Apparently BofA found nothing wrong with the paperwork, or the process they were using to foreclose on homes. I’m glad it didn’t take them an eternity to come to a conclusion one way or the other.
An alternative reading, to be fair, is that even admitting the problem might exist could incur more liability for BofA and definitely was clobbering its stock price. I have no reason to think that the letter of the many thousands of laws was followed in the secondary mortgage market. I expect it never has been, not since money and data started to move efficiently. But I also do not believe this is a problem. Or: If it is, then the title insurance companies are out about 200 times the entire real estate inventory of the United States — at today’s special low prices. 😉 The bond shenanigans are new. But moving money and debt electronically is not — thank goodness! If this is not a shrill pretext for expropriating investors, then it will come to nothing in due course. I vote for the latter.
Susan says:
Apparently BofA found nothing wrong with the paperwork, or the process they were using to foreclose on homes. I’m glad it didn’t take them an eternity to come to a conclusion one way or the other.
October 20, 2010 — 8:33 pm
Greg Swann says:
An alternative reading, to be fair, is that even admitting the problem might exist could incur more liability for BofA and definitely was clobbering its stock price. I have no reason to think that the letter of the many thousands of laws was followed in the secondary mortgage market. I expect it never has been, not since money and data started to move efficiently. But I also do not believe this is a problem. Or: If it is, then the title insurance companies are out about 200 times the entire real estate inventory of the United States — at today’s special low prices. 😉 The bond shenanigans are new. But moving money and debt electronically is not — thank goodness! If this is not a shrill pretext for expropriating investors, then it will come to nothing in due course. I vote for the latter.
October 20, 2010 — 8:50 pm