Bank of America on the Sale Block?

An Opportunity For What Other Bank?

Is B of A for sale? It’s hard to think that the US’s largest bank would be for sale however we keep hearing about various scenarios. Who would buy the nations largest bank? Some Chinese bank? Maybe. We have heard from a former bank loss mitigator and someone else familiar with the banking world that Chase will either buy B of A or at least their Countrywide portfolio.

Yes, that same portfolio that continues to plague B of A withing the short sale and distressed property world.

B of A’s stock sank into single digits and they may feel that enough is enough with the toxic Countrywide loans.

How would it be for Chase to get that big? Chase already has sizable amount of distressed properties. However, Chase seems more realistic and efficient than B of A in dealing with them by offering seller incentives (sometimes up to $30,000) for short sales and pre-approved amounts for their second loans and HELOCs.

Stay tuned.

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Filed under Foreclosure, Mortgages, short sales

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