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Friday, January 21st, 2011 at 6:59 AM

Drip Confirmation

In Bank of America’s 4th quarter report today (seen at Calculated Risk), they state their preference and commitment to the drip system:

Foreclosures

  • Resumed foreclosure sales in most non-judicial states in early December, starting with vacant and non-owner occupied properties; expect to resume sales in remaining states in 1Q11.
  • Maintaining a deliberate and phased approach.
  • Remain committed to ensure no property is taken to foreclosure improperly.
  • Review of our foreclosure process shows the basis for our decisions has been accurate.
  • Process areas identified for improvement.

Delinquency Statistics for Completed Foreclosure Sales

  • 78% of borrowers had not made a mortgage payment for more than one year.
  • Average of 585 days in delinquent status (approximately 19 months).
  • 50% of properties were vacant (excludes loans for which occupancy was unknown).
  • 54% of borrowers were unemployed or had their income reduced.

Posted on Friday, January 21st, 2011 at 6:59 AM in Market Conditions, REOs Coming to Market, Thinking of Buying? | 10 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 10 Responses

  1. Good news for deadbeats.

    shadash | January 21st, 2011 at 11:02 am

  2. No surprise there, if it ain’t broke don’t fix it and from BoA’s standpoint it certainly ain’t broke.

    SD_Coastal | January 21st, 2011 at 12:06 pm

  3. Yeah Shadash, you tell those deadbeats! If by deadbeats you mean the 54% who lost their jobs or had income reduced.

    Mozart | January 21st, 2011 at 12:28 pm

  4. BAC currently enjoying a lost decade and a half. The drip system is obviously working.

    Genius | January 21st, 2011 at 1:29 pm

  5. Mozart,

    What about the 48% of people that aren’t deadbeats?

    Those that are priced out of properties because of bankers market manipulation. I guess we’re just supposed to subsitize the scammers.

    shadash | January 21st, 2011 at 1:46 pm

  6. Of the 44% of the people who have not lost their job or had reduced income – how many of these had their rates jump because they where in an adjustable ARM?

    Thaylor Harmor | January 21st, 2011 at 6:22 pm

  7. Can’t we all get a loan?

    BottomFisher | January 21st, 2011 at 8:28 pm

  8. @BottomFisher

    Thaylor Harmor | January 21st, 2011 at 10:45 pm

  9. Can’t we all get a loan?

    Thaylor Harmor | January 21st, 2011 at 10:48 pm

  10. @Jim, do you have a page with a list of allowed HTML in posts?

    Like blockquote, i, b, etc…?

    Thaylor Harmor | January 21st, 2011 at 10:50 pm

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