And if you believe that, allow me to show you this bridge I have for sale.
According to a spokeswoman for the bank, no errors were found during the review, and fewer than 30,000 foreclosure sales across all 50 states will be delayed as a result of the investigation.
The announcement comes one day before the bank's third quarter earnings report, and might ease investor concerns over the scale and timeframe of the bank's review process.
"This is an even better outcome than we previously thought," said Paul Miller, an analyst at FBR Capital Markets. "We thought January was a more likely time to restart the [foreclosure] process."
The news sent Bank of America shares up 36 cents to $12.34, or 3.01%.
The bank said in a statement that the review process "has been an important step to give customers confidence they are being treated fairly."
Bottom line: BoA is now daring the various state Attorneys General to prove they are liars in court, and it is betting that once the election is over that the states will back off completely...and that a new business friendly Congress will absolve them of every dime of liability.
They are certainly acting like there's nothing but clear sailing ahead, and that they've already gotten away with it. Supremely confident, one might say.
We'll see.
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We'll see about that. I used the SEIU's Where's the Note? tool to dispatch a letter to BofA today demanding they produce my original note. (It was a Countrywide loan before they were acquired.)
I strongly encourage every mortgagee in the US, whether you have concerns about this or not, and regardless of whether you're in any financial distress, if only to create large amounts of temporary jobs for people to root around in filing cabinets.
http://action.seiu.org/page/speakout/wheresthenote
You're right, Allan. That's a pretty good way to boost employment that we can do ourselves.
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