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Friday, October 8, 2010

BOA just stuck a knife in every Condo HOA in America

As we expected when we reported that the Delaware AG got into the foreclosure fray (Delaware not being a judicial state), it was only a matter of time before foreclosures would be halted in all 50 states. Sure enough, Diana Olick has just reported that BofA has just expanded its foreclosure halt from the 23 judicial states, to all 50 states. And so, the pendulum swings from populist anger to adulation. The only question is when will Tarp 2 be enacted now that banks are facing tens of billions in losses. Full article

According to ZeroHedge  Bank of America just announced that any home that they have a mortgage in that falls inside a Common Interest Community, that said CIC, will not be getting any relief on unpaid assessments.

Clearly this is a move by Band of American to stab CIC's in the financial heart.   If there are no foreclosures then there is very little hope what so ever that past due let alone ongoing assessments to be paid.

In the same article they talk about Tarp 2 for banks.  Mean while the CIC's are still asking where is Community Reinvestment 1.

BTW Elected leaders there are 100 Million US citizen in CIC and we are going to help them paint a target on every one of you that does not stand up and deal with the development laws and situations that Congress and the FEDs have brought about by deliberate design.  

To CIC this is a fatal design and unless your a banker there is no way to justify that we continue to turn a blind eye to over 1 Million communities and to any community that has funds in a Band of American  branch you better pull your money out and put it in a community bank because dealing with BOA will bankrupt your community.  

BTW if you didn't notice they owe a load of back assessments, reserve fund contributions and ongoing assessments and special assessments -- because deadbeats like them don't pay the assessments.  Then Congress/FEDs their pets are letting them off the hook PLUS giving them billions and at the same time raising underwriting requirements that now make it harder for us suckers, err association members,  to sell our homes let lone keeping the whole community from losing utilities, services and general ability to survive.

If there was an actually analysis of how CIC are going to survive this toxic GOV/BANKSTERS could any one with a straight face or without a guilty conscience say that CIC have the ability to survive.

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