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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (43394)	7/18/2011 3:13:33 PM
From: E_K_S	Read Replies (1) \| Respond to of 78633

Re: Bank of America Corporation (BAC) This company is still overvalued. Once they mark-to-market their foreclosed and shadow inventory loans adjust their loans refinanced after 2006 (especially those that did cash out financing), I figure tangible book is overstated by at least 60%. If you assume that these loans are overstated by $75K on average and they refinanced a total of 500K loans during this period (remember they also carry the CountryWide inventory) that's 37.5B in more write offs. They are going to need to sell Blackstone and China Construction bank. In fact they need to break up BAC so that it is not too big to fail. I see it as a national security thing and there needs to be much more transparency. Sorry for my rant but I just viewed "Inside Job" and they are all crooks. sonyclassics.com Nothing has really changed especially the people at the top (both inside the government & the CEO at the big banks,) If you just scan some of the different county public property records for BofA and/or ReconTrust ( recontrustco.com ) you will get a pretty good picture of how many sour properties are still on their books. That's only the ones that have been foreclosed on and where title is held in the banks name or their REO subsidiary ReconTrust. Just as many have yet to be foreclosed. I continue to watch these properties hit the market every day (they typically are listed as short sales if listed at all). I am an all cash investor w/ bids out on several properties but I figure that areas that I am scanning have another 20% decline before inventory begins to sell. Here is a link to Clark County NV (includes Las Vegas) search the word "Bank" in the Last Name" field and you will get a list of all the properties owned by some "Bank" listed (and/or waiting) to be sold. Many more have yet to be transferred to the banks. You can scroll through pages and pages of properties. redrock.co.clark.nv.us We are only in the 3rd inning of this game. EKS