Tag Archives: bank of america

Business/Economics, Idaho, U.S.

Occupy America: Foreclosure is not the end, Idaho one of many states that allow banks to sue you for money they lost on your home foreclosure. It’s now part of Wall Street’s new investment scheme

“I wish somebody had come to us, you know, in the months before all of this happened and said, look, you really, really should look at a short sale or taking any other option other than foreclosure.”-Ben Jensen, Idahoan who lost home to foreclosure and was still sued by Bank of America

Did you know that as many as 40 U.S. states allow banks, and debt collectors to sue you even after a home foreclosure is finalized?  It’s called ‘deficiency judgment’.

Idaho attorney Brian Webb, says he’s seeing a sudden increase in such legal action by Corporate America:  “I only probably handled five or six in 2010; versus 2011, it’s been, you know, off the top of my head, between 15 and 25 deficiency cases.”

If you lose your home to foreclosure you could get hit with a lawsuit fives years after the fact: “In many other states around the country, homeowners find themselves subject to deficiency actions one, two, three, four or five years after they’ve been foreclosed.”-Geoff Walsh, National Consumer Law Center

Another Idaho attorney, Terri Pickens, says the sudden increase in deficiency judgments are due to a disturbing new trend; banks are selling their deficiency claims to collection agencies.  It’s all part of Wall Street’s new “investment” strategy: “I do know some private investors who are coming in and purchasing up bank loan packages and have been paying literally pennies on the dollar; just sitting on the paper, waiting for the right time to collect on it.”

 


 

 

 

 

Business/Economics, U.S.

What Job Stimulus? Nearly half a million more people will lose their jobs! Just the beginning, more to come

Any job stimulus bill that gets passed by U.S. Congress will be much too little much too late.  That’s because the upcoming, publicly announced, layoffs will shut down nearly half a million jobs!

Chicago based Gray & Christmas Incorporated added up all the publicly announced future job layoffs, and it came to 480,000 jobs.  70% of those job cuts involve Bank of America and the U.S. Army.

Analysts say we ain’t seen nothin’ yet, not all layoffs are publicly announced in advance: “Bank of America is not the only bank still struggling in the wake of the housing collapse, and the military cutbacks are probably just the tip of the iceberg when it comes to federal spending cuts.”-John A. Challenger, CEO of Gray & Christmas

According to the Bloomberg article, it’s the biggest cuts in jobs in the past two years. A 212% increase from September 2010!

And don’t forget the intentional destruction of the U.S. Postal Service, by the U.S. Congress.  Happy upcoming Holidays!

 

Business/Economics, U.S.

What Economic Recovery? Bank of America increases Home Foreclosures by 200%

Despite their promise to cut back on home foreclosures, Bank of America boosted foreclosures by 200% in August!

CNBC reported that other banks will follow suit.  California and Nevada are being hit the hardest.

RealtyTrac confirms the huge jump in foreclosures in August.  One analysts says don’t necessarily blame the home buyer: “This proves once again that ‘credit’ as measured by legal defaults and foreclosures is not necessarily about borrowers missing payments, rather about what the servicers [banks] chose to do about it.”-Mark Hanson, housing analyst

Business/Economics, International, U.S.

What Economic Recovery? Bank of America announces more layoffs, 40,000+

“You’re definitely going to see decreased service levels for consumers. They’re talking about either closing branches or reducing the head count in the branches.”-Christopher Whalen, Institutional Risk Analytics.

The largest bank in the United States will make it official, they will layoff 40,000 or more employees, over the next couple of years.  The official announcement is expected to take place on September 12.

Bank of America is struggling with the slow U.S. economy, and major lawsuits, including a lawsuit by the Federal government, relating to dodgy mortgage-backed securities issued by its subsidiaries, Countrywide Financial and Merrill Lynch.

B of A claims it lost $9 billion during the second quarter of this year, and is selling half of its stock in the China Construction Bank to raise about $8.3 billion in cash.

 

Business/Economics, U.S.

Evil Bank of America secretly tells Rick Perry he’s their man, but it’s caught on a live microphone

“Bank of America, we will help you out.”-BofA official as he quickly brushed passed Texas Governor Rick Perry.

The BofA official thought no one heard, but a live CSPAN mic picked up the hushed comment.

The bank official was identified as James Mahoney, Bank of America’s director of public policy.  BofA claims they did nothing wrong, because Mahoney is a democrat, and Perry is a republican.