Tag archives for Bofa

Bank of America to Sell Half of Stake in China Construction Bank Corp.

In an effort to “raise cash and shore up its capital base,” Bank of America is selling off half of its stake in the China Construction Bank Corporation for $8.3 billion anonymous investors. The total stake sold will be 13.1 billion shares and will generate a gain of $3.3 billion for BofA. This news follows on the heels of a Read full article »

Washington State Accuses Bank of America Subsidiary in Illegal Foreclosure Lawsuit

In a lawsuit filed in the King County Superior Court in Washington state last week, the state of Washington accuses Bank of America subsidiary ReconTrust of “failing to act as a neutral third party in every foreclosure it has conducted since June 2008 at the latest.” This brings around 10,000 foreclosures into question. The complaint also alleges that ReconTrust misrepresented Read full article »

Bank of America Donates Houses, then Bulldozes Them

Earlier this year, Bank of America announced that it would be donating houses in the Cleveland area to a local agency that manages blighted property. Now, in addition to its donation of property, the lender will also be contributing to the demolition of those houses. BofA has announced similar plans for properties in Detroit and Chicago. While this might not Read full article »

Bank of America Must Face HAMP Lawsuit

Bank of America had hoped to avoid facing tens of thousands of irate homeowners claiming that they were unreasonably denied mortgage aid through the Home Affordable Modification Program (HAMP) by the lender. However, a judge has denied the bank’s motion to dismiss the case and the bank will be asked to provide permanent loan modifications to those who are eligible Read full article »

Residential Mortgage-Backed Securities to Benefit from BofA Settlement

According to a report from Fitch Ratings, the recent settlement that Bank of America has reached with investors over mortgage repurchase and settlement claims is likely to “positively affect the ratings of approximately 10 percent of Fitch-rated U.S. residential mortgage-backed securities (RMBS) in the affected Countrywide trusts”. Last Wednesday BofA agreed to pay $8.5 billion to institutional investors to settle Read full article »

The Politics of Real Estate

Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.

Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.

About Bryan Ellis

Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.

Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.

Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.