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Bank of America Getting Into the Landlord Business
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Bank of America Getting Into the Landlord Business

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Bank of America Getting Into the Landlord Business

Bank of America, the nation's second-largest lender, is launching a pilot program this week that will offer a limited number of customers behind on their mortgages to transition from owner to renter.

More on CNBC...

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I don't see that working ....

Here take my home and I'll pay you rent ?

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It actually might make some sense. The bank can avoid foreclosure or short-sale and wait until the real-estate market comes back and generate some income as well, while they wait..
For the homeowner about to be foreclosed upon or who is deeply underwater(owes more than the house is worth), he gets to stay in the home, at a substantially reduced cost.(rent might be half vs mortgage pmt, taxes, maintenance etc) it's a win-win for both and helps us homeowners, by reducing the number of properties being dumped on the market by the banks.(as short-sales, foreclosures etc).

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It might make sense but who in there right mind would pay rent to a bank that took there house. I don't see that working....

http://www.marketoracle.co.uk/Article33701.html


Why would rent be half of mortgage payment?

Buying A Home Cheaper Than Renting In 98 Percent Of Housing Markets

Buying A Home Cheaper Than Renting In 98 Percent Of Housing Markets


The problem is that many owe more than the house is worth, banks are and should be scared of a massive walkout , maintenance costs are unsustainable JMO


http://4closurefraud.org/2012/03/22/another-manufactured-default-bank-of-america...-and-rent-from-the-bank/

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Last edited by GridKing; March 23rd, 2012 at 12:46 PM.
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The moment that people realize that this is BofA trying to get foreclosed homeowners to pay/cover maintenance while the Bank waits for home prices to bounce the backlash will be worse than the $5 fee idea IMO ...





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US files $25 billion settlement with banks on mortgage abuses

The long-awaited settlement, announced more than a month ago, still requires a judge's approval.
"The complaint we filed sets the stage for what we anticipate will be a series of powerful federal court orders. We expect that many consumers across the country will soon start to see the significant direct relief and the new mortgage servicing standards that we negotiated as part of this settlement," said Iowa's Attorney General Tom Miller.

The agreement would require the lenders to provide relief to foreclosed borrowers to the tune of $20 billion.
Among the relief proposed in the settlement:
Reducing principal on loans for borrowers who are delinquent or at imminent risk of default and underwater on their loans
Refinancing loans for borrowers who are current on their mortgages but underwater
Forbearance of principal for unemployed borrowers (meaning that borrowers can tack some of the principal on the end of the loan as a zero-interest balloon payment)
Anti-blight provisions
Short sales
Transitional assistance
Benefits for service members

Economy Watch - US files $25 billion settlement with banks on mortgage abuses


Broken down by the banks involved, the settlement includes these payments:
Ally - $110 million federal and state governments; $200 million in relief to borrowers
BofA - $3.24 billion and $8.58 billion, respectively
Citigroup - $415 million and $1.79 billion
JPMorgan - $1.08 billion and $4.21 billion
Wells Fargo - $1.01 billion and $4.34 billion

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