The bankers have always been running the show

.REAL.patriot. | Jan 14, 2013 04:58 PM ET My sister in law was evicted by the local sheriff and told to vacate the property. She followed the order and thought she was done with any legal responsibility for the house UNTIL she got a bill for back taxes, grafitti removal and landscaping. She gave it to the lawyer who checked into it and the bank indeed did walk away leaving her with free and clear title................to a busted up house with all of the walls broken down and all copper pipes and copper wiring stripped out. She was never notified by the bank that they were dropping the foreclosure. The f!cking crook bankers are still not following the law.

GetRealNow | Jan 14, 2013 05:16 PM ET Many don`t grow up yet. Nothing is free. There is a cost to everything - it`s hidden cost or obvious direct cost. One poster truly believed the governemnt forced the banks to give principal reduction to borrowers. Not true. If you do mortgage audit like I do, you`ll find the principal is NOT forgiven or reduced. In a loss mitigation program, the paymt for the loan is given an extended time with "closing cost" included in the loan. So, the monthly paymt b/comes affordable. Before banks consider foreclosures, they perform cost vs benefit analysis. It`s obvious, they forgive loan and release the title when it`s unprofitable. In addition, the loans are insured and so they can collect from the insured. It`s like the banks "burned" down the house to collect the insurance. So, if you think the b

GetRealNow | Jan 14, 2013 05:17 PM ET So, if you think the banks are doing a favor for the borrowers, grow up please.

GetRealNow | Jan 14, 2013 05:26 PM ET @.REAL.patriot. | Jan 14, 2013 04:58 PM ET My sister in law was evicted by the local sheriff and told to vacate the property. She followed the order and thought she was done with any legal responsibility for the house UNTIL she got a bill for back taxes, grafitti removal and landscaping. She gave it to the lawyer who checked into it and the bank indeed did walk away leaving her with free and clear title................to a busted up house with all of the walls broken down and all copper pipes and copper wiring stripped out. She was never notified by the bank that they were dropping the foreclosure. The f!cking crook bankers are still not following the law. ========= The bank just sabotage your sister-in-law.

LoganMohtashami | Jan 14, 2013 05:27 PM ET GetRealNow Has a valid point. A lot of favorable loan modifications we have seen came in weeks before the Auction date. It was tied to Auction selling price to market. It was a numbers game. Also, the quotas for the Robo signing settlement has this agenda to. $$$$ Logan Mohtashami

GetRealNow | Jan 14, 2013 05:52 PM ET LoganMohtashami got it right. Shortsale/Auction Selling is one of the banks` strategies. Insurance is a more complex strategy. Insurance is used to transfer risk. It follows when banks repackage the loans into MBS (Mortgage Backed Securities), they not only transfer risk to other parties, they can also hid their losses and control their balance Sheet. It`s diifficult to unnderstand if a person don`t know how to read financial statements, disclosures and have knowledge GAAP. That`s how banks can be too-big-too fail, borrow at high leverage, create exotic derivatives, take risky bets, etc.

fnpmitchreturns | Jan 14, 2013 08:19 PM ET "A homeowner who leaves the house unwillingly before an eviction notice is "unusual" according to a bank source" This is an outright lie! I work on foreclosures and we do deliquent inspetions and we find that mots people here in Virginia move out leaving the home vacant.

cribbooky | Jan 17, 2013 01:23 PM ET Jay070, you hit the nail on the head. This is the reason that the government "pressures" banks to make high risk loans instead of just creating a government housing loan program that directly services high risk borrowers. That certainly would help more families become home owners, right? The banks make profits using fractional banking leverage and the high interest charges, and if all hell breaks loose like in 2007/2008, the government bails them out. The bankers have always been running the show, and the fines that are headlined are smoke and mirrors to maintain the illusion that they are not in control.






Start a Conversation - Add Comments

Your Comment: ( Please enter all fields and security code. )

Name:
Email:
Website:
Topic:
Comments:
 
Word Verification:
 

Latest Comments

Housing cycle starting all over again - JonDough March 20, 2013 How many Giant financial institutions got into big FINANCIAL trouble and we were forced to bail them out; that`s okay but slam the small fry................................ ... - by AlexL

Home sales inch up in January as inventory shrinks - Phil Bertoli
February 21, 201 These are the people who, to a major extent, gave us the 2007 R/E crash. If you believe their propaganda, I have a bridge in NYC I can sell you at a great price... - by GG4866

Home prices finally returning to normal - Ebeneezer Lucky
March 5, 201 So basically the author conceedes that nothing is near normal except the expected 3.3% gain in prices? Sorry but there is no reason to expect a return to `normal`... - by TsangC

regardless of tax rates - BooHootiehoo | Dec 11, 2012 04:37 PM ET He is trying to assure his seat in heaven by promising everyones money to the meek and poor

jamesbd | Dec 11, 2012 04:39 PM ET Can`t this media... - by jon4822

the interest rate tax deduction - Berosucci | Dec 6, 2012 12:49 PM ET If you are relying on the interest rate tax deduction to be able to "afford" a house, you are buying too much house.

gram01 | Dec 6, 2012 04:45 PM E... - by 8843HC



The bankers have always been running the show

Real Estate Agent Directory

Are you looking for a real estate agent in your area? At housing news blog, you can search for your local realtor and real estate service by using our agent search features.

Real Estate Agent Directory

Get listed!

Are you a real estate agent? Get listed for free with us! Complete a real estate agent profile form and get listed in a few days. Click on the link below to get started!

Free agent profile!