Real Estate Forums

San Diego Real Estate · 04-29-2008, 12:38 PM

Associated Press 04.28.08, 12:06 PM ET

CHARLOTTE, N.C. - Bank of America Corp. said Monday after it completes its acquisition of Countrywide Financial Corp. it will modify or workout at least $40 billion in mortgage loans over the next two years to help customers avoid foreclosure.

Please post your thoughts about BOA's Plan here!!!

For more on BOA's Foreclosure Prevention Plan please Click Here<

kevinhuntley · 04-29-2008, 09:20 PM

I really dont think giving these guys a little bit of money will help them in the long run. They need to work out the issues with there lenders and stop the interest rate hikes. slow your roll

San Diego Real Estate · 04-30-2008, 11:32 AM

Kevin...

I tend to agree...The Feds really lack a lot on this one IMHO...

After all this should never have been allowed to happen in the first place. I personally feel our Government was asleep at the wheel...IMHO

HHI Golf Guy · 04-30-2008, 12:35 PM

While I empathize with some of the people having trouble meeting their mortgage obligations, I hope BOA takes a bath on this one. Why? Because for the most part they have themselves to blame for making loans to people who could not afford the payments.

BOA has proven they will do almost anything to increase their business. For example, you don't even need traditional proper ID to set up an account now. Well, you won't need ID if you're hispanic and can't speak English. In our area BOA is now Bank Of Illegal Immigrants.

BOA lowered their standards and changed the ID rules to capitalize on making a buck. I would bet they did the same thing in their mortgage business.

kevinhuntley · 04-30-2008, 09:02 PM

I think this whole situation will get a bit worse but then we should start to pull out of this recession were in. Luckly its always a swinging pendulum