Home-equity loans bring major losses for BofA

[Bob Ipock]

Of all the mortgage woes at Bank of America, one of the less-publicized ones could turn into one of the most expensive: home-equity loans.

From the beginning of 2008 through the first quarter of this year, the Charlotte bank has racked up $18.5billion in home-equity loan losses, according to an analyst report last week. That was about 40 percent of the bank's $46billion in housing-related losses so far, and more than any other category.

Read more: http://www.charlotteobserver.com/2011/06/19/2389757/home-equity-loans-bring-major.html#ixzz1PjDtvCZz

 

[OSU Beavers]

Thanks, made my day.

 

[Bob Ipock]

Yeah.....nothing like watching the real estate economy continue to get worse to put a big smile on many appraiser's faces.