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Bank of America To Increase Foreclosures By 600%

publication date: Apr 9, 2010
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author/source: Chris Prang
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If this report is true, I am not surprised, but it will be staggering.

Bank of America (according to sources) currently forecloses on about 7500 homes per month. Ken Gaitan a Senior Vice President of Bank of America stated in a recent meeting that:

Bank of America will increase that rate to about 45,000 per month by December.

This significant rise does not surprise me at all and I expect that towards the end of this year, foreclosure numbers will be higher.

All of this should lead us to ask the question, why the sudden jump in foreclosures? Well some simple reasons are:

  1. The modifications are a sham and flat out aren't working.
  2. Unemployment is still high
  3. Less people are coming out of delinquency, thereby going into foreclosure
And what I believe could be the main reason is this...

The banks have been giving billions of tax-payer dollars to keep them afloat...money they really didn't need in the first place.

The banks have capitalized on a surge in stocks not only their own stocks, but stocks they buy in other companies. This has helped their balance sheet.

They have manipulated their books to make it appear they are better off than they really are.

And now for the main reason. The banks lent people created out of thin air money and by foreclosing will legally gain back a tangible asset. Think about it. You give money to people that costs you little (10% of what they give at most) and they get back a real asset and then they sell it and get real money which then allows them to loan out even more created out of thin air money.

Folks, that is why we as Christians need to come out from the bondage of debt to these abominable banks and lenders.

Articles sited:

Foreclosures Are Rising

Report: BofA to increase Foreclosures significantly in 2010

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