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BOA sets aside $14 billion to cover mortgage losses

Discussion in 'General Appraisal Discussion' started by SutnNC, Jun 29, 2011.

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  1. SutnNC

    SutnNC Senior Member

    6
    Nov 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
  2. OSU Beavers

    OSU Beavers Elite Member

    6
    Jan 10, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    I thought it was 18.5 Billion?
     
  3. panappr

    panappr Senior Member

    3
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Good I hope their losses exceed that amount..... I have no sympathy due to their behavior.... Robo-signing please....
     
  4. Jim Hill

    Jim Hill Member

    0
    Oct 13, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Hedge Funds will get a large chunk!

    The crazy part of this is how much of the money will is going to large hedge funds who should have known better.

    These are not your average consumers but savvy investors who do this every day and make billions doing it.

    I remember when John Thain who was the head of BOA at the time purchased Country Wide I wondered what he was thinking.

    Jim Hill
     
  5. Jim Bartley

    Jim Bartley Senior Member

    11
    Jan 20, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    The total set aside is $20.6 billion: $8.5b for the settlement, another $5.5b for future buybacks, and $6.6b for lawsuits, robo signing, etc. They could face another $7.4b in fines from regulators. All told, it will cost them north of $30b.
     
  6. Tom Barclay

    Tom Barclay Senior Member

    0
    Apr 7, 2002
    Professional Status:
    Retired Appraiser
    State:
    Oregon
    Unfortunately, it isn't going to end up costing BoA a dime. It's the American consumer that will foot the bill, from the bailout to increased fees.
    What I hate to see is the part of the settlement going to Goldman Sachs, probably as responsible as any participant in the whole mess.
     
  7. Mile High Trout

    Mile High Trout Elite Member

    3
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Review work is obviously still moving forward, that's how they buyback requests gain traction. One day, possibly, the cost of these requests will exceed some other factor, and the various banks dealing with these issues may reconsider their model. Until then... What's new? There is TARP money still unallocated. Think this is what they left it for?
     
  8. Randy G

    Randy G Junior Member

    1
    May 9, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    How much of that is per appraiser? You know, the one's that signed the agreement?
     
  9. SutnNC

    SutnNC Senior Member

    6
    Nov 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Funny.....as I am sure you know the agreement is enforced from the agreement date forward. However, this does set the stage for the future leap frogging of what (all or part) would fall on their shoulders.

    They have it pretty daamn good.......a whole lot of reward with a little bit of risk. Guaranteed returns are said to be "a fraud all of the time" unless of course, "the chosen" have the gov't in their hip pocket (what a nightmare).

    If you're not in an state with an AMC law forbidding the whole indemnity/hold harmless and have signed, you better hide your children :).

    It'll only be a matter of time before they want/demand something else of you. "Corporate folding," great stuff.
     
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