1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

Why the Banks don't want to foreclose!!

Discussion in 'Off Topic Threads' started by Barrelbulge(Fl), Feb 11, 2011.

Thread Status:
Not open for further replies.
  1. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

    Joined:
    Aug 27, 2007
    Messages:
    11,672
    Location:
    West Central Florida
    Why the Banks don

    This really Pixxes me off.

    <object style="height: 390px; width: 640px"><param name="movie" value="http://www.youtube.com/v/ssl5yb7FewA?version=3"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/ssl5yb7FewA?version=3" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="390"></object>
     
  2. recurvyarcher

    recurvyarcher Well-Known Member

    Joined:
    Apr 26, 2006
    Messages:
    6,450
    Spread the word.
     
  3. otnot

    otnot Active Member

    Joined:
    Jan 29, 1998
    Messages:
    1,426
    It gets even better. The Federal Reserve is buying all the toxic MBS that the banks can't make a profit from with your money as well. And to ensure that the Federal Reserve doesn't go into default they changed their accounting proceedures to make sure the Treasury is on the hook for their debt.
     
  4. otnot

    otnot Active Member

    Joined:
    Jan 29, 1998
    Messages:
    1,426
  5. Brian in Oregon

    Brian in Oregon Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    25,251
    Location:
    Deplorable Bitter Clinger in Liberal La La Land
    I don't get it. My wife is a real estate broker, and specializes in short sales. The problem is, the banks have laid off so many workers handling short sales that early last year there was paperwork backed up over a year. And this cost extra feeds every month, adding up to a large amount of money for people who are in financial straits in the first place. The state attorney general had to get involved, and there's still a backup. In the meantime, some people who were trying to short sale wound up getting foreclosed on or declared bankruptcy because the short sales never went through. The bank happily took the property.

    So when these guys say the banks don't want to foreclose, that sure has not been the case here. They've log jammed the short sale river.
     
  6. 1brucem

    1brucem TS Member

    Joined:
    Jan 29, 1998
    Messages:
    379
    I'm glad this is finally getting out. Obama said he was for the people, but the reality is that he is just for the big money guys by screwing the small people. A pox on both the republican and democrats, vote them both out. Even if you have no feelings for people losing their homes, your paying for the profits made by these wolfs through the fanie and fredy guarantees that are really your (the tax payer)guarantees. thanks Bruce
     
  7. otnot

    otnot Active Member

    Joined:
    Jan 29, 1998
    Messages:
    1,426
    The title of this thread should have been, Why The Banks Want to Foreclose. They knew when they made the loans with zero down that a vast majority of the people would default on their mortgage and that their asses were covered by FDIC and that the government would bail them out.
     
  8. W.R.Buchanan

    W.R.Buchanan Member

    Joined:
    Dec 19, 2009
    Messages:
    913
    Location:
    Ojai CA
    Bulge: I have been listening to Frank and Brian for about 9 months now> Most of the info I have posted here about banking BS has come from this source. In fact on one of the posts I revealed this very thing you are talking about. The banks make more money by foreclosing on you than if they fix your loan. How corrupt is that? Geitner is the one who set it up and now that Daly is Obanas new COS you can bet that JP Morgan/Chase will get anything it wants!

    But for Frank and Brian we would ever know anything about this shit! Nobody on the news is covering it!

    Not only are they credible, But most of the large financial institutions are now watching their program everyday to see if anyone has noticed their wrong doing! Did you notice that JPMorgan/Chase got thier peepees whacked last week for foreclosing on Service personell? F&B did!

    They are having a significant effect on the policing of the banking world and the banks don't like it. but they are too well known now to shut down.

    They are both Mortgage Brokers around Sacramento CA but it looks to me that their new business is going to be setting up people to do their own Video Blog.

    They gave a seminar in Dallas a couple of months ago and 1500 people showed up. It was about setting up you own video blog site!

    I see this as a mega serious way of getting your point of view out there to the masses for many who have something to say.

    http://www.thinkbigworksmall.com/mypage

    Sign up to get the daily show sent to your computer for free. It is usually 5 minutes and sometimes has alot of BS for Loan Brokers (their main audience) but usually their is some tale of wrong doing just about everyday. Well worth the price of admission, and you won't hear this stuff from Diane Sawyer. Lots to be learned here!

    Randy
     
  9. Brian in Oregon

    Brian in Oregon Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    25,251
    Location:
    Deplorable Bitter Clinger in Liberal La La Land
    Don't forget that this mortgage mess predates Obama, and I don't mean Bush is to blame. Barney Frank was a major instigator of writing loans for those who had a high percentile chance of defaulting. Banks had little choice, because they could be held liable under federal law for discrimination if they denied questionable loans.

    In fact, Bush had warned about this program going to far in the early days of his presidency. I wish he would have taken it further. Because he wound up holding the bag for the very Dems who are blaming him now.
     
  10. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

    Joined:
    Aug 27, 2007
    Messages:
    11,672
    Location:
    West Central Florida
    Actually it started with Jimmy Carter. He wanted banks to reinvest in the local neighborhoods and initiated a program to do that, I can't recall the name of the program right now.
    From Carter it went to The discrace to the office of the Presidency named Clinton( The sex for interns guy). He pressured the banks to relax the lending laws, actually the guidelines for making loans.
    When I was in the Mortgage business in the early seventies Fannie Mae had pretty strict guide lines.(1) An applicants weekly income had to equal or surpass a monthly payment. (2) The price of the house you were buying had to be less than 2 years income, not counting the down payment.(3) You definately had to have an excellent credit rating. Not a mediocre credit rating. There were a couple of other restrictions but I can't remember them now.
    The V.A. loans were a little easier and I think that was a good thing,we owe the Vets. At 3 months delinquent were started the foreclosure proceedings. Now these people are out 2 years in payments and some are still not foreclosed on. It is unbeleivable to me being in the collection of mortages in the past.


    Then bad guys were Carter and Clinton.
     
  11. H82MIS

    H82MIS TS Member

    Joined:
    Jan 29, 1998
    Messages:
    2,052
  12. lots of 24's

    lots of 24's Member

    Joined:
    Jan 29, 1998
    Messages:
    288
    I think this is outside all the political boundaries. Its simply greed. The rich are getting richer, and everyone else gets screwed. It really is that simple.
     
  13. shelly

    shelly TS Member

    Joined:
    Jun 28, 2010
    Messages:
    752
    Let's all put on our tin foil hats to protect us from all the black helicopters attacking us.
     
  14. capulona

    capulona TS Member

    Joined:
    Nov 28, 2010
    Messages:
    341
    lot's of 24 :

    "I think this is outside all the political boundaries. Its simply greed. The rich are getting richer, and everyone else gets screwed. It really is that simple."

    I absolutely agree with you. It does not matter who is in the Oval Office or the has the majority on the Hill. The more bread you have, the less sh*t you have to eat. These multi-nationals will always trump the government, any government. You just have to be quick on your feet. The same people who decry Big Business are the same ones who decry regulatory laws.

    The USA runs on a capitalist boom/bust cycle, you just have to ride with the wave.
     
  15. W.R.Buchanan

    W.R.Buchanan Member

    Joined:
    Dec 19, 2009
    Messages:
    913
    Location:
    Ojai CA
    Capulona: I have to agree with you, the best strategy is to ride the wave and then get off right before it collapses. If I would have sold my house in early 08 I would have walked with $700k and could easily have bought another house outright.

    Instead I stayed and now I owe $700K and have no chance in the forseeable future of refi ing. MY best hope is that these greedy bastards on Wall Street try to collapse the economy again and the Republicans say FU and make them eat their losses, and more deliciously if they go retroactive and make them pay back all the money they stole from the taxpayer.

    Actually my best hope is for a broken chain of title, in which the prioperty rights revert to the recorded owner and not the bank servicing the loan. Now that would be like winning the lottery,,, Bank error in your favor, collect $700K!!!

    And I would be in my front yard everyday with my pants pulled down and my Ass pointed directly at JPMorgan/Chase!

    Randy
     
Thread Status:
Not open for further replies.