Please click image to view video. Good new price data is summarized (first 2 minutes) and Gary Shilling, the king of real estate forecasting, reacts to the new fall in prices (10 minutes).
This is how the bank bailouts worked: The taxpayer saved them (the banks) from Armegedon. The more just solution would be them in all prison and their personal wealth absconded by the govt (the people).
Now, the banks, with their infusion of tax dollars, have enough wasteful money (ours) to continually do the following (my mortgage broker shared the following story, all legally done by the bank holding the mortage): The property owner (my friend’s client) found a buyer in the low-$200K range, just slightly below the note. The bank refused, telling her the selling price was too low below the property’s value. The owner is forced (by the bank that should rightfully be owned by the taxpayers rather than the fraudsters that own it) into default. Now in default, of course, the property sold much later at auction, for about $170k. So…..courtesy of taxpayer bailout, and against the will of the owner, the bank lost about $50k more than was earlier offered in the sale they rejected.
Mr. President Barack Obama: HOW THEY HELL IS THE ABOVE SCENARIO LEGAL? Why did you cut the FBI’s bank fraud enforcement budget? Why is NOT ONE OF THESE BANK FRAUDSTERS IN PRISON WITH THEIR STOLEN WEALTH TAKEN FROM THEM? You are the worst president in my lifetime, and I hate Republicans more than Democrats, so that’s saying something!
Every note should be-assessed at the current actual value, period! Even if all future net increases went to the banks, till the original note value is achieved, this is the only fair outcome.
The Govt. should take over the banks immediately.
Am I correct that Wall Street is counting foreclosure ‘sales’ as sales, and that is why the market is rallying today – because foreclosures are actually increasing????? LOL. It can’t be because more qualified buyers are stepping up to the plate. My mortgage lender told me that out of 150 applications she received last month, only 15 buyers qualified, and even most of them were questionable and may not pass muster.
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