Number of Home Foreclosures Drops, but Risk of Delinquency Deepens - NYTimes.com: "“Are foreclosures going to drive another wave of defaults?” Mr. Blecher asked.
The reason people walk away from their loans in so-called strategic defaults is because they owe so much more than their home is worth. The more the market goes down, the more people are placed in this unhappy position.
In a third housing report released on Thursday, the data firm CoreLogic said the number of households with negative equity fell slightly in the second quarter to 11 million, down from 11.2 million in the first quarter.
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Friday, August 27, 2010
Monday, August 9, 2010
BofA Projects $1.4B Legal Charges - Yahoo! Finance
BofA Projects $1.4B Legal Charges - Yahoo! Finance: "-
BofA also disclosed that it is required to raise an additional $1.1 billion by the end of 2010 to meet the requirements of the Federal Reserve related to bailout aid repayment. The company has already repaid $45 billion in December 2009 and has to return an additional $3 billion by the end of 2010.
To accumulate these funds, BofA was shedding assets and selling investments. The bank sold $10 billion in assets that generated $1.9 billion in net after-tax proceeds. If it fails to organize the remaining funds by the end of December 2010, BofA might have to resort to an equity raise.
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