Posts from — August 2010

Fountain Hills vacant lot in multi-million dollar gated subdivision!!

The government’s well touted “HAFA” program is an absolute bomb…they should have called it the HAHA program for how ridiculous it is.

If you qualify for the program and meet every single stipulation AND your lender has actually trained people on how the program works then yes, it is a wonderful program. However I would say that less than 5% of people that I have spoken to actually qualify for the program and those that do reap the rewards while those that don’t end up going the traditional, slow short sale route.

I saw an ad today on Google that Bank of America is offering stock options…are they crazy?

This is a company who merges with Countrywide (whose CEO is serving time for fraud), pays their own CEO 23 million a year, complains that they are losing too much money and need government help, they get the government help in the form of TARP money, they take this money and instead of helping homeowners they instead use it to buy Merrill Lynch, paying off billions of dollars of bonus money to facilitate the deal in less than two months, get busted by the SEC for doing so and have to pay millions in fines, have what is probably well known as the worst short sale system of all time, their reps come right out and tell people that if they aren’t at least 30 days late then they wont even look at their short sale package, they counter buyers at ridiculous amounts that aren’t even approved, and they then foreclose on thousands of homeowners per month, many of whom have been trying to get a loan modification or short sell their property.

And they want the general public to invest in this company?

Hmmm, sorry…I just flushed my last few hundred down the toilet and it’s probably going to be worth more down there.