Skip to comments.Bank of America to shut down lending division
Posted on 10/04/2011 10:13:57 PM PDT by Borough Park
NEW YORK (AP) Bank of America is closing down one of its mortgage units.
The Charlotte, N.C. bank put its "correspondent lending" business up for sale on Aug. 31. It couldn't find a suitable buyer and has decided to close the business by the end of the year, said bank spokesman Terry Francisco.
(Excerpt) Read more at google.com ...
All part of Obama’s plan...
BoA is in deep crap. They were not doing well to begin with, now Dick Turbin is calling for a run on them. Great way to kick off the second part of a double dip recession.
Nothing to worry about, Obama will take care of everything ... he will reimburse all my losses from his stash.
I figure the mafia needed a southern bank base. It would make for good cover. So it made it's home base in Charlotte, with the purchase of this major NC bank, back in the early seventies...scuttling it's ties to gangland Chicago.
And now, you know a small piece of the rest of the story. You are free to use your innate skills to figure the rest...
I used to work in the Correspondent Lending policy area of Washington Mutual Bank. My boss said that in a meeting, he objected to the bank going all-in on subprime loans of various types. The higher-ups told him that he didn’t know what he was talking about. He told me this story in 2006.
Your boss was right. But banks were forced into the sub prime lending business by the fed. Equal opportunity regardless of credit worthiness. “Everyone deserves a home of their own.” George Bush to Fannie and Freddie.
No doc loans, no down payment, fraud, corruption, and ignorant politicians inserting themselves into the mortgage lending business, gave us this un-natural disaster.
We purchased our home about 30 years ago. We had to pay 10% down. We had to have good credit. And, we had to have proof of income to ensure our ability to make the payments.
Today our home is worth about what we paid for it, thanks to these stupid bass turd politicians who decided everyone deserves a home, and the crime and corruption which was cultivated from that process.
No, I won’t forget, nor will I forgive.
This banking ponzi scheme goes back to Carter and Clinton. Those are the two who put the wheels on the Hearse. Zer0 has done nothing but reinstitute these disasterous policies.
Per usual the big winners were Democrat operative; Gorelick,Raines and Johnson..Dodd, Frank now Dick”Turbin”Durbin destroy BoA.
Bank of America has been shedding assets in an effort to focus on its core banking business.
Hmmmmm..... "its core banking business." Now, I wonder, just what might that be?
Or, how about the always good sounding.... public relations?
They probably all just want to spend more time with their families.
It is Deja Vu all over again. This time they are crashing the banking sector a year too early though. That is a little odd.
Good point. Seems the dims are getting a little over anxious. Which bank will be targeted next?
International funds transfer to Banco Santander Serfin in Mexico.
Bank of America is safe from collapse. It is one of the 9 banks annointed by the combined Bush/Obama administrations by Paulson. It is now a defacto part of the US government to that extent and will not be allowed to fail.