there still are very attractive levels to most buyers.

It is very important to remember that refinance mortgage rates are available under 5% but only to those borrowers with a credit score above 740 and a very low debt to income ratio. If you do not have these requirements you will find it extremely difficult to lock in low bank of America refinance mortgage rates today.

While Bank of America’s biggest mortgage lender in the country it is very important to remember that there are many other options available. By doing your research online you will likely find that there are mortgage lenders in your area that can help you lock into low refinance rates in the very near future.

It would be a very smart decision to exhaust your resources before making any final decisions. With the mortgage industry being extremely competitive there is no reason that many lenders can not compete for your business.

Author: Alan Lake

Bank of America Refinance Mortgage Rates – Home Loans in July Under 5% for Buyers and Home Owners

admin — Tue, 06 Jul 2010 11:45:11 +0000

Bank of America refinance mortgage rates have been very close to all-time lows for quite some time. Home loans in July are under 5% for buyers and homeowners who are looking to refinance. It is important to note that you will need a very good credit score, above 740, to get rates this low.

Bank of America is currently the biggest mortgage lender in the country but it is very important to note that they are not the only option. By doing your research you will likely find that there are many mortgage lenders in your area that can help you find low overall interest rates for your home loan.

With Bank of America working very hard to promote their home loans division it should come as no surprise to see many ads on the Internet and television. With this being the case you can guess the Bank of America and all mortgage lenders are working hard to add new customers which could be beneficial to buyers and homeowners.

Over the next several months it will be very interesting to see how refinance mortgage rates react to the overall economy. Many analysts had predicted that mortgage rates would move up as the economy strengthens but that has yet to happen as many fear that there could be a double dip recession.

Author: Jeremy North

Bank of America Home Loans – Refinance Mortgage Rates Under 4.75% This Weekend in June 2010

admin — Sat, 19 Jun 2010 15:09:37 +0000

Bank of America home loans have been very low for the entire year of 2010 and that continues into late June. Refinance mortgage rates are currently under 4.75% this weekend in June of 2010. Many current and future homeowners could greatly benefit from this low mortgage interest rates.

With many Americans looking for every way possible to save money it would be a very wise decision to at least research refinancing to a lower mortgage interest rate. While not all Americans will have the opportunity to refinance there are still a great many that do have a chance to lock in to a low rate.

It is very important to note that Americans will need a credit score above 740 and a significant amount of home equity to refinance to an interest rate under 5%. Please note that many homeowners have struggled with this as the economy has worsened. It would be wise to check your credit score and make sure it stakes up.

Sometimes it is worth it to pay the extra $15 to $30 for a credit score so you know that you will be getting the best possible interest rate for your current financial situation. There are many credit score websites on the Internet that can help you out.

Author: Alan Lake

Ken Lewis Pumps Up Bank of America Stock then Steps Down?

admin — Tue, 14 Apr 2009 14:55:22 +0000

Between January 20th and February 4th, Bank of America CEO Ken Lewis purchased 400,000 shares of BAC stock between the prices of $4.78 and $6.06. He currently holds over 1.4 million shares in the banking giant. On March 2nd, Ken Lewis made the statement that accepting so much TARP money was wrong and Bank of America should have only requested $10 billion because they are not comparable to CitiGroup. He also stated he would “continue to helm the North Carolina-based bank until it paid back the $45 billion in government TARP funds it has accessed“ On March 17th Lewis said that Bank of America may pay TARP funds back by 2010. BULLSHIT!

That’s funny Mr. Lewis because now we are finding out that you have one foot out the door as you have plans of stepping down just over a month after this statement. I find absolutely NO IRONY in the fact that you made these statements and the stock price has shot up over 189% since. Let me guess, we will see a SEC filing for the liquidation of over half your stock holdings during the month of April?

Ken Lewis, you are a worthless, greedy asshole. You pumped up Bank of America stock to make money on your recent purchases and now you are stepping down. I hope that every single penny you made goes to the destruction of your normal life. You have lied to America and your shareholders repeatedly. That smirk on your face like the one in the picture above is something I have seen way too many times. You know what Mr. Lewis, it all comes full circle and payback is a BITCH!

I guess it is a good thing that you are stepping down because you have made mistake after mistake with this company. Maybe we can get an honest banker in their to turn things around. Well, that definitely won’t happen because all the honest bankers are unemployed because they have morals.

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The Portal Alliance – The Demise of the United States Economy

admin — Tue, 14 Apr 2009 00:31:15 +0000

Early in February, Subprime Blogger reported on an issue that many of you did not even know about: the Portal Alliance. Comprised of the Who’s Who of who does NOT know how to run a bank, the portal alliance could very well be the demise of the United States economy. The short list of this group of misfits includes:

Bank of America – BAC
Barclays Capital – BCS
Citi – C
Credit Suisse – CS
Deutsche Bank – DB
Goldman Sachs – GS
JP Morgan – JPM
Merril Lynch – bought out by BAC
Morgan Stanley – MS
UBS – UBS
Wachovia Securities – bought out by Wells Fargo

Isn’t this a group of banking cerebral assassins? Just last week we learned that Bank of America CEO Ken Lewis is thinking about stepping down as he is not “wedded to being Bank of America’s Chairman.“ This comes less than a month after Mr. Lewis said that the first two months of 2009 were profitable and Bank of America would pay back TARP money by year end. I called bullshit then and I call bullshit now.

Ken Lewis, you have lied to America AGAIN. Was this comment in March to pump up your stock price because it sure did! You got a quick a quick 100% gain from your cute little comments. I hope that money ruins EVERY single aspect of your life as I am sure you strategically sold BAC stock after this quick run up. I will be waiting anxiously to see that TARP money paid off. And Mr. Lewis, if you could PROVE that you have been profitable in ANY aspect of business I would like to see it in writing!

Bank of America Pays Out $700 Million in Bonuses With YOUR Money

admin — Mon, 16 Feb 2009 01:47:53 +0000

On February 13th, 2009, Bank of America started its year end compensation bonus package. In one day, the struggling bank paid out $700 million and is expected to pay an additional $900 million in cash and stocks in the near future. Where is this money coming from? Is this the same company that is going to receive over $20 billion in government aid? How can you possibly continue to pay bonuses when you asked THE AMERICAN PUBLIC to bail you out?!?

The irony of it all is that two days after paying out $700 million, Ken Lewis and his team decided to accept a tender offer. The best part about this offer is that shareholders received a letter that the Bank of America stock is part of a mandatory reorganization or tender offer with no explanation. Could you please elaborate Mr. Lewis? Wait, what am I thinking? You are the same “leader” that allowed John Thain, former Merrill Lynch CEO, to pay out $4 billion in bonuses a week prior to closing a deal to be purchased by Bank of America. I guess you are just following in his footsteps? You are ONLY at $1.7 billion Mr. Lewis, I am sure you can use our tax dollars to continue to pay out bonuses that were not earned. Just in case you didn’t look at your operating statement, here are the facts:

YOUR company went from making $31.9 billion in 2006 to making $4.4 billion in 2008, great growth achieved Mr. Lewis! Yes, that is correct, your buddy John Thain spent ALL of your earnings for his employees bonuses. So this question is, where is the money coming from for the bonuses of YOUR employees. My calculations show that you have $400,000 left, NOT $1.7 billion!

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