Chillin' out till it needs to be funded
Julian Assange’s Wikileaks newsy leaks last month of taking down a big bank were confirmed to be against Bank of America. One’s quite certain that a ton of these documents if not aborted would be about empty underwriting forms and /or inappropriate securities packaged into ABS by Countrywide. The Countrywide portfolio , if the target of the leaks will definitely not impact the Bank adversely even as the bank has recovered the lost 2011, clawing back 45% from a 45% loss in 2011.
Property documents without due Power of Attorney are not necessarily the bane of a bank’s existence, paperwork alone cannot make it worth doing business with. One of the bankers’ foremost duty has been to not turn good business away and the unfolding imbroglio could even grow sympathy for the banks trying to get legitimate business done but now increasingly turning good business away as the requirements to close on paperwork get excessive and in tractable thorns in the flesh of frontline officers trying to go home satisfied everyday. Not all banking colleagues would be indeed so conscientous but it is unlikely that the ones with jobs will go to great lengths to fight the news currently and thus have to move away from that negative frame of mind to turn the business away from such pressures.
Of course, the understandings and the exceptions should be the exception not the rule and not necessarily allowed to happen in all big deals where one finds considerable delay and inavoidable issues everytime keeping incompete paperwork on for months on end despite fat opening contracts, even years. Documents should be required only if the master contract does not cover the issues and should take care of subsequent transactions like foreclosures which the entire industry failed to see through