Bank of America is a hot mess

[marmar]

(Bloomberg) Bank of America Corp., struggling to handle mortgage refinancing after a U.S. program boosted demand, is telling some customers to wait 90 days before starting an application, said two people with knowledge of the policy.

The firm began a reservation system last week that asks those who call during high-volume times if they wish to be contacted again in 60 to 90 days, said two people who requested anonymity because the measure hasn’t been announced. Wells Fargo & Co. (WFC) and New York-based JPMorgan Chase & Co., the biggest U.S. mortgage lenders, said they aren’t stalling customers.

The delays may push borrowers to other lenders or discourage them from taking advantage of record low interest rates. The government’s Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and strained capacity at Bank of America, which exited some mortgage lines last year. The U.S. program, now dubbed HARP 2, was broadened in 2011 so more people qualify.

“The HARP 2 program is a much bigger deal than people thought, and Bank of America is dysfunctional to begin with,” Paul Miller, an analyst at FBR Capital Markets Corp., said in an interview. “This is a result of getting out of the business at the exact time they should be getting into the business.” ..............(more)

The complete piece is at: http://www.bloomberg.com/news/2012-02-07/bofa-said-to-put-off-loan-refinancing-clients-as-u-s-relief-spurs-demand.html

[xchrom]

1. Du rec. Nt

[Curmudgeoness]

2. Delaying applications in the hopes of interest rates going up

has been a tactic for years. I had that same problem in the 80's, and I am sure that it has not gotten better.

[whathappened]

3. something stinks in the pile of chit

they just sold my motrage to green tree llc , whats this mean , saudi's have picked up my mortage , crooked to the core , the whole mess of them

[aquart]

4. I hope to attend the auction of their office equipment.

I'm sure there will be a few bargains at the liquidation.

NOT too big to sell off in numbered lots.