Breaking News: Bank of America Announces It Is Refunding The US Government $45 Billion in TARP Funds

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Real Estate Agent with Ozark, Nixa, Republic & Willard Real Estate

Bank of America has just released a press releasing stating it is going to refund the U.S. Government $45 Billion in TARP funds, plus interest. 

Under the terms of the TARP agreement, Bank of America is repurchasing the 600,000 share of preferred stock it issued to the U.S. Treasury.  It plans to repay the $45 Billion using $26.2 Billion in excess liquidity, as well as $18.8 Billion in proceeds from the sale of "common equivalent securities" it plans to convert into common stocks.  It also plans to increase liquidity by $4 Billion through "asset sales" by June 30, 2010.

Could this be a sign that the company most notorious for dragging their feet on short sales could possibly be in a position to improve the speed by which they handle short sales?  Does this mean we might actually see some movement?  We can only hope.  I'll believe it when I see it.

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  1. Lanora Campbell 12/09/2009 09:32 AM
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Rainmaker
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Darren Stewart
Mortgage Investment Services Corporation

I believe you would have to somehow tie the handling of short sales to executive pay in order for that to improve !  no bonuses being decisioned until the short sale pipeline has been decided?  May get some of those on the fast track then.

December 04, 2009 08:53 AM
Anonymous #9
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Anonymous

I also read through the comments. I think it means that they don't want the government telling them how much to pay their executives.

Happy end of year!

December 07, 2009 08:48 PM
Rainmaker
396,435
Kathryn Acciari
Realtor - CDPE, CIAS, Sturbridge MA Real Estate
RE/MAX Professional Associates, with offices in Sturbridge, Charlton, Auburn, Spencer, and Shrewsbury

Lina, I am holding my breath but not for too terribly long.  Thank you for sharing this announcement!

December 09, 2009 08:51 PM
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Paul Henderson
I always put my clients first in any transaction!
RE/MAX Professionals.

I was looking for a new post from you and found this one again. In a refund you usually don't pay interest. Repay yes, refund no...

December 11, 2009 01:58 PM
Rainmaker
1,194,611
Michelle Gibson
REALTOR
Hansen Real Estate Group Inc.

Hi Lina - I just wanted to stop by and wish you a Happy & Healthy New Year!!!

January 01, 2010 12:34 PM
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Rainmaker
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Lina Robertson Jones

REALTOR, Springfield MO Area Homes for Sale
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