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The bankers have always been running the show

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.






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