Bank of America Delinquent Loans Mean Losses: Mortgages

 

Bank of America Stealing Homes

“Bank of America has about 930,000 loans that are at least 60 days delinquent, down from 1.5 million from the peak in January 2010, Chief Executive Officer Brian Moynihan, 53, said during a Dec. 14 event at the Brookings Institution in Washington.”

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Bank of America Delinquent Loans Mean Losses: Mortgages

Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined.

The loans are monitored as part of February’s $25 billion settlement between the top five U.S. lenders and state attorneys general over allegations of abusive foreclosure practices. Bank of America’s stockpile of deteriorating debt is mostly from its 2008 acquisition of Countrywide Financial Corp., once the nation’s largest mortgage provider. Wells Fargo & Co. (WFC), the biggest U.S. servicer, has $15.3 billion of such unpaid loans.

The data, published last month by the monitor of the settlement, highlight Bank of America’s vast backlog of delinquencies, and the years it will take to work through them as borrowers fall further behind and losses mount for investors in mortgage-backed securities. While the Charlotte, North Carolina-based bank has begun modifications for many of its 275,000 homeowners at least 180 days behind as of Sept. 30, some will join the already clogged U.S. foreclosure pipeline.

“There’s just a long tail to work out all of these loans, which are severely delinquent at this point,” said Marty Mosby, an analyst with Guggenheim Securities LLC in Memphis, Tennessee. “It just shows the amount of work that’s still left to do.”

Rest here…

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Comments
2 Responses to “Bank of America Delinquent Loans Mean Losses: Mortgages”
  1. Nancy says:

    Quite frankly these are probably the homeowners who are fighting back. The homeowners who received copies of Pooling and Service Agreements and requested to know who the Owner and holder of the Promissory note only to find that Bank of America and MERS have done some very shady things that they should be quite frankly ashamed of. Telling Homeowners that The Bank of New York is the Owner of the Note and Holder of the Note. Listing Bank of New York Mellon on the MERS Servicer as a Investor when in fact there is a big difference in what Bank of America has been telling the borrower all along. The Bank of New York Mellon is the Trustee for Investors.
    Notice it does not say The Bank of New York Mellon is the Investor. By reporting it this way, this has allowed Bank of America to foreclose under the Bank of New York Mellon without catching the lies behind their reasons for doing this. I would say that is not just Bank of America but also the other big banks. Furthermore, if you are trying for a Loan Modification through Bank of America and they tell you that your Investor, The Bank of New York Mellon has denied you a loan modification again this is false information. The Bank of New York Mellon has no say in Loan Modifications and furthermore states they do not have any say in how the Servicer (Bank of America) disposes of your property.

    All I ask, is that you don’t give up the fight. Get everything from Bank of America in writing. Do not let them bully you. They had been coming to my door and even leaving notices taped to my front door. They will do anything to use scare tactics to get you to turn over your property. Once you sign that Loan Modification your nightmare has only just begun. By doing this, you are giving Bank of America all they need to now take the property of your securitized mortgage and get the paperwork straight so they can take your home from you.

  2. kat says:

    Bloomberg make BofA out to be poor penniless victims. A company trying to do the right thing. This article is not journalistic reporting but just another infomercial mouthpiece to get the public’s sympathy for the banks. Pathetic. I let the editor and both reporters know what I think of their story; just another fairytale!

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