Monday, June 30, 2008

Good News

The King finally has some good news for homeowners. Of course, as always, I am ahead of my time and that explains why everyone checks here first for the latest relevant financial news.

Wachovia Bank is waiving the pre-payment penalty on all Pay Option Arm products in its portfolio of 200 Billion dollars. I fully expect Countrywide, Washington Mutual and other banks and lenders to eliminate all prepayment penalties over the next six months. This does not mean that homeowners should not seek additional loan concessions and modifications.

On the contrary, smart homeowners need a company like Foreclosure Justice LLC to get maximum concessions.

On another note, The King was only partially correct in his statements to colleagues that the state of Florida would not join California and Illinois in legal action against Countrywide/Bank of America because the states Chief Financial Officer Alex Sink was a former BOA state president. The Florida Attorney General Bill McCollum has filed a massive lawsuit, however the CFO is standing on the sidelines.

King George
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