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.
Good news for deadbeats.
No surprise there, if it ain’t broke don’t fix it and from BoA’s standpoint it certainly ain’t broke.
Yeah Shadash, you tell those deadbeats! If by deadbeats you mean the 54% who lost their jobs or had income reduced.
BAC currently enjoying a lost decade and a half. The drip system is obviously working.
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.
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?
Can’t we all get a loan?
@BottomFisher
Can’t we all get a loan?
@Jim, do you have a page with a list of allowed HTML in posts?
Like blockquote, i, b, etc…?