Another BofA “Back-Door” Bailout!
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Play informative for me, Mr. internet wrietr.
I’ve been telling anyone who will listen for a couple of years: “they” want to turn us into a nation of renters! Bulk sales have already been going on for some time and now they want to “pump it up”. I say, let’s form a group and get in on some of these bulk sales…..and I have the funding: Asset Loans. A 2 page app, no credit reporting and we can fund in 10 days or less amounts up to 200 million (for all the angels out there who would actually like to MAKE MONEY on thier poorly performing stock portfolios! (WHAT A CONCEPT: actually make money!?) What say you?……
This must have been a good one. But I got a no video sign.
Re: B of A Bailout
Good show guys. The only “tid-bit” you didn’t mention? AIG was issuing the CDS’s (credit default swaps – the instrument used to SHORT the subprime mortgages) WHILE THEY WERE BUYING the toxic pools from Countrywide/B of A! And now suing? Oh, Please. Do we laugh or cry?
RT
your site film hang every few seconds. It takes about 5 times as much to load the next segment, ridiculous.
What kind of computer, etc. do I need? I have cable modem, if Comcast.
Can’t you put on low-bandwidth versions, or something. There’s not always a lot to see, the comments could often be simply audio. I do enjoy charts and pics, though. In the background, Farah’s bandwidth may be too pointy.
You guys did a show back 2/2010 regarding – MIRS. This link is a story that just aired on 60 Minutes 8/7/11 that I would say is a follow up to your your passed – TBWSDailyShow – info ahead of the main strem news.
Also, Fannie & Feddie landlords ?-?-?
Feedback please. Daniel
I cannot connect to this video? It says it has been deleted or never existed? You guys got problems with the feds? Hmmmmmm???? Scotty/Sioux City
Hey, how do I upload my photo???
Listen people. it’s been going on since 1913. The Fed Res. has a very solid monopoly on the American people and their money. And every President who has tried to do something about it was assassinated. There is nothing we can do. But for the life of me, Why do we (American citizens) have to borrow our own money in the first place? I guess it just doesn’t matter who loans the money, runs the banks, presides over the USA, or puppet leads the Federal Reserve, we will be seeing taxes on mortgage interest sooner than you think.
Daniel – You’re spot on about The Fed but there’s plenty you, and everyone, can do about it. It will just take time. Start by reading “How Privatized Banking Really Works” by L. Carlos Lara and Robert Murphy and begin to take control of your own financing needs. Lara and Murphy believe if we can get 10% of the population to do that it will end The Fed as we know it. Imagine 10% of the population NOT borrowing money from commercial banks who, in turn, cannot inflate the dollar through their fractional reserve banking. It’s already started; it CAN be done and WILL be done.
Ha ha ha ha.. now that was one funny intro line….. Hi guys.. I’m getting back into the industry… will be talking to you I’m certain at some point before my 49th birthday (Dec 14) Have a great weekend.
In case you folks have not been noticing the common theme in all of these scenarios (shenanigans), it is “follow the money”. Well, mine is gone and I am trying to catch up to some of it as I am following it. Good Luck to you all!
Correct me if I am wrong, BofA took TARP money, Ken Lewis took 32 million $ and left. The FED gave them money for toxic assets and the BofA has loaned it back to the FED at 3.5%. Now they want to scam the American People again??? Let the bastards go under. All this is another ploy to put more money in political campaigns. Pork my friends pure Pork! And we continue paying the bill!
I think someone removed the video. I have a headache from working on short sales all day long…..there is no reason not to get the approval. They will end up losing the buyers and taking even less money….no brains at BOA.
If most of you haven’t seen it, you may want to watch Breaking the Bank at PBS.Org. You can watch it for free online just Google it. Part of the show explains WF being forced to take stimulas money even though they didn’t want to. When Dick K from WF said no he was told that he is regulated by the Fed so sign up or else. I often wonder if all of our new lending regulations are the result of someone giving the finger to the FED. Perhaps we are in the or else stage of things.
I believe that the world witness the greatest bank robbery of all time when in November 2009 Hank Paulsen stole $80 billion for the US citizens to give to AIG who gave much of to Goldman Sachs. Moreover, the REAL “backdoor bailout” has now been going on for years as the Fed has been loaning money to its member back @ near zero percent while the Treasury sells them bills and bonds. As a result, today, the Fed is the largest owner of Treasury bills and bonds. Why? It’s the ultimate arbitrage. Borrower money for nothing and earn a guaranteed rate of return of even 1% and your leverage ROR is infinite. The bailout? The US taxpayer pays the interest on the bills and bonds to the Fed for the bonds they purchase with free money!
Was Video removed? I only see thumb nails of available videos on viddler, what’s up?
Isn’t it ironic that these guys want to go back and renegoiate their purchases when they are devalued…..but these same guys are not writing down or modifying the loans they made to consumers that are coming to them to write down the balances or modify the rates.
Karma is a bitch.
Too Big to Fail Part 2 coming soon?? Good Grief!!!!!!!!
WOW, please pass the tequilla! This is one “effed” up country! Costa Rica is sounding mighty good and I hear it’s not hard to get citizenship!
This blame Obama thing really cracks me up.
Think of it like this, an arsonist torches your house. You know who it is but he’s not persecuted. A fireman comes and puts out the fire at great expense. Now everyone is mad at the builder who can’t fix the house fast enough, not the guy that burned it down.
I have to ask the readership? How long do they think this type of mishandling of US Funds will continue?
until;
A, the entire economy collapses?
B, people are prosecuted for their fraudulent activities?
C, wholesale revolt happens like what is going on in Britain?
I personally think what will eventually happen is exactly what is going on in Britain, and the wrong people will end up being the victims, just because they are a little better off than the perpetrators.
The Wall St A-holes will be vacationing on the Riviera and away from the turmoil enjoying their golden parachutes.
When are we going to act? I hope it’s before everything falls apart.
Randy
Sorry but the average American has the attention span and intelectual capacity of a gnat and is either too complacent or fearful to do anything about this fiasco besides complain and whine about it.
You, me and most of the folks on this forum are no exception as evidenced by what the Fed was allowed to do to us as an industry!
And NFL football is starting soon…now THAT is important.
The Bush administration (& apointees), and the Obama administration (& appointees) as well as our bungling, bought & paid for congressional lackeys could not have purposefully engineered and coordinated a more perfect and multi-faceted screwing of the taxpayer in general and the homeowner in particular. If it’s an incumbent, regardless of party, it needs to be voted out in our next election. My garbage man cares more about the average citizen and could not do a worse job than our presently “self serving” elected officials. Listen up fat cats, the voters are coming!
Approx. 1.5-2 years ago you had a great show that broke down how it was more profitable for banks to foreclose on a property than work out a solution with the borrower. It broke down govt. bailout money etc. and most informating. I wished I had saved the broadcast.
That would be a GREAT show to repeat!
I’m with Tim! Of all the shows I’ve watched over the past 2+ years, the one explaining the math of why it was better financially for the banks to NOT work with the consumer on loan mods, and how they made money on their foreclosures was the one I remember the most! If you have that show on a server somewhere, and could provide the link to it, I’d provide you with all the equity in my house!!!
What Tim said!
And if that show is still floating around on a server, how about a link to it???
Are the server problems issues with real estate marbles? What is going on?
the bailout for the banks making any marked success is likened to a fat guy called TINY
We close many short sale with BOA including HAFA short sales in Boise Idaho. This whole situation is a circus. Money talks; the government is in bed with all the big banks and the ordinary homeowner gets hosed.
Always have, always will.
great show, great information, sick of hearing about your “server issues”. you either have the worst IT guy and the crappiest servers in the history of the world or you dont have the “marbles” to explain the real issue which I’m guessing is you just dont have the time to do a show 5 days a week day-in-and-day-out. bottom line, shoot us straight and we’ll respect you more.
Straight Shooting, we’ve been shooting the daily everyday almost without exception for the past 3 years. doing the daily is actually something i look forward too. this has been as frustrating for me as it has been for you and the rest of the tbws viewers, especially with the amount of information floating around right now. Truth is we moved to a new server that should be much faster but the migration has been wrought with problems. once we work out the bugs things will be much faster. all we have is our word & we wont compromise that. i’ll always shoot straight with you and all of the other tbws family. thanks a bunch and sorry for the inconvenience.
Wow, yesterday your video worked just fine for me. Today, it tells me it’s loading, then playing, but I get no audio or video. :-{
sorry about the problems. we’ll get this mess straightened out.
omg – must be a government conspiracy. ha ha ha
Ok, so I was on the phone with 5 different departments within B of A over the past three days. This is after 2 loan modification applications, both declined.
In the end, you can only get ‘assistance’ (in my case I want to go from interest only ARM to a fixed rate 30yr) if I miss at least 2 monthly payments. Which of course starts incurring late fees and NO GARANUTEE you’ll get the modification??
Now, am I paranoid conspiracy theorist or is it apparent the banks are trying to get us to lose our house, they can get the tax dollars to make up for the loss (bail out money) and they get the property. How can that not be a win-win for the bank??
I can’t even look at conventional re-fi, because I owe more than it will appraise for too.
If you have a 1st and second with a CLTV over 100%, it is VERY possible to renegotiate the second lien balance down to a 97% CLTV (based on current value) and refi onto an FHA 30 year Fixed. As a wholesale lender we have one branch that closes about 10+ (and growing) loans a month with this scenario. this branch have broker that qualifies prospects for this program and renegotiates the 2nd lien balance for the borrower. It is a great program for the homeowner. They get their loan balance reduced, most likely a better payment, low or no out of pocket expenses and they get to stay in their house.
Your server problems come with getting into bed with real estate marbles.
LOL…back-door bailout. Aren’t we, the public, the ones really getting it in the back door?
You are right Richard.
But not to worry; Obama is going on yet another vacation while the newest batch of 395,000 unemployed get accustomed to his economic plan.
Really Boyd? Was Obama at the helm when all these toxic loans were made?
No Annie, Obama was not at the helm when those toxic loans were made but Clinton was at the helm when they were created!
So what happened in the 8 years between Clinton creating these products, and Obama being blamed for the aftermath? – apart from a lot of brush being cleared in Crawford?
What was going on ? Deregulation, Tax cuts for the Wall St crowd, tons of dough pushed Halliburtons way and phone taps…..Oh and a couple wars where we were either looking for weapons of mass destruction or either trying to acheive the goal of putting a McDonalds in every country in the world.
I guess it makes sense…….no country with a McDonalds store has ever attacked America. Interesting statistic.
Clinton repealed Glass-Steigel, so they could create high risk garbage loans to give loans to people who should not have bought in exchange for votes. Glass-Steigel served ths nation well since the Depression and it needs to be re-instated. If the press were not so biased they would discuss the repeal of this bill and admit that it was one of the worst political moves in the history of our nation, and we will pay for it for many generations.