Irvine Housing Blog

Rumor has it that BofA is also exiting the correspondent lending and secondary market. Some lenders do loans directly for BofA, while LOTS of other direct-lenders fund their own loans but sell them to BofA to replenish warehouse (credit) lines to make more loans.

I can’t find any “news” on this but it will further tighten credit leaving lenders with fewer outlets and probably put some of them out of business.

Anyone have information about this?

(this is also a sign they have no $ to purchase and service these loans.)

IrvineRenter—- you are playing with fire. Using Chimps for a Bank Regulator and a Banker. Giving the apes a bad name.

REMEMBER “PLANET OF THE APES”.

Bank of America does indeed look as though it’s moving forward on more foreclosures. But what about the Obama Administration. Won’t they do what they can do to slow this down. Can they do anything.

I hear they will be announcing a plan to roll back interest rates on all mortgages, underwater or not, down to 4%. This should be announced in the next couple weeks. Punish the savers to save the borrowers. (A good campaign slogan?)

BofA is totally fubar’d. Counter-parties are requesting BOA post more collateral to enter into swaps and/or terminating swaps with them.

Buffett “saved” them with his $5b investment in the public eye, but the investment firms are running from BOA as fast as possible

This isn’t a shocker, but I ran across this little gem of a story…

Basically, those banks that took TARP money made riskier loans than those who didn’t….

http://finance.yahoo.com/news/Bailout-Banks-Made-Riskier-tsmf-3581730230.html?x=0&sec=topStories&pos=6&asset;=&ccode;=

> Basically, those banks that took TARP money made riskier loans than those who didn’t….

There’s a couple points that need to be clarified.

First, all the large banks are TARP recipients.

Second, anybody who wanted or was qualified to buy a house already bought one by 2008. Ergo, any loan made after 2008 would be riskier since there were almost no further qualified buyers left.

(Landlords had the same problem. In 2007 they were saying that anybody qualified enough to rent from them could just buy a house, so that left less qualified renters as their applicant pool.)

can b of a reverse engineer their acquistion so i can have security pacific back now?

In total agreement with @matt138

Collapse it won’t, the banking cartel.

For their ally is the Fed.

And a powerful ally it is.

Yoduh

Is the PMI number right?  I’ve been looking into the cost and was under the impression it is typically .5% of the loan amount annually.  Would thus expect it to be ~ 170/month for this property.  Am I misinformed?