(Bloomberg, Dec 19, 2012 – excerpts) – “Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined.”
“Bank of America’s stockpile of deteriorating debt is mostly from its 2008 acquisition of Countrywide Financial Corp., once the nation’s largest mortgage provider. Wells Fargo & Co. (WFC), the biggest U.S. servicer, has $15.3 billion of such unpaid loans.”
“Bank of America has about 930,000 loans that are at least 60 days delinquent, down from 1.5 million from the peak in January 2010, Chief Executive Officer Brian Moynihan, 53, said during a Dec. 14 event at the Brookings Institution in Washington.”
“The bank also has a large portion of delinquent Federal Housing Authority mortgages…” Note: taxpayers are ‘on the hook’ for these FHA guaranteed loans (and the FHA recently announced that its reserve fund is ‘dry’ and they are on the verge of defaulting).
Note: Bank of America’s $64 billion in delinquent mortgage represents an amount greater than half of their current market cap.
Full article: Bloomberg 12-19-12
Nationwide, November 2012: RealtyTrac reports that 1,547,825 homes are under a foreclosure filing in the U.S..
The Leviticus 25 Plan would provide a mechanism for American families to ‘clean up’ delinquent mortgages and engage in successful ‘work out’ plans to regain ownership of their homes.
This would stanch the banks’ balance sheet bleeding and stabilize the housing market.
The Leviticus 25 Plan would pay for itself over a 10-15 year period.
No other plan can make that claim. And no other plan can deliver the power of economic liberty – and do so much to serve the interests of individual U.S. citizens.