BofA Chief Says More Foreclosures Inevitable as Repeated Defaults Top 50%

BofA Chief Says More Foreclosures Inevitable as Repeated Defaults Top 50%

Bank of America Corp. (BAC) Chief Executive Officer Brian T. Moynihan said efforts to prevent foreclosures are failing frequently, with more than half of borrowers in some categories defaulting a second time.

“We’re reaching a point where some customers will be dealing with the reality that despite the myriad programs and the best efforts of everyone in this room, and of our teammates working with these customers, foreclosure may be unavoidable,” Moynihan said today during a speech to state attorneys general in Charlotte, North Carolina.

Bank of America and other mortgage servicers are being probed by a task force of 50 state attorneys general over the way they foreclosed on overdue homeowners. Regulators have suggested a $20 billion penalty for the industry and principal reductions for some owners whose debts are greater than the value of their homes.

You can check out the rest of the Bloomberg report here…

Full text of Brian T. Moynihan’s speech can be read here…

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4closureFraud.org

Comments
5 Responses to “BofA Chief Says More Foreclosures Inevitable as Repeated Defaults Top 50%”
  1. DENNIS MASON says:

    Bofa is now in bed with Freddy mac.Bofa says it will modify my loan.1 year i was led to believe this just to have Freddy Mac buy my home,and evict me.PEOPLE REMEMBER THE 60’S 70’S WE UNITED AND CHANGED THIS COUNTRY.

  2. Linda says:

    I don’t believe the banksters and their reports. I would have to hear from the homeowners themselves to conclude what the banksters are reporting.

  3. Fury says:

    we are still eagerly awaiting BofA whistleblower BlackMonday’s
    document release through OperationLeakS (Anonymous).

    julian assange has the damning evidence of BofA fraud, too.

    what is inevitable is that the whole world will see BofA’s massive fraud!

  4. filotea says:

    The real estate market will not recover at all if more homeowners will default and foreclose. Here is a simple Math: homeowners who remain currents in their monthly mortgage payment will eventually fall out! WHY?
    Have we ever had any salary increase proportionate to the housing prices? What is more important than the pride of owning a home? Many things: food, clothes, college, going to work, simple leisures in life, etc.
    A great majority of homebuyers are now trapped in their principal loans that is 40-60% more of the current home values in their areas. Think about it, it is just a matter of time, those who are still making their payments will soon stop and more foreclosures is inevitable!
    People with sound mind would not be in this predicament . No one care anymore about their credit scores. A great majority of Americans are seeing things in better perspective. Provide basic family needs. Owning a home has a high price; it is a luxury not a necessity!
    I’d say, all loans [regardless], should be modified with a principal reduction and at a rate that’ll enable homeowners live on their houses for a long time.
    If people think that there is money to make in investing and buying houses— WRONG!
    Go back to basic- salary/home mortgage.

  5. l vent says:

    F—- BANK OF AMERICA. THE NEW WORLD ORDER/FOREIGN OWNED MULTINATIONAL BANK. GIVE THE AMERICAN TAX-PAYERS BACK THE BAILOUT MONEY YOU STOLE FROM ALL OF US AND THAT ALSO INCLUDES GM AND CHRYSLER. THEY ARE ALL POSTING RECORD PROFITS and PAYING THEIR CRIMINAL CEO’S BON– USES INCLUDING JP MORGAN WHILE THE PEOPLE ARE SUFFERING AND MANY ARE NOW IMPOVERISHED AND HOMELESS. . HOMEOWNERS DO NOT OWE ANYBODY ANY MONEY BECA– USE OF THE PONZI SCHEME. RESCIND OUR FAKE MORTGAGE CONTRACTS! THESE LOANS NEVER EXISTED SINCE THE ORIGINATION FRAUD AND OUR HOMES ARE PAID FOR FREE AND CLEAR.

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