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 »
Tag archives for Bofa
Bank of America to Sell Half of Stake in China Construction Bank Corp.
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 »
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.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
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.
