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Bank of America Tests Renting to Distressed Homeowners as Foreclosure Alternative
Bank of America is starting up a pilot program in three states that would allow homeowners facing foreclosure to hand over their properties to the bank in return for mortgage forgiveness and the right to rent the property for three years. Continue reading
Bank of America Clash With Fannie Intensifies, Is Another Taxpayer Bailout in the Offing?
My apologies for getting it wrong when I wrote last week that Bank of America broke up with Fannie Mae – actually it appears Fannie Mae was the one who dumped Bank of America over bad mortgage loans. According to Bloomberg, mortgage insurers have rejected around 25% of soured mortgage claims, so Fannie is demanding that Bank of America make the GSE whole for the losses. Naturally, Bank of America isn’t too excited about doing that. Continue reading
Bank of America Breaks Up With Fannie Mae Over ‘Soured Home Loans’
Bank of America’s had a rocky relationship with Fannie Mae lately and has decided it’s time to put things on hold. Reuters is reporting that the bank is scaling back its relationship with Fannie Mae “because of a dispute arising from claims related to soured home loans, the bank said in a filing on Thursday.” Bank of America is still struggling under the burden of bad loans acquired in its shotgun marriage to Countrywide in the wake of the subprime bust. Continue reading
