BOA plans to increase foreclosures 6x in 2010

[catleg]

From Irvine Housing Blog on 3/29/2010:

A 600% increase in foreclosures

I attended a local Building Industry Association conference on Friday 26 March 2010. The west coast manager of real estate owned, Senior Vice President Ken Gaitan, stated that Bank of America, which currently forecloses on 7,500 homes a month nationally, will increase that number to 45,000 homes per month by December of 2010.

After his surprising statement, two questioners from the audience asked questions to verify the numbers.

Bank of America is projecting a 600% increase in its already large number of monthly foreclosures.

This isn't unsubstantiated rumor; this comes straight from one of the most powerful men in Bank of America's OREO department (yes, that really is what they call it). It appears they have too many properties already.

http://www.irvinehousingblog.com/blog/comments/bank-of-america-to-increase-foreclosure-rate-by-600-in-2010/

[Mensa1]

And this surpises you WHY??????????????????

BofA is the worst of the worst, and they rec'd 45 Bn in TARP funds. They wouldn't advance one of their customers 45 dollars of assistance. Greedy B@st@rds.

[catleg]

Does not surprise me at all. I don't think it surprises anyone. Just quoting the blog entry.

What was interesting, if you click through, is he makes the point that the principal reduction programs are basically just a sham.

But we knew that too, sadly.

Here's a pretty good thing to read:

http://www.irvinehousingblog.com/blog/comments/the-debt-star-has-cleared-the-planet

[shark66]

@catleg:

Thanks a million for the last link, it has provided me with a much needed laughter explosion...

[albacore44]

interesting reading. Irvine is not far from here. mostly snobs though, in small postage stamp lots in their little associations

[keptdigging]

Branding is a funny thing. We say B of A, but it's really Countrywide. Yea, those guys.

And B of A itself is "really" MBNA... not the B of A in California I grew up with. Huge CC issuers.

MBNA bought all these guys and changed their name.