Bank of America is singing the mortgage blues after being handed a fraud verdict for Countrywide loans. This case, which proved Countrywide hustled loans, or as it was called the High Speed Swim Lane, taking quantity of loans over quality, may cost Bank of America at least another billion dollars. From 2003 to 2008, Countrywide’s guidelines were used for many correspondent lenders as well, such as Freedom Mortgage out of New Jersey.
The U.S. is following the great wizard, Uncle Sam down the yellow brick road to economic prosperity. We weathered the tornado of almost financial destruction in 2008. Now before us are rainbows and sunny skies.
In fact, the future is so bright we may need to wear shades. The housing market is skipping merrily along.
SEVEN THINGS ALL BOOM-A-RANG BUYERS (BARB’s) SHOULD KNOW
Boom-a-rang buyers, former home owners who either short sold or foreclosed on a home, are re-entering the Arizona housing market.
Most of the BARB prospects are confident they can purchase another home. Boy, are they surprised at the qualification process.