If the BOA settlement goes through, followed by well, JP Morgan Chase and Citigroup, are we back in business???

That all depends on the terms of the settlement. If it includes new hoops the banks have to jump through we may be looking at some time before things get rolling again.

It was my understanding that they are paying the money (and are negotiating another $5.5BB with the GSEs) so they do not have to take them back. Did I misinterpret what was written?

Here's the article. Im trying to grasp it.

http://seattletimes.nwsource.com/html/businesstechnology/2015453472_banksettle29.html?

Interesting development.

This is a settlement related to their inflated securities sales and is unrelated to the attorney generals and feds ongoing settlement related to robo signing and other faulty compliance issues related to foreclosures which has resulted in the bpo/reo slowdown.
Possibly could see some movement from BOA but this is not the major obstacle to a return to the volume we saw in the early falll prior to the robo scandal.

What I am getting from multiple news sources is that BofA is paying to settle so they do not have to buy back the loans which they would then have to deal with.

This IMHO means that BofA will not get a large influx of mortgages that they would have to foreclose on. Those loans will stay with those who own them now and they will have to foreclose and dispose of them.

At least that is what I think it says.

Bank of America Will Make Amends for Destroying Economy by Paying Billions to Other Banks

by John Cook

—Bank of America Will Make Amends for Destroying Economy by Paying Billions to Other Banks--

Bank of America feels just awful about it's role in packaging and selling a bunch of junk mortgages and inflating the economy with bad debt until the bottom fell out and more than 5 million people lost their jobs and more than 2.5 million went on food stamps, except for BofA's executives, who still got paid. So it's decided to pay $14 billion to BlackRock, the Federal Reserve Bank of New York, and a bunch of other extremely wealthy institutions to make up for it. Are we square?

BofA is setting aside $14 billion to settle claims that Countrywide Financial, the mortgage giant that it bought in 2008, lied about the value of billions of dollars worth of subprime mortgages it sold prior to the real estate meltdown. At least $8.5 billion of that will go to BlackRock—an asset management firm with a $3.6 trillion portfolio—the Bank of New York, PIMCO, and other huge institutional investors.

The rest will go to families who were forced into foreclosure after they lost their jobs as a result of the crisis sparked in part by Countrywide's negligence. Just kidding! The rest will go to other really wealthy investors.

source: http://gawker.com/5816726/

Artsie I need to start reading your news. I understand it better.

This I agree will cause a chain of events that will cause more paper work and more red tape for all.

BOA is foreclosing on everything here as fast as they can get thier hands on it. No more extensions to accomodate short sales. It seems business as usual here for them.

Is this a recent change in your area? I haven't seen any change in BofA listings in a long time.

No nothing new. They have been going hard for 3-4 years now. They are by far the hardest to work with on the short sales.