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mortgages

US will recover from home loan disaster: Bank of America’s Barbara Desoer

Rick Jurgens, SF Public Press — Aug 5 2011 - 1:27pm

The market slump that vaporized $6 trillion of homeowners’ equity, and left one in four owing more on their mortgage than their house was worth, will continue through 2012. But this too shall pass, said Barbara Desoer, president of Bank of America’s home loans unit, at the Commonwealth Club Thursday. “We have weathered, and we have overcome, cycles like this before,” she said. The calm atmosphere of the talk contrasted with the turmoil that has roiled housing markets in the Bay Area, and throughout California and the nation, since 2007.

Homebuilder Lennar uses federal taxpayer funds to balance its books

Christopher D. Cook, SF Public Press — Jul 6 2010 - 2:20pm

In 2006, things were looking good for Lennar, America's second-biggest homebuilder. That year, before the U.S. housing market's epic collapse, the Miami-based giant pulled down $15.6 billion in revenues and closed sales on 29,568 homes. The ink was just drying on a massive and potentially lucrative deal to transform Treasure Island with new housing complexes, and the well-connected Lennar already had secured a deal to develop the Hunters Point Shipyard that the Navy was turning over to San Francisco.

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