Ken Lewis is a Capitalist The real problem are Corporate Democrats like Dodd, Rangel, Ralph Emmanuel, Obama and their entire cabal of Republican Enablers. Some lead poisoning is in order.
Geezzzz! It's about time that someone else gets it! I've been posting on another thread for a while now that BAC is in deep trouble as are many of the other banks. They simply can't afford to book these losses quickly and must push them back for many quarters to come. This is why short sales sit on the market and good offers are ignored for months eventually ending in foreclosure and prices lower than were offered in short sale. The word on "the street" is Hopium. Much like opium, the lenders are hoping for a recovery to ease the pain. It's not coming any time soon. Massive shadow inventory remains and if commercial collapses which it very well may, their hand will be forced. This will push more inventory onto the market driving prices even lower. The bank rally is over, IMHO
My colleague I work for just got the BofA/CountryWide contract for homes in Massachusetts. Delinquents/pre-foreclosures, etc. These are to be "serviced" (i.e. checked on every month) and try to talk to the homeowners/leave cards behind. Problem? It's only about 9,000 homes to hit up every month..right now...
many CW/BofA (yea one and the same but I love using them both) bank-owned homes right now aren't even being listed. Actually again here in Mass. they were supposedly pulled off the market after a judge ruled on some illegal foreclosures (the representative wasn't the representative for the servicer who wasn't the servicer for the loan i.e. all this paper pass around never got recorded half the time). Thus they sit there and landscaping companies are sub-contracted out to "mow the lawn" and "maintain" the home and maybe even "winterize" them...while it falls apart inside