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Best places to buy foreclosures

Best places to buy foreclosures

Paul1
March 20, 2013
Interesting everyone blames the bankers and lenders, and they are not without some blame but was a gun held to anyone`s head to make them sign the paperwork?? Each consumer should be aware of their own credit limitations... the consumer is the one at fault here folks. 62 5 Reply

Rock N Sin Paul1
March 20, 2013
A person can apply for anything they like, it is up to the other side to accept the application. The banks accepted the applications. It is the banks that are mostly at fault 22 8 Reply

cogsboy Rock N Sin1
March 20, 2013
That`s one of the dummest things I`ve read. You borrow money, you`re responsible for paying it back. If Don Corleone loaned you money, you`ll certainly know who`s mostly at fault for the transaction. 42 1 Reply

Formerly_Known_as_Whiteplight cogsboy1
March 20, 2013
"Don Corleone" was a criminal, so the comparison to him with the banks is an apt one, one that you no doubt did not intend to make. I might remind you how your favorite movie hero ended up. 9 Reply

nakerpel cogsboy1
March 20, 2013
Don Corleone ... didn`t have a line buried in the fine print on page 234 that he planned on changing the interest rate at will, which could reflect as a doubling of your monthly payment. 9 1 Reply

NashNash19 nakerpel1
March 20, 2013
If you don`t understand what an ARM is then do NOT sign the paperwork. Ignorance is no excuse and anyone stupid enough to sign something that they don`t understand deserves the consequences of their decision. Make no mistake, this problem resulted by greed on both sides of the equation, to pretend otherwise is foolish. 20 Reply

nakerpel NashNash191
March 20, 2013
lol I understand what an adjustable rate is. Many did not and many were not told they were getting one. This just in ... they agreed to a settlement for many reasons, and none of them because they were the pillars of ethical business. 4 Reply

NashNash19 nakerpel1
March 19, 2013
I did not literally mean YOU but rather anyone signing it and as I said, it takes two to tango but "trusting" someone without reading or basically understanding a legal agreement is borderline stupidity.........after all, that is why there is a written agreement in the first place. 4 Reply

ra999 NashNash191
March 19, 2013
first of all the problem was with the bankers. Even some person takes ARM they still owe monthly mortgage. The borrowers were duped into signing million dollars mortage with payment around 1500 but adding the balance to the principal (subprime crisis) which started the cause of the problems. The other thing was stated income. If both were not allowed there wouldn`t have been any housing bubble and hence the bust and hence the great recession. For example a bus driver earning 50,000 in california shouldn`t have been approved for a million dollar loan with 1500 monthly payment 0 Reply

Paul nakerpel March 12, 2013 Oh and you are not able to READ??? Then that is your fault bozo,,,that`s why they have lawyers that YOU can hire!!! 2 Reply

Dustin Goldsen cogsboy1
March 20, 2013
Good point. Obviously those 8 million people who lost their jobs back in 2008 knew that was going to happen. Why did they sign up for payments based on, get this, the living wage for a middle class family. 4 1 Reply

nononsense123 cogsboy1
March 19, 2013
Let`s face it: There were two dumb parties - the buyers who couldn`t pay, and the financiers who won`t get paid. Like a guy once told his bank: "You can call my loan, but it won`t come." 2 Reply

illusion87 Rock N Sin1
March 20, 2013
An economically responsible person would have looked at their mortgage and realize that if they make 1000$/mo and their mortgage is 1200$/mo it`s not going to work out, so why would you accept it regardless of what the bank said? 30 2 Reply

cogsboy illusion871
March 20, 2013
Agreed. Even considering interest-only payments should merit a few smacks on the head before signing the loan document. I know someone who worked in a bank and saw lots of shady transactions that involved loan officers coaxing new customers to sign the dotted line. It was quite predatory during the boom years. 10 Reply

Formerly_Known_as_Whiteplight cogsboy1
March 20, 2013
I think that by now all the major banks and some smaller ones have been sued by the U.S. attorney for underwriting fraud and other abuses. The one I know of personally was fined $133 million for FHA underwriting fraud. 1 Reply

Paul illusion871
March 20, 2013
Absolutely! Now if we can get Nobama to understand the concept! 5 3 Reply

phillyboyz Paul1
March 20, 2013
He`s busy STILL cleaning up MESSES like this that were CREATED during the BUSH DEBACLE. 17 3 Reply

shellychase phillyboyz1
March 20, 2013
Still blaming Bush after all these years? And making those accusations on information heard from others that don`t know what they are talking about. Most of the financial mess was created by Clinton and his 1995 National Homeownership Strategy for mid and low income families to be obtain homes through Fannie Mae`s sub-prime lending and the 911 attacks driving interest rates down. Bush actually called for numerous investigations into turning these strategies around. If Bush is to blame for all the negative issues that are happening, he must be equally responsible for all positive actions taken since Obama has been in office. 5 Reply

Rick FromTexas phillyboyz1
March 20, 2013
Exactly. How quickly people forget that banks were actively shoving people into the foreclosure cycle by pushing loans on anyone with a pulse, didn`t even record borrowers social security numbers (a friend who does loan investigations for Bank of America said he found quite a few people with more than a hundred loans, with no social security number on file) and offering cheap up front terms that quickly ballooned past the borrowers ability to make the payments. Our friends illusion87 and Paul here must naively think banks are run by saints. They are sadly mistaken. 5 1 Reply

NashNash19 Rick FromTexas1
March 20, 2013
Yeah, I heard they physically "shoved them" into their place of business and made them sign the loans either at gunpoint or even "roofied" their coffee to make them sign. It could never have been because people were not fiscally smart in the first place nor where greedy nor did not understand the concept of a deal which sounds too good to be true usually is. I think the saying "a fool and his money are soon parted" applies here. 7 Reply

Paul Rick FromTexas March 12, 2013 Dick...er Rick as I stated banks are not without blame. Go get a dictionary and look up "caveat emptor" then re-read it until you can comprehend it. 1 Reply

Formerly_Known_as_Whiteplight Rick FromTexas1
March 20, 2013
Not only that, many could not find a home to rent because everything went up for sale. It was actually easier in many places to get a mortgage than find a rental. 1 Reply

Paul Formerly_Known_as_Whiteplight March 12, 2013 And isn`t that what y`all want.....a book called "Life for Dummies" ? Man up and take some responsibility fot YOUR OWN failings in finances. 1 Reply

Paul phillyboyz March 12, 2013 That`s a lame excuse 5 years later but I understand that the coloreds have no concept of time since most of you don`t work. So it makes sense that you`d still blame someone else...kind of your race`s mantra isn`t it now??? 1 Reply

John phillyboyz1
March 20, 2013
Get a life. He has been president for 4 years and you still play the blame game. What came to a head during the end of the Bush years was the collapse of the housing market which was created by the Carter administration`s insistence that the banks overloan to people so everyone can live the American dream. Those Carter policies are what caused the collapse that ignorant people like you keep trying to blame Bush for. You liberals created the problem and even now refuse to accept any responsibility. You are probably one of the liberal left wingers that keeps saying "just tax the rich so I can have more". 1 Reply

Dustin Goldsen Paul1
March 20, 2013
Oddly enough Obama did understand the concept. If you will recall, he and the democrats are the ones calling for banking regulations. 3 1 Reply

Formerly_Known_as_Whiteplight illusion871
March 20, 2013
A "reasonable person" would not even try to make this argument. The only people that did that were the flippers and only on their first flip. 1 Reply

illusion87 Formerly_Known_as_Whiteplight March 20, 2013 I actually know 3 different middle class American families that lost their houses, and they weren`t flippers. 0 Reply

Paul Rock N Sin1
March 20, 2013
You are an idiot sir! 6 2 Reply

Formerly_Known_as_Whiteplight Paul1
March 20, 2013
That is no argument and that makes you what you accuse others. 3 2 Reply

Paul Formerly_Known_as_Whiteplight March 12, 2013 No white fright. I own 3 homes...all paid for and I know how to manage my $$$. Just because it is beyond people like you is no reason to be a whiney baby girl now is it?? 0 Reply

dakotaeric Paul1
March 20, 2013
Interesting you say everyone. Do you think your the only one that has pointed this out? Remember, many people were making their steep payments, but the banks took on loan after loan after loan - after a few million you think "joe" deserves the blame - when it was realized the banks were borrowing more $ than homes were worth (and hiding the fact) the market tanked - the US began losing over 250k jobs per month, at that rate the foreclosures were inevitable - add the automotive industries parallel problems so lastly I blame the borrowers - were they/we to know what was to come - the writing may have been on the wall but the average Joe was not on the inside knowing that a full collapse of the nations auto and banking industry was going to happen in a mere 2 months. 4 1 Reply

Paul dakotaeric1
March 20, 2013
Like lemmings to the sea. It was not just mortgages it was 2nd and 3rd mortgages for crusies, cars, clothes, and basically crap! A house is NOT an ATM machine! If the average person cannot spot danger be it fire, flood, or financial then the law of nature...survival of the fittest, applies and the dumb ones perish. 7 Reply

Never Again Paul1
March 20, 2013
Love it! I worked in the industry granted it was unfortunate to see some consumers lose their homes to unpredicted layoffs or the self-employed business failures, but a large percentage continued to gamble with their mortgage debt through ridiculous home equity loans. and yes telling the banks to take their loans and shove them while the entire family is on a 2 week vacation at Disney. Real Talk and a reality for me too! Grow Up America!!! Therefore, God never intended for His people to keep up with the Joneses, whoever they are. It`s called Pride of destruction. 1 Reply

Paul Never Again March 12, 2013 Absolutely. When I bought a FL condo the bank was heavily pushing an ARM mortgage. I simply told them I want a 30 year fixed and if they can`t understand that I would use another bank. They never mentioned an ARM again. 0 Reply

Never Again Paul1
March 20, 2013
Love it! I worked in the industry granted it was unfortunate to see some consumers lose their homes to unpredicted layoffs or the self-employed business failures, but a large percentage continued to gamble with their mortgage debt through ridiculous home equity loans. and yes telling the banks to take their loans and shove them while the entire family is on a 2 week vacation at Disney. Real Talk and a reality check for me too! Grow Up America!!! Now many of us have come to the realization that trying to keep up with the Joneses is not a God thing, it`s a PRIDE thing! 0 Reply

Formerly_Known_as_Whiteplight dakotaeric1
March 20, 2013
It was all set up to happen and the banks and auto/industry got the bailouts. It was just reported that these banks were moving assets to the Cayman Islands during the bailout so that they wouldn`t have to pay tax on them. There is no way on earth that the poor individual slob can match or comprehend the depth of deception, and pure greedy evil that motivates these banks. Arrogant beyond belief. Now, FHA is trying to settle at risk and foreclosing properties with a new formula, (see HUD/FHA mortgage letter 2012-22) in order to avoid having to take the first taxpayer bailout in their history. The banks have been foreclosing on FHA loans ruthlessly because of the guaranteed payout. FHA is trying to cut that down to smaller amounts, mitigating the loss to retain the properties and satisfy the banks at the same time. But some banks are fighting it, trying to get the foreclosures so that they can reverse milk the system they first created by underwriting fraud. Incredible, but true. 5 Reply

ARdude Paul1
March 20, 2013
Lets see... what were the ads? "When banks compete, YOU WIN!!" or "Consolidate those credit cards into a tax deductible home mortgage loan". or the ever famous "We`ll do whatever it takes to get you into a home"... You`re right. we were at fault for listening to anything anyone ever says. But it`s all good. I lost my home, the bank took a $300,000 bath on it, I did a refi on it and blew the money, and I hope the banks loss came out of YOUR dividend. 2 Reply

Formerly_Known_as_Whiteplight Paul1
March 20, 2013
Poorly considered argument. GW Bush pushed the no stated income rush into home ownership after 9/11 saying, "Now everyone can realize the American Dream of home ownership. The only "evil" buyers were the flippers, who bought and sold, playing a big time game of pyramid gambling. But they were helped along by banks that allowed it, encouraged it. The average working class citizen isn`t a financial whiz and with everyone in power telling them to do it, they bought homes. Now many of their lives are ruined. Most of the banks have by now been sued by a U.S. attorney for underwriting fraud. Now, there is a new burgeoning trend in foreclosure abuses that will see a spate of class action lawsuits and lawsuits nearing the volume of the typical personal injury field. People like you just want to feel superior because they didn`t get stuck. I bet you were a flipper, ready to do it again. 3 1 Reply

Paul Formerly_Known_as_Whiteplight March 12, 2013 The average citizen SHOULD be a financial whiz and there in lies the problem. It`s easier to blame others than oneself...than to educate yourself 0 Reply

rickcain2320 Paul1
March 20, 2013
If a drunken sailor is handing out money, is it the sailor`s fault or the recipient`s fault? 2 1 Reply

Paul rickcain23201
March 20, 2013
It is the sailor`s fault. The recipient should decline if they are aware of the sailor`s inebriated state but it is the sailor`s fault no doubt. 1 Reply

Goldenbear77 Paul1
March 20, 2013
Bankers are a lot to blame. There job is to be able to assess risk on any loan/deal they enter into. No one held a gun to the consumer`s head however nobody twisted the bank`s arm to take unnecessary risk either. 0 Reply

Paul Goldenbear77 March 12, 2013 Exactly. All share the blame but ultimately it is up to the purchaser to ensure they are making the best deal for themself. 0 Reply

oldman52 Paul1
March 19, 2013
Um how many jobs were lost? How many unemployed? You donīt think there is a direct correlation? Wake up. 0 Reply

Paul oldman52 March 12, 2013 Perhaps if your comment related to something intelligible it would make sense but sadly it does not...bet you lost a house now didn`t you? Comprehension is important and clearly you lack that gene. 0 Reply

Hard Little Machine1
March 20, 2013
Ohio is the new America. It decides all elections in favor of Democrats and it`s coming apart at every nail. 23 2 Reply

David1
March 20, 2013
It was the Clinton Administration and the Fed in the late 90`s that started all this. When Reed and Frank fought to "make homes affordable for low income buyers", the Fed let banks borrow money for nearly nothing so they had very little risk lending to buyers that really couldn`t have bought homes in a normal cycle. Then Fannie and Freddie (another Frank favorite) guaranteed to buy back the loans from the bank making it even more of a no-brainer to make even more loans. The borrower`s were the ones that got hurt. But after all they did sign on the dotted line. They were the really stupid, greedy ones...... 18 2 Reply

adamrussell David1
March 20, 2013
It wouldnt have been anywhere near as bad with just the failed mortgages, but banks repackaged those mortgages as mortgage funds which ended up multiplying the losses. 7 Reply

nononsense123 adamrussell1
March 19, 2013
Not multiplying; distributing.






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Latest Comments

Real median incomes are continuing to fall - BrianBallsOfSteel | Feb 13, 2013 11:30 PM ET Earth_Scientist | Feb 13, 2013 03:34 PM ET Communities might have to implement covenants to prevent flippers/investors from borrowing money from The Fed a... - by Xman252

Home Builders Turn to Rental Apartments - squirtbert007 | Jan 25, 2013 10:37 AM ET All`s Fine....till Rent Day!

jescott418 | Jan 25, 2013 10:51 AM ET My problem with many home builders is that they don`t want to build cheaper... - by Ann624

Pending Home Sales Fall Due to Dwindling Supply - BrianBallsOfSteel | Jan 28, 2013 10:03 AM ET Now this number must be true...if it was good, it would have been FAKE!

debtslave | Jan 28, 2013 10:09 AM ET does CNBS actually proof-read... - by DianaB

Why Banks Are Rushing to Sell US Debt - 720MP | Jan 10, 2013 06:28 AM ET Why Banks Are Rushing to Sell US Debt misleading headline at best

RayRock. | Jan 10, 2013 06:35 AM ET The trillion dollar coin idea will cause rampant... - by BCC422

US May Expand Mortgage Refinance Program: Report - circlejerk | Dec 26, 2012 06:57 AM ET Stupid americans. You vote Obama for free ride. Lots of freebies. NO one wants to pay. Me chinese, you now my servant. You need to pay plus interest fo... - by Rocky547



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