Posted on 11/14/2010 9:27:06 AM PST by The Comedian
I have heard that US Bank steered clear of many of the riskier investments and is more conservative in nature. Whether that is true, I don’t know — but I wish they had branches in the South where I live. I’d consider moving our money over there.
Maybe. The real problem now is that so many lies have been thrown around by both the government and the financial institutions that it’s hard to know where the truth ends and fiction begins.
Everything from the unemployment rate to the inflation rate has been tampered with and under-reports the actual pain that the American economy is suffering through (which is another reason I think that TIPS are a perfectly miserable alternative to gold when it comes to protecting yourself from hyperinflation, but that’s a discussion for another time).
But I just read this morning about the glowing success of TARP and that that little bit of fascist corporatism saved us all.
What happened? We weren’t lied to, were we?
Only been there once in 1992 during a port visit for a few days. I spent it with a few other guys on board playing tourist and seeing the historical sites. There was one place down by the docks that the best fillet of flounder I ever had. I can’t remember the name though.
I think you can check with Fannie Mae or Freddie Mac - many home loans were bought by them. BoA might just be servicing it at this point. Find the fed website and see if your loan is through one of those entities
A little off topic here, but I activated a new BoA credit card 2 weeks ago. Never used it, never took it out of my wallet. Then I get a phone call last week from BoA fraud department, about fraudulent charges on the card. I called them, there were some fraudulent overseas website/travel charges on the card. So how did that happen?
Something rotten with the in-house BoA credit card number security measures.
Sorry the banks have not booked most of this as losses. They are still carrying this stuff on their books at par. If they did recognize the losses they are out of business.
Also if you check the latest balance sheets to show a profit they reduced the amount of money going into loan loss reserves and none of them have enough in those reserves to cover the losses they would have.
Check out Marketticker.org and you will get all the info you want. Or zerohedge.com
Fix our income tax system so it encourages Americans to keep their savings and capital investments in the USA and our banks will be brought back to full within a matter of months. This is why I really do see income tax reform as a top-item agenda in the next Congress, because even many on the Left agree our current income tax system "warps" economic decisions so badly that it hurts both the private and public sectors of our economy.
The banks are required by banking regulations to write off loans that have not paid for 90 days. This is standard bank accounting. Instead of mark-to-market accounting, you have loss reserves based on previous losses.
By extrapolating from these losses, they can see what the trends are and how much they have to reserve for future losses. These write-offs are apparently dropping, so the remaining mortgage holders are able to pay.
That is my question.
TCF up here sucks, but there are a couple of other small banks that are pretty good.
sfl
Yes but they are not doing that. They still have this stuff on the books. The fraud and manipulation going on is rampant.
Why do you think there are people still living in homes, 1, 2 or even 3 years after stopping payments and they have not been foreclosed on?
Bank regulations have been trashed along with accounting principles. The banks do not have enough capital to write off everything out there.
In 1865 there were 9500 Hookers in Boston in 1965 there were 18,000. I worked for a Cousin of mine installing alarms in the Combat Zone, after I got out of the Army in 1968. Amazingly the places we installed alarms got hit with Jewish Lighting, mostly owned by Greeks, I was amazed.
I miss the tricks getting rolled in the alleys off of Stuart and Tremont.
Someone probably cloned the data on the RFID chip embedded in it, and used it. All you need to do is be within a couple feet to get scanned by someone. Put it in the microwave and watch the fun.
(Or it could just be human error at BofA)
Let ‘em fall.
Mine ended up there too. I’m pretty worried about that and would refinance but I’m within 2 years of paying it off.
Writing off a loan is purely an accounting procedure. It doesn’t matter if the house is foreclosed or not. No payments for 90 days, and the loan is written off. They are required by law to do so, and their regulator would shut them down if they didn’t.
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