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View Diary: Yves Smith’s Devastating Takedown Of BofA’s Not-So-Independent Foreclosure Review, Part I of V (87 comments)

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  •  I haven't gotten into the appendices (9+ / 0-)

    yet, but just a question on the loans.......are these first tier loans? IOW, did BoFA own these or were they entangled, bundled, resold, etc., etc.

    Because they sound vanilla in the write up and I suspect they were not.

    •  I believe it was a mixed bag... (11+ / 0-)

      ...many were Countrywide originations (I would venture to guess that this source accounted for the largest percentage of sampled/supposedly randomly selected loans not really "reviewed" by Promontory), others were from different originators and simply related to BofA's servicing business, and others were directly originated by BofA.

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Sat Feb 02, 2013 at 12:18:54 AM PST

      [ Parent ]

      •  I had a local bank loan that went to Cw, then BoA (9+ / 0-)

        Then foreclosed. It was such a bizarre experience. I have a long standing distrust of the financial business. It pisses me off that they don't explain the complicated stuff so the borrower can understand. And the distrust comes from realizing they won't explain how much they are stealing, overcharging, etc. Nor does it seem to help going to someone local. Doublespeak is the universal language of finance.

        I have asked questions that seemed very obvious, the response would be obfuscation or evasion. Always seemed the person I was dealing with was a superficially trained, low level clerk. As ignorant as I am of this stuff, it never seemed like I was significantly more ignorant than the bank rep. More like the combined gaps in knowledge made it that much more difficult to communicate.

        At this point all I can do is read this stuff and feel validated about not having been irresponsible. Not that I like victim with lots of company any better. Along the way I hope a lot of other former home 'owners' will join me in whatever it takes to shift the paradigm.

        My stress management sometimes goes to hoping that since the nurses graduating over the past 5+ years do not make the effort I always did to explain and teach, and none of them have enough time, some of these prevaricators will find out what it is like to have information you seriously needed to know withheld.

        "People, even more than things, have to be restored, renewed, revived, reclaimed and redeemed; never throw out anyone. " Audrey Hepburn "A Beautiful Woman"

        by Ginny in CO on Sat Feb 02, 2013 at 03:33:31 AM PST

        [ Parent ]

      •  If anyone ever wants to do some real (5+ / 0-)

        investigative journalism, they should look into that whole deal where BOA bought Countrywide.  My suspicion is they'd find the whole deal was backed by the USA govt apparatus.  The interests of the TBTF banks and the USA govt, treasury and FRB are one and the same now.  

        It's all show and kabuki now to think this will resolve absent an economic collapse and/or revolution.

        "To recognize error, to cut losses, to alter course, is the most repugnant option in government." Historian Barbara Tuchman

        by Publius2008 on Sat Feb 02, 2013 at 08:07:04 AM PST

        [ Parent ]

        •  You got it - everyone HAD to know that (1+ / 0-)
          Recommended by:
          elwior

          Countrywide was bankrupt. They were all packaging CW mortgages, and could see whose mortgages failed most quickly.  All the big banks knew what was going on.

          The BofA purchase was cover not only for CW, but also cover for BofA BS (I'm convinced).

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