Here’s the link to the latest article about BofA’s woes; and an excerpt:
Richard Bove, analyst at Rochdale Securities, believes the issue will continue for the next four to five years.
“It’s going to be like a tobacco or an asbestos situation,” Bove says, arguing court battles will continue evolving for some time at plaintiffs test courts to find successful strategies and Bank of America and other institutions work to find off the evolving challenges.
The MERS/robo will be a gold mine for attorneys – but will it erode homebuyer confidence? Or end up being a nothing-burger (like ARM recasts, etc.) because the government will spend whatever it takes to avoid a potential meltdown?
Bank of America has a great excuse – “hey, you made us buy Countrywide!”, which could be the clincher that makes the government wave the magic wand (again) and make it all go away.
Or could the MERS legal issues gain enough steam to over-run the system?
Would the specifics about MERS/robo affect your home buying/selling decisions?