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View Full Version : BOA Cutting 16,000 jobs



gmhr1
09-20-2012, 09:52 AM
http://www.cnbc.com/id/49098399 more proof of the great job Obama is doing on creating jobs. More people unemployed, more foreclosures more food stamps

Jason Glavich
09-20-2012, 10:29 AM
So does this mean Buffett is responsible for people losing their jobs? I mean he did invest in BoA.

gmhr1
09-20-2012, 10:33 AM
It means the President is doing a lousy job on his recovery plan!

ARay11
09-20-2012, 10:50 AM
maybe it means enough gun totin' americans moved their money away from boa ;)

menmon
09-20-2012, 10:56 AM
maybe it means enough gun totin' americans moved their money away from boa ;)

Maybe it means that BOA has to cut cost to meet its earnings promise to investors.

Nations housing starts are growing....now start watching as the enconomy starts really growing...with Obama leading the charge!!!!!!!!

duckheads
09-20-2012, 11:40 AM
Maybe it means that BOA has to cut cost to meet its earnings promise to investors.

Nations housing starts are growing....now start watching as the enconomy starts really growing...with Obama leading the charge right down the toilet!!!!!!!!

Fixed it for you. Nothing like going down with the ship huh Bob?

roseberry
09-20-2012, 11:49 AM
[QUOTE=menmon;1012584]Nations housing starts are growingnow start watching as the enconomy starts really growing with Obama leading the charge!!!!!!!!QUOTE][/B]


he is correct again!!!! i just sold a spec home to a couple last month. i had it listed and got full price offer for $169,900(if i paid closing costs of ~$3,000 obviously). in todays market it only appraised for $166k, so i countered to accept $166 and not pay closing. realtor came back that it was a deal killer since couple had no money to "put down" and were financing 100%. i liked the kids and had no other interested buyers so i took the hit for the $3.900 just so i wouldn't have to mow the damn yard again.

i bet you can't guess where they are getting 100% financing, no money down, with not one dollar in the bank between two working adults..............did you guess yet?..............was it a conventional loan from a bank?..........was it a private lender...........did i owner finance.........no.....it is a U.S.D.A rural development loan. i wonder how many of these pre bubble burst type loans it takes to get the "housing starts" and "sales of new homes" numbers where hussein needs them prior to november. watch it growwwwwwwwww, POW, and burst again! hope i know when to get out this time;-)

JimmyD
09-20-2012, 11:49 AM
I think the unemployment rate is higher today than when he took office. US median household income has dropped almost 5% of those that are still working. Yet this president spends more on indulgences at the tax payers expense than the previous 3 Presidents combined.

BonMallari
09-20-2012, 12:11 PM
So does this mean Buffett is responsible for people losing their jobs? I mean he did invest in BoA.


Berkshire Hathaway is the largest shareholder in Wells Fargo....don't know about BOA....

gmhr1
09-20-2012, 12:16 PM
My house is worth 40K less than it was in 2010 wish AZ would start to pick up
Obamas been telling us for 4 yrs he was going to create jobs wonder when he will start?

Franco
09-20-2012, 12:40 PM
[QUOTE=menmon;1012584]Nations housing starts are growingnow start watching as the enconomy starts really growing with Obama leading the charge!!!!!!!!
QUOTE][/B]


he is correct again!!!! i just sold a spec home to a couple last month. i had it listed and got full price offer for $169,900(if i paid closing costs of ~$3,000 obviously). in todays market it only appraised for $166k, so i countered to accept $166 and not pay closing. realtor came back that it was a deal killer since couple had no money to "put down" and were financing 100%. i liked the kids and had no other interested buyers so i took the hit for the $3.900 just so i wouldn't have to mow the damn yard again.

i bet you can't guess where they are getting 100% financing, no money down, with not one dollar in the bank between two working adults..............did you guess yet?..............was it a conventional loan from a bank?..........was it a private lender...........did i owner finance.........no.....it is a U.S.D.A rural development loan. i wonder how many of these pre bubble burst type loans it takes to get the "housing starts" and "sales of new homes" numbers where hussein needs them prior to november. watch it growwwwwwwwww, POW, and burst again! hope i know when to get out this time;-)

I'll add that QEIII is pumping in 40 to 80 billion A MONTH into bonds so that the housing economy can improve. What a joke! More borrowed money to bail out bad home loans.

Jim Danis
09-20-2012, 02:32 PM
Actually USDA home loans along with VA home loans are performing better than either Conventional or FHA even though they both require down payments! The underwriting guidelines for both VA and USDA are clear, concise and common sense oriented. They definitely are NOT bubble burst type loans.

QEIII is definitely a big mistake.

menmon
09-20-2012, 02:58 PM
[QUOTE=menmon;1012584]Nations housing starts are growingnow start watching as the enconomy starts really growing with Obama leading the charge!!!!!!!!QUOTE][/B]


he is correct again!!!! i just sold a spec home to a couple last month. i had it listed and got full price offer for $169,900(if i paid closing costs of ~$3,000 obviously). in todays market it only appraised for $166k, so i countered to accept $166 and not pay closing. realtor came back that it was a deal killer since couple had no money to "put down" and were financing 100%. i liked the kids and had no other interested buyers so i took the hit for the $3.900 just so i wouldn't have to mow the damn yard again.

i bet you can't guess where they are getting 100% financing, no money down, with not one dollar in the bank between two working adults..............did you guess yet?..............was it a conventional loan from a bank?..........was it a private lender...........did i owner finance.........no.....it is a U.S.D.A rural development loan. i wonder how many of these pre bubble burst type loans it takes to get the "housing starts" and "sales of new homes" numbers where hussein needs them prior to november. watch it growwwwwwwwww, POW, and burst again! hope i know when to get out this time;-)

Talk about slapping a gift horse in the mouth. I didn't see you standing up and saying folks you should not finance 100%.

gman0046
09-20-2012, 03:16 PM
Another week another dismal Job Report. Obongolo remains helpless in the fight to stem the unemployment debacle. Thats forty three straight months of unemployment over 8%. What a failure the Kenyan Clown has been. menmon your still drinking the Obongolo Kool Aide. Not only that you can go blind for what your doing!

menmon
09-20-2012, 03:22 PM
Houston is on fire....lots of jobs. He is good for us.

Marvin S
09-20-2012, 04:41 PM
Berkshire Hathaway is the largest shareholder in Wells Fargo....don't know about BOA....

BA received 10 Bil on preferrred note loan @ 10% - with significant warrants to purchase stock @ a strike price of around $8 - I would have loaned on those terms - But that's a typical WB investment - only good for BRK

mngundog
09-20-2012, 04:57 PM
It means the President is doing a lousy job on his recovery plan!
Recovery plan for what? A Republican President who failed? Obama is doing a lousy job of cleaning up a Republican President's mess? I agree to all the questions I asked, Obama is doing a lousy job of cleaning up the mess that a Republican President put us into. A Rock and a Hard Place comes to mind for the up coming election.

Franco
09-20-2012, 05:04 PM
Houston is on fire....lots of jobs. He is good for us.

Houston, like my little town is based on oil and medical. Only recently has the current administration started issuing drilling permits because of the election. The question remains, if Obama wins will he continue to allow for the issuing of drilling permits?

Whoever the next President is should take Boone Pickens advice on energy. We have enough in reserve to discontinue importing oil from the mideast today. We have the largest natural gas reserves in the world! Because no President has ever put forth a real energy plan, our vehicles are still powered by gasoline instead of natural gas. Electric cars are a folly. Natural gas is the future of transportation! Possibly combined with hydrogen but, natural gas first!

gmhr1
09-20-2012, 05:07 PM
The recovery Obama says we are in don't you know the economy is great, jobs are added the middle east loves us, life is wonderful. Thats what we hear every day. Who's Obama going to blame when he takes over ? some guy named Barack that had the job before him. We have been in a hard place lets give the rock a try really cant get any worse and maybe some things will improve.

mngundog
09-20-2012, 05:19 PM
The recovery Obama says we are in don't you know the economy is great, jobs are added the middle east loves us, life is wonderful. Thats what we hear every day. Who's Obama going to blame when he takes over ? some guy named Barack that had the job before him. We have been in a hard place lets give the rock a try really cant get any worse and maybe some things will improve.
It could get worse, four more years of Bush would be much worse than four more years of Obama, lets hope Romney isn't like the previous Republican President.

gmhr1
09-20-2012, 05:29 PM
I would take Bush back than have Obama for 4 more yrs. Bush stood up at a press conference after the 9/11 attack and told us what happened . Obama hasn't told us the truth yet.

mngundog
09-20-2012, 06:12 PM
I would take Bush back than have Obama for 4 more yrs. Bush stood up at a press conference after the 9/11 attack and told us what happened . Obama hasn't told us the truth yet.
And then there was the little thing about "weapons of mass destruction" that never turned up, thank you Bush for running a great Country into the ground and lying the whole way through. What was it his father said, "Mark my words no......." I guess lying pretty much ran in the family.

gmhr1
09-20-2012, 06:17 PM
At least he was trying to protect us and not his own rear end. Something bo knows NOTHING about. He cant even come clean now, the story is out it was planned terrorist attack, and all he can do is spend 70K of taxpayer money to run an "I'm Sorry" ad in Pakistan . You want him you can have him. I cant wait to watch the news over the next 4 yrs when everybody is trying to figure out how to get this guy out of the WH, Once Americans wake up and see what he's really doing to us.
All these layoffs every other day plus the cuts that are coming only mean more people out of work more losing their homes going on Gov assistance how is this good for the economy people need jobs that should be #1 not going on the Letterman show he can be a standup comedian after he has finished the job he was elected to do. Now he and his wife will be back on the view again he sure has a lot of spare time on his hands to do the important things! He's a big JOKE !

starjack
09-20-2012, 06:37 PM
And then there was the little thing about "weapons of mass destruction" that never turned up, thank you Bush for running a great Country into the ground and lying the whole way through. What was it his father said, "Mark my words no......." I guess lying pretty much ran in the family.Even your almighty Clinton said they were there. But we all no he would never lie

mngundog
09-20-2012, 06:39 PM
Even your almighty Clinton said they were there. But we all no he would never lie
My almighty Clinton? That's news to me.

luvmylabs23139
09-20-2012, 06:42 PM
[QUOTE=menmon;1012584]Nations housing starts are growingnow start watching as the enconomy starts really growing with Obama leading the charge!!!!!!!!
QUOTE][/B]


.....it is a U.S.D.A rural development loan. i wonder how many of these pre bubble burst type loans it takes to get the "housing starts" and "sales of new homes" numbers where hussein needs them prior to november. watch it growwwwwwwwww, POW, and burst again! hope i know when to get out this time;-)

A friend of mine works in the mortgage industry and says they have been swamped for over a year. I'm like what, who, how, the market is in the toilet. You guessed it, swamped with USDA loans.

kjrice
09-20-2012, 07:33 PM
Why anyone does business with BoA is beyond me. They used to be the institution that others measured against; now, they are nothing more than legalized scum. As far as cutting jobs, (as UB would say) hell's bells no surprise! They got killed on the Countrywide merger and have been doing nothing less than screwing mortgagees as much as they can.

roseberry
09-20-2012, 09:13 PM
Actually USDA home loans along with VA home loans are performing better than either Conventional or FHA even though they both require down payments! The underwriting guidelines for both VA and USDA are clear, concise and common sense oriented. They definitely are NOT bubble burst type loans.

QEIII is definitely a big mistake.

jim i am sure you know more about this than me, but i have purchased many usda foreclosures down on the courthouse steps. i also owner finance to qualified buyers, are you firm in your belief that a buyer who walks in with no "skin in the game" is as likely to be a sound risk as one who has worked, saved and invested their own hard earned money in a piece of property? these common sense underwriting guidelines not only intrigue me, they conflict with my education and experience.


and menmon, i did not slap a gift horse. as a seller i accepted an offer with a stated contigency of the buyer "obtaining financing". at the time accepted, i had no knowledge whether they were seeking financing from first national, country wide mortgage, a payday lender, usda or a rich aunt. whether i personally approved of the financing vehicle they ultimately used is not a trigger to release me from performance to the contract i entered into.

charly_t
09-20-2012, 09:28 PM
[QUOTE=roseberry;1012606][B]

Talk about slapping a gift horse in the mouth. .................................................. ........................

LOL, funny, had never heard that one before.

ARay11
09-21-2012, 10:02 AM
And then there was the little thing about "weapons of mass destruction" that never turned up, thank you Bush for running a great Country into the ground and lying the whole way through. What was it his father said, "Mark my words no......." I guess lying pretty much runs in the business.

sorry. none of these guys are any different than the other. put em in a bag, shake em up, pour em out....u get the same guy.

menmon
09-21-2012, 10:21 AM
Why do you guys only want to hear bad news? I know the answer so don't bother answering the question.

Our mortgage group at my bank is on fire and it is not doing USDA loans. It might have something to do with all the folks that are moving to Houston for all the jobs we have though.

ARay11
09-21-2012, 10:23 AM
I have no experience writing mortgage loans, however, I do write auto loans. The best auto loans written (most profitable for the bank, least likely to repo) are loans written to credit scores in the 600-650 range with no prior repos and stable employment. The guy who takes pride in working for all he has, stumbles occassionally on a credit card or medical bill, but always gets the job done. That's the guy we like to loan money to. We can charge enough of an interest rate to make some money and he's very very likely to pay. This type customer rarely has a downpayment and is often "upside down" in his trade in.

On paper, you would think we would want everyone to be a 700+ score, less than 40% debt-to-income, with 30% down, financing for 36 months. The truth of the matter is... that loan will get repaid, but the profit is zilch.

Unfortunately, the economy has show no favoritism in job losses... we have seen higher repo rates with both types of loans... making the low interest rate loans even less attractive.

(subprime loans are still being written... make no mistake....with enough money down, anyone and I do mean anyone can still get an auto loan)

menmon
09-21-2012, 10:40 AM
Good for you ARAY....In a world where someone who has a ding for a medical collection can't get a loan from a major bank for a car because they score below 700, it's good to know someone is looking at the reason for the lower score. The thing I look at is do they pay their bills on time. If the score is low because of slow paying, I don't want to chase them every month.

Cody Covey
09-21-2012, 10:56 AM
Good for you ARAY....In a world where someone who has a ding for a medical collection can't get a loan from a major bank for a car because they score below 700, it's good to know someone is looking at the reason for the lower score. The thing I look at is do they pay their bills on time. If the score is low because of slow paying, I don't want to chase them every month.

I recently got denied a debit card because of having a checking account closed on me when I was 18. This despite my only debt being a modest amount student loans and having an 810 credit score. I couldn't believe it lol. Seems at least some business are starting to look at Credit Score less these days?

murral stark
09-22-2012, 06:15 PM
I need some tips on getting a good auto loan. when I went through my divorce, my credit was destroyed, and the credit report from things that she was supposed to pay are still kicking my tail. The divorce decree clearly stated which bills I was responsible for and which ones she was responsible for. Unfortunately the loan officers don't look at divorce decrees. How do I get this cleared up?

gmhr1
09-27-2012, 11:42 AM
Campells soup closing 2 plants laying off 700 jobs the Presidents recovery plan is really working isn't it he sure knows how to get people working. Atwater Ca is the 4th Ca city to file for Bankruptcy we are booming, Obamas saving the economy

ARay11
09-27-2012, 12:14 PM
I need some tips on getting a good auto loan. when I went through my divorce, my credit was destroyed, and the credit report from things that she was supposed to pay are still kicking my tail. The divorce decree clearly stated which bills I was responsible for and which ones she was responsible for. Unfortunately the loan officers don't look at divorce decrees. How do I get this cleared up?

if you need a loan pretty quickly, the best place to start is your local bank (whoever you have a checking acct with) Take your current proof of employment (paystub) and a copy of your divorce decree. Be prepared to pay money down. (10% is usually good). Start with something inexpensive... don't go in asking for $40,000 for a brand new 4x4 with $500 down and a sad story. Be reasonable. Most small, local banks will be agreeable. They want to help. Be ready to prove that the bad accounts are indeed awarded to her.

What really sucks is, you agreed to make payments, not to stay married. It's something everyone should think about before signing for a loan or obtaining a joint account credit card. When you agree to pay, you agree even if you wreck it, the transmission quits, or you get divorced. Joint signatures create joint responsibility regardless of the situation. Same can be said of co-signing for a friend or family member. As a co-x, you are agreeing to pay for a loan.
As you have discovered, courts can award property and payments but that award does not alter your agreement with your bank. If you want to salvage your credit, pay the loans. When they are in repayment, go to court, prove you paid for it to salvage your credit, and have those items returned to your posession.

murral stark
09-27-2012, 09:09 PM
Thank you. That is sound advice.