“No good deed goes unpunished”, as the saying goes. One day after buying $2 billion in preferred stock in Countrywide and borrowing an undisclosed amount at the Fed discount counter to bolster investor confidence, Bank of America ceases all ALT-A, subprime, and nonconforming lending. They also increased the price of conforming loans by as much as 1 point.
The David M. Damaré Team continues to transition loans the same business day with a commission guarantee. Thank you for the opportunity to serve you and your clients.