Monday, November 1, 2010

Bank of America may not be sure of how bad it is with their mortgages from Country Wide

Story in the WSJ touches on the issues faced by Bank of America.  They are reviewing 102,000 mortgages to see if there are underlying issues that would prevent them from showing actual ownership of the note.  I am not clear on why Bank of America and others, including Wells Fargo, are throwing out these numbers.  Wells said it was reviewing 55000 documents that have problems regarding paperwork and ownership of mortgages.
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But Bank of America is servicing 14 million loans, 10 million of which originated with Country Wide Homes Loans, before the BOA take over.  My question is this:  How can there not be far more errors in more than 102,000 of the 10 million originated mortgages? 
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It looks like we are not getting the full story once again.  It think each time the banks gives an inch it is just a test balloon to see if they can slide by without the public realizing they are trying to scam the country again. 

read the full story here on "trouble at BOA"

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