So did you hear? I heard it on NPR. Bank of America came to an out-of-court settlement with investors who bought bundled loans that were secured through Countrywide who was committing fraud by reselling them as class A securities when they were not. (I think I've got that right.)
The settlement is so big, they say, that BofA will eat up all of its profit for 2011. And there are other similar suits pending. The article concluded that it was a good step in putting the matter behind us.
That silly, unregulated, unprincipled CountryWide. They extended credit to all sorts of people who didn't meet the minimums, had sloppy recordkeeping habits, and lost track of the Titles. And BofA still gobbled them up.
I still want to know what that means for the rest of us, the you's and me's who own a piece of the rock, maybe a CountryWide-esque loan too big for our britches. Is there relief trickling down?
... So ... you own a car ... you can't afford the upkeep or gas ... you put it on CraigsList ... you find a buyer who isn't deranged and you strike a deal ... but you don't have the pink slip. Is it yours? Can you sell it?
... So ... a bank strategically overextends the buyer, sells them a house, goes belly up, and in the process loses the paperwork, and the Title -- well, you get the picture.
I just want to see it. Just once. My title with all the original signatures of people who owned my house. Can I, CountryWide (slash) BofA?
I'd feel a whole lot better if they would offer up a complimentary refi at 3.75 for 30 years because they need help getting out of this mess. No need to pre-qualify, they'd say, with a solid mortgage payment history like yours! Oh, and a pass on this PMI business under the circumstances. Ya, I'd feel a lot better about the sinkhole of property values with that going on.
Talk about acid reflux!
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