Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

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Housing crisis? Bank of America takes $533,500 loss on exec’s home

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Bank of America Corp. is fighting an effort to force U.S. banks to reduce the amount some borrowers owe on their mortgage. But property records show that the bank was willing to take one heck of a hit when mortgage chief Barbara Desoer unloaded her Charlotte N.C., home in 2009 as part of a move to California. Desoer and her husband Marc sold their 4,455-square-foot house in Charlotte’s exclusive Eastover neighborhood to relocation company Weichert Relocation Resources Inc. for $1.46 million on May 6, 2009, according to county property records ... Bank of America also paid out $1.5 million for costs related to the purchase of her new home in California and $1.1 million in tax costs, according to a 2009 securities filing.

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