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B of A's Mortgage Chief Testimony : We're at a 'Crossroads' on Foreclosures

B of A's Mortgage Chief: We're at a 'Crossroads' on Foreclosures

Tuesday, November 16, 2010

Bank of America, the nation's largest servicer of home mortgages, said in prepared testimony Tuesday that the company is at a "crossroads" between loan modification efforts "and the reality of foreclosure" with 14% of its home mortgage customers in some stage of delinquency.

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"The majority of initial volume and backlog of customers seeking solutions have been evaluated for available programs," said B of A mortgage chief Barbara Desoer. "We're reaching a peak where some customers will be dealing with the reality that despite the myriad of programs and our best efforts, foreclosure is unavoidable."

She noted that the servicer is "constrained by our duties to investors," adding that of the nearly 14 million loans in its servicing portfolio, just 23% are owned by the bank with the balance under the control of investors in the secondary market. (Fannie Mae and Freddie Mac, she said own 60% of these loans.)

"Many investors limit Bank of America’s discretion to take certain actions," she said. "When working with delinquent customers, we aim to achieve an outcome that meets customer and investor interests, consistent with whatever contractual obligations we have to the investor."

Testifying before the Senate Banking Committee, Desoer said 86% of its mortgage customers are current, making their mortgage payments each month.

http://www.nationalmortgagenews.com/dailybriefing/2010_222/a...



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I'd prefer crosshairs at this point

but now I am being picky.

Love or fear? Choose again with every breath.

Be careful not to hit the reindeer. I'll protect the innocent.

Mentioning the reindeer was uncalled for... & I am sorry to Donner & Blitzen.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Boa Constrictor @ "Double Cross" Roads!

No money found @ "Cross Roads. Did you mean:

"Double Cross" Roads!?

Federal Reserve Notes
Double Cross
Signed by Two Agents
Sec. of Treasury & Treasurer

The Boa Constrictor, Bac, has constricted homeowners according to today's news accounts. That is what constrictors do. It is in their character.

What must we do, in keeping a Boa Constrictor?

  • It was & is Fed.
  • We print US Federal Reserve Notes for them, 4 cents each @ cost of printing.
  • Their Federal Reserve name above our own to show proper respect.
  • We gift these engraved promissory notes to them.
  • In their gratitude, they buy our Treasury Bonds with our gift.
  • Agents Double Crossed our "Full Faith & Credit."
  • Whether you call them Boa, JP, Citi, or Wells... Goldman or Stanley... collectively, the Fed... or Donner or Blitzen... collectively, the Reindeer...

Don't put a Boa Constrictor in the same cage as Reindeer.

The cage idea has merit.

We need not save mortgages made of your promise to pay. Agents already signed your promise to pay on those afore-mentioned green sheets. Now, you must pay again? with green sheets that represent our National debt? Those same green sheets we gifted them?

[ Boa Constrictor ] "is reaching a peak?"

Absurd! Not a peak at all.

Gully? trench? Abyss?

Such confusion over nothing. Chief has no idea where Boa Constrictor is going. Should we bring Bac the cage idea?

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Very nice...

"We need not save mortgages made of your promise to pay. Agents already signed your promise to pay on those afore-mentioned green sheets. Now, you must pay again? with green sheets that represent our National debt? Those same green sheets we gifted them?"