The T Boric acid A sset C Inversion T Relocation Tact ) program It is a simple and effective solution to the crisis of banks and real estate Absent Government funds are necessary. It is based on the progress of banks and real estate investors to regain us from the crisis of liquidity disaster. The dilemma is that most senior bank officers are not yet aware of the takt program and that they are not government programs and therefore do not encourage or enforce tax programs. Since the collapse of the housing bubble, bank executives have responded to obligations from the government, the Federal Reserve System, and FDIC. Banks are not actively responding, and the likelihood that major banks will change in the near future seems to be low. I would have thought that the major recession was deep enough and deep enough that 140 bank closures in 2009 and 157 in 2010 would seek alternatives for bankers.
Our real estate fund, and many other home suppliers (aka investors) have solved our own capital defaults, so we have acquired unstable assets. Yes, we were confronted with foreclosure and default as well as banking. We solved our own problems and developed the TACT program based on our experience. We currently have the intention to share experiences with banks and acquire more real estate if financing is possible. This is the main advantage of the TACT program. When purchasing problematic property, banks possessing property or banks holding bad loans actually have funds to raise funds. That money is trapped in toxic assets themselves. Revenue from sales can be used to fund buyers! If we go to another bank to raise the same property, they must provide loans with rare funds. Other banks also have problems with toxic assets on the balance sheet and are not worried about making new real estate loans.
We submitted several offers on Bank of America's short-term sales and bank-owned real estate (also called REO) subject to funding based on the TACT program. Many of our purchase agreements were approved by REO and short-term sales department. When contacting Bank of America's mortgage loan department to get approval, the answer was expected to be "There is no TACT program listed as a loan type in our system."
I contacted BofA's EVP / CFO and asked me to consider the benefits of modifying the bank's balance sheet by testing the TACT program. No deep financial knowledge is needed to assess the impact of REO and the significant reduction in nonperforming loans on the profitability and financial condition of BofA. The CFO confirms that a 50% reduction in harmful assets can increase borrowing and lending capacity and increase asset assets by more than $ 200 billion.
After a number of detailed discussions on the TACT program with various people regarding the CEO's executives over the course of several months, we received their decision. Executive officials said they will not fund the property sold under the TACT program. Unfortunately, they did not provide that decision in writing, so we had to contact each real estate agent to cancel the purchase contract.
Despite being in a position not to participate in the TACT program, the decision was disappointing. Extremely encouraging . They agreed that this program has great benefits to Bank of America and it hinders the ability of borrowing $ 60 billion of harmful assets on the balance sheet to actually borrow and lend. Also agreed that further deterioration of the housing market is a serious risk to the future financial situation. If we buy them in cash, they will be willing to sell their property to us, even at a lower price than we offered.
This is a big problem for all banks. They are willing to accept the low amount of cash and sell below the market value and continue to decline the market value. Bankers may not realize that this further determines the value of existing loans and property portfolios. This practice of discounting the price to sell this was a perfect formula to ensure further deterioration of the housing market.
So what is the reason for saying NO at least now? In such a short period of time, Bank of America is too big to make a big strategic decision. They saw the advantages, but at the moment we will not advance ahead of procuring those assets for us. They suggested that we continue to work with small banks and acquire property.
As most sales seminars emphasize, sales are rare in the first sales call. A typical number of required sales calls is seven. In a sales seminar, an object is just a question, and assistance is necessary for answers. Resolution to my Bank of America - I will be back. I will provide further evidence that the tact program is working and will prove that I am willing to help, ready to sell toxic assets at market price.
Bank of America is the first bank to decide not to implement the TACT program. Several Arizona banks, which we contacted about buying toxic assets, have not decided soon and have been closed down by FDIC. Although FDIC definitely gave us time if we had a clear strategy, although we could make steady progress toward improving our financial situation, we could not save these banks from closure. I am coming back because I am not worried that Bank of America will be closed by FDIC at any time!
The TACT program continues to move forward, specifically Bank of America's decision. Tact is a very simple and practical solution to housing and banking crisis, T Boric acid A ssets and C They are, T Transfer these assets to qualified purchasers. Those buyers convert foreclosure into home!
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