There is incentive for the banks to foreclose on homes..

How their is incentives for the banks to cheat and a push to foreclose on homes (profit by cheating)


Inside the Foreclosure Factory (pushing the files)

How their is incentives for the banks to cheat and a push to foreclose on homes (profit by cheating)


Inside the Foreclosure Factory (pushing the files) Originally Posted by Sexyeccentric1

I'm in the real estate business. The real untold story behind the collapse of residential real estate values is walk aways. A very high percentage of foreclosures and short sales are by people that are perfectly capable of paying their mortgage payments. I see people letting their house go into foreclosure or short sale that have new Porshes and Mercedes in their garages and a house full of new flat screen TV's and expensive furniture. They still have the same income level as when they purchased the home. What happens is, when they find out that their house is worth less than the loan amount, they walk away. This drives the market down very quickly which of course causes more walk aways; it's like a run on a bank. Whole subdivisions turn into ghost towns. I see starter home subdivisions where almost every house has gone into foreclosure or resold as a short sale. There's no way all those people lost their jobs.

The reason people feel entitled to not pay debt that they are ethically obligated to pay is that most Americans have bought into the victim mentality. Everything is someone else's fault. No one thinks that they should be responsible for their own actions. People can't build equity in their homes because of the average home owner's lack of integrity. It's just another aspect of the liberal mindset that's destroying the country. We've become a nation of cry babies expecting that someone will take care of us.

Too true, Joe.

I'm in the real estate business. The real untold story behind the collapse of residential real estate values is walk aways. A very high percentage of foreclosures and short sales are by people that are perfectly capable of paying their mortgage payments. I see people letting their house go into foreclosure or short sale that have new Porshes and Mercedes in their garages and a house full of new flat screen TV's and expensive furniture. They still have the same income level as when they purchased the home. What happens is, when they find out that their house is worth less than the loan amount, they walk away. This drives the market down very quickly which of course causes more walk aways; it's like a run on a bank. Whole subdivisions turn into ghost towns. I see starter home subdivisions where almost every house has gone into foreclosure or resold as a short sale. There's no way all those people lost their jobs.

The reason people feel entitled to not pay debt that they are ethically obligated to pay is that most Americans have bought into the victim mentality. Everything is someone else's fault. No one thinks that they should be responsible for their own actions. People can't build equity in their homes because of the average home owner's lack of integrity. It's just another aspect of the liberal mindset that's destroying the country. We've become a nation of cry babies expecting that someone will take care of us. Originally Posted by joe bloe

every fucking thing with you is a liberal mindset


for someone in the real estate business to say people cant build equity because of other peoples lack of integrity is one of the dumbest fucking things Ive ever heard ...

Why, CBJ7? Could you explain, please?

WHY ?

LOL ... ok.

Whats an over priced asset and a bubble that broke

the housing market ...

here cof ... from a man that REALLY in the real estate business

http://iappraiseforyou.wordpress.com...-market-crash/


joe is the encyclopedia for right wing talking (bs) points ... no more no less.

This all still goes back to the very fact that people who had no business what so ever getting a mortage were given one. As the old saying goes: "just because a bank is willing to loan you money is NOT a good reason to borrow".

Though it has been close to 40 years since I set accross from a lender to aquire a home loan, I know how it works. They try to get you into as much as they can. People feel good about the fact that an official loan officer tells them how much home they can qualify for, paying no mind that you still have to eat.

The American People, through their elected officials, created this entire mess. You would think everybody would learn a lesson.

But I doubt it.

here cof ... from a man that REALLY in the real estate business

http://iappraiseforyou.wordpress.com...-market-crash/


joe is the encyclopedia for right wing talking (bs) points ... no more no less. Originally Posted by CJ7

I REALLY have been in residential real esate for most of my life, for what it's worth. There's no single reason for the recent collapse. I mention walk aways because main stream media never talks about it and I believe they are a major contributor to market weakness. Main stream media loves to put all the blame on those greedy evil capitalist lenders and builders with no responsibilty assigned to the borrower.

Another huge factor in the recent collapse was the fact that FMNA and FHLMC were eager to buy all the bad loans the banks could sell them. The usual underwriting standards required by FNMA and FHLMC were relaxed or abandoned completely with the federal government's encouragement. Barney Frank was chairman the finanical services committee in charge of supervising FNMA and FHLMC. He was literally sleeping with an upper level employee at FNMA who was involved in purchasing subprime loans.

Here's a video of Democrats in congress stonewalling efforts to reign in dangerous behavior at FNMA and FHLMC. They ignored all the warning signs until it was too late.

http://www.youtube.com/watch?v=IyqYY72PeRM

WHY ?

LOL ... ok.

Whats an over priced asset and a bubble that broke

the housing market ... Originally Posted by CJ7

No I thought it was when your Uterus fell out.

I'm in the real estate business. The real untold story behind the collapse of residential real estate values is walk aways. A very high percentage of foreclosures and short sales are by people that are perfectly capable of paying their mortgage payments. I see people letting their house go into foreclosure or short sale that have new Porshes and Mercedes in their garages and a house full of new flat screen TV's and expensive furniture. They still have the same income level as when they purchased the home. What happens is, when they find out that their house is worth less than the loan amount, they walk away. This drives the market down very quickly which of course causes more walk aways; it's like a run on a bank. Whole subdivisions turn into ghost towns. I see starter home subdivisions where almost every house has gone into foreclosure or resold as a short sale. There's no way all those people lost their jobs.

The reason people feel entitled to not pay debt that they are ethically obligated to pay is that most Americans have bought into the victim mentality. Everything is someone else's fault. No one thinks that they should be responsible for their own actions. People can't build equity in their homes because of the average home owner's lack of integrity. It's just another aspect of the liberal mindset that's destroying the country. We've become a nation of cry babies expecting that someone will take care of us. Originally Posted by joe bloe

This may true in some cases but not the majority. By the way I have background also in the mortgage and title company business. That mortgage insurance you are forced to pay at closing? Guess what? The banks capital is tied up in your home. They don't want to wait for that capital over a 30 year payout. They get paid big bucks if you default on your loan in addition to the exorbitant costs they charge and interest for a write off. They make money on the foreclosure they make money selling your bad debt, they make money on so many ends it will make your head spin. They have incentive for this whole foreclosure process to start so they get their money faster and more of it.

The banks had a huge incentive to sell bad loans from the get go to people who they knew couldn't afford their homes. The real estate was overpriced and they knew it.. so they sold the loans to other banks who paid them on it so they got the capital immediately. Then those banks who bought the loans got more insurance on top of that on those loans. Everyone was make big fast money. Then the bubble burst in real estate and they made huge profits off the public.

I could go on and on but honestly I am not sure how much of this will sink in with most. Unless you have been in the business and you were in it during the 2008 ordeal then you may not understand what really happened. Now this same crap practice is going on with commodities such as our food and gas. Just a matter time till the things bust out as well.

I'm in the real estate business. The real untold story behind the collapse of residential real estate values is walk aways. A very high percentage of foreclosures and short sales are by people that are perfectly capable of paying their mortgage payments. I see people letting their house go into foreclosure or short sale that have new Porshes and Mercedes in their garages and a house full of new flat screen TV's and expensive furniture. They still have the same income level as when they purchased the home. What happens is, when they find out that their house is worth less than the loan amount, they walk away. This drives the market down very quickly which of course causes more walk aways; it's like a run on a bank. Whole subdivisions turn into ghost towns. I see starter home subdivisions where almost every house has gone into foreclosure or resold as a short sale. There's no way all those people lost their jobs.

The reason people feel entitled to not pay debt that they are ethically obligated to pay is that most Americans have bought into the victim mentality. Everything is someone else's fault. No one thinks that they should be responsible for their own actions. People can't build equity in their homes because of the average home owner's lack of integrity. It's just another aspect of the liberal mindset that's destroying the country. We've become a nation of cry babies expecting that someone will take care of us. Originally Posted by joe bloe

People with that kind of money are the upwardly mobile and are probably republicans.