Halting Foreclosures - Strictly a Democrat Strategy?

[John Onofrey]

Foreclosure Mess: How Much Worse Can It Get?

Is the foreclosure mess so bad that Democrats have to invent a way to slow it down in an attempt to retain their seats?

Are the perceived problems with the foreclosure process an invention or are they real?

Which is worse for the long term? Not foreclosing on properties where the mortgagee has defaulted or rightfully foreclosing on defaulted properties.

[klott]

They started the mess to begin with! I think they will end up giving the homes to the ones who could not afford them in the first place.

[John Onofrey]

Originally Posted by klott

They started the mess to begin with! I think they will end up giving the homes to the ones who could not afford them in the first place.

Government involvement is going to make this worse IMO.

[Gary Farnsworth]

I have been thinking about this foreclosure fiasco.

Could this be a way for the government to move in and take ownership of these properties? Will the jobs of real estate agents no longer be needed?

Is the ongoing foreclosure crisis is being promoted by the government?

November 2 cannot come soon enough for me.

[Michael Larson]

The banks didn't follow the rules for transferring legal titles an they have been caught.

I'll believe we have fixed anything when some of these bankers go to jail.

This entire mess will take years to resolve.

[Gary Farnsworth]

And in the mean time, Michael, these homes lay vacant, and deteriorate by the day. They will actually lose value. I can see some, if not most of these, bulldozed to the ground in the future.

Any home, occupied or not, needs to be maintained. Who pays for that?

All good questions.

[Michael Larson]

Originally Posted by gfarnsworth

And in the mean time, Michael, these homes lay vacant, and deteriorate by the day. They will actually lose value. I can see some, if not most of these, bulldozed to the ground in the future.

Any home, occupied or not, needs to be maintained. Who pays for that?

All good questions.

It's mess for sure.

The banks lent money to borrowers under false pretense knowing the borrower could not afford the loan.

It all worked fine until property values collapsed.

If the lenders had followed more conventional underwriting practices none of this would have ever happened.

Most of the big banks are in technical default and they have been propped up by the government since this crisis began.

The money used to bail them out comes from all of us and so far we have not demanded that they go bankrupt and flush the crap out of the system.

If you know a banker ask him if what I have stated is true or not.

This country is acting like a banana republic where the rule of law only applies to the little people.

[John Onofrey]

Could the government be conducting an intervention to prevent foreclosure and keep massive amounts of homeless persons off of the streets?

[James A. Levy]

Originally Posted by gfarnsworth

And in the mean time, Michael, these homes lay vacant, and deteriorate by the day. They will actually lose value. I can see some, if not most of these, bulldozed to the ground in the future.

Any home, occupied or not, needs to be maintained. Who pays for that?

All good questions.

The Banks pay for REO maintenance and HUD pays for their properties. I just started doing HUD PCRs and am getting into REO work now. Its big business.

[mthomas2]

To answer the question asked, no.

For example Greg Zoelrer, Indiana AG, who was one of the first address this issue, is a Republican.

[Christopher Currins]

Originally Posted by mlarson

The banks didn't follow the rules for transferring legal titles an they have been caught.

I'll believe we have fixed anything when some of these bankers go to jail

Don't forget the lawyers reaping the benefits.

Florida's Foreclosure King Investigated For Questionable Practices

A former paralegal with Florida's largest foreclosure law practice has told state investigators that the firm routinely signed court paperwork without reading it, misdated records, forged signatures and passed around notary stamps in the rush to foreclose on homes.

Attorney David J. Stern, has amassed a fortune foreclosing on the homes of struggling families on behalf of lenders. His Plantation, Fla. firm filed 70,382 foreclosure cases last year.

[Gary Farnsworth]

His fortune should go back to the families who were put out of those homes. Take from the rich, give to the poor.

[Michael Larson]

Originally Posted by gfarnsworth

His fortune should go back to the families who were put out of those homes. Take from the rich, give to the poor.

You the same people that bought too much house and weren't paying their mortgage?

[mthomas2]

You give people strong enough incentives - both positive an negative - to act badly, and they often will. We incentivized an entire culture - from the street corner to the corner office - to act badly. Many of it's members did.

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Here's something to chew on: a recent article in the Financial Times referenced a study by two economists who determined that the last decade of "financial" innovation likely added no more than 1-2% to the global GDP... this in return for regularly crashing the system.

We may have been strongly incentivizing entire sectors of a financial industry with a strongly negative effect on overall economic growth.

[Tim Spargo]

An agent at my PM inspection yesterday says he thinks it gonna be such a long and drawn out MESS.. He and I should look for other sources of income..

We'll see I suppose.

Said he already has 2 deals that may be halted/affected by what's going on as we speak.