There’s always something to howl about

BofA is back in the foreclosure business…

Wall Street Journal.

Flip side: Pimco, NY Fed Said to Seek BofA Repurchase of Mortgages.


3 Comments so far

  1. […] This post was mentioned on Twitter by Ken Brand and Jolenta Averill, cd. cd said: BofA is back in the foreclosure business… […]

  2. Susan October 20th, 2010 8:33 pm

    Apparently BofA found nothing wrong with the paperwork, or the process they were using to foreclose on homes. I’m glad it didn’t take them an eternity to come to a conclusion one way or the other.

  3. Greg Swann October 20th, 2010 8:50 pm

    An alternative reading, to be fair, is that even admitting the problem might exist could incur more liability for BofA and definitely was clobbering its stock price. I have no reason to think that the letter of the many thousands of laws was followed in the secondary mortgage market. I expect it never has been, not since money and data started to move efficiently. But I also do not believe this is a problem. Or: If it is, then the title insurance companies are out about 200 times the entire real estate inventory of the United States — at today’s special low prices. 😉 The bond shenanigans are new. But moving money and debt electronically is not — thank goodness! If this is not a shrill pretext for expropriating investors, then it will come to nothing in due course. I vote for the latter.