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  1. 04-22-2008, 03:28 PM #1
    AirborneSapper7
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    BofA to Get Out of Risky, Non-Traditional Mortgages

    BofA to Get Out of Risky, Non-Traditional Mortgages

    MoneyNews
    Tuesday, April 22, 2008

    CHARLOTTE, N.C. -- Bank of America says it will alter its mortgage product menu once it completes its acquisition of mortgage lender Countrywide Financial.
    Bank of America (BAC, Fortune 500) says it will offer traditional mortgages that fit government-sponsored enterprise guidelines. It will also offer interest-only fixed-rate and adjustable-rate mortgages that have long reset periods to lessen the likelihood of short-term payment spikes.

    The Charlotte, N.C.-based bank will not originate subprime mortgages or loans that allow customers to make payments for less than the monthly interest due.

    It will also greatly reduce offerings of other nontraditional loans, like those that allow for little documentation.

    The Bank of America (BAC, Fortune 500) acquisition is expected to close in the third quarter.

    http://moneynews.newsmax.com/money/arch ... .cfm?s=mnc
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  2. 04-22-2008, 03:30 PM #2
    Dixie
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    It will also greatly reduce offerings of other nontraditional loans, like those that allow for little documentation.
    Does that translate to illegal aliens?

    Dixie
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  3. 04-22-2008, 04:06 PM #3
    AirborneSapper7
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    It's my understanding that BofA was neck deep on the West Coast pushing these loans to Illegal Aliens

    NINJA loans

    N.I.N.J.A (No Income, No Job, No Assets).
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  4. 04-22-2008, 06:24 PM #4
    SicNTiredInSoCal
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    Quote Originally Posted by AirborneSapper7
    It's my understanding that BofA was neck deep on the West Coast pushing these loans to Illegal Aliens

    NINJA loans

    N.I.N.J.A (No Income, No Job, No Assets).
    Im glad to see they are getting what they asked for!
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  5. 04-22-2008, 08:16 PM #5
    TEXLEGAL1
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    Sure after they have made millions on these loans and passed them on to you the taxpayer. What a sweet deal! Now Pelosi wants you to pay down their mortgages, gee where is my deal?
    "We are being destroyed from within"
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