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Wellstone ruled

(34,661 posts)

21. the ripoff will continue for 5-7 more years

Reply to RKP5637 (Original post)

Thu Feb 2, 2012, 05:25 PM

Feb 2012

If the mortgage was insured,the property will become the asset of the underlying insurer. They will then have a property management firm clean it and make it salable. Here in foreclosure-ville,(So.Utah)the house is then listed thru a Broker as a Repo. For people looking for a retirement home,1999-2000 prices and desert lifestyle, with a high cost of living in mostly Mormon communities,hey,we got you covered.

Banks make out like bandits on Repos,got repaid on the original,now they are writing the new paper and collecting new fees. Plus,selling the paper to Fanny and Freddie. What a deal.

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OK, I have a dumb question. What do the banks plan to do with [View all] RKP5637 Feb 2012 OP

as I understand it, the mortages are usually insured... phantom power Feb 2012 #1

You presume they have plans zipplewrath Feb 2012 #2

Continue writing them off as losses until they get another bailout? Sorry, I'm evil. Other DUers... freshwest Feb 2012 #3

wait for a full price government buy out while they write off all the costs up front first thus msongs Feb 2012 #4

Yes, msongs. That is what they are doing. JDPriestly Feb 2012 #18

Don't the banks offload them at "sheriff's auctions"? soc7 Feb 2012 #5

I think so? ... but it seems they would be losing money? ... some of them RKP5637 Feb 2012 #7

If I understand it correctly, soc7 Feb 2012 #11

Precisely. It's less of a loss to sell it cheap that way... TheWraith Feb 2012 #20

That's what happened when I was foreclosed out hifiguy Feb 2012 #13

Sometimes they do, sometimes they don't. TheWraith Feb 2012 #15

I've read foreign investors are buying US foreclosed homes KansDem Feb 2012 #6

So much of what happens anymore IMO is so backward for "we the people." I was RKP5637 Feb 2012 #9

Exactly. raouldukelives Feb 2012 #12

The mortgages were actually 'sold" to Fannie Mae and Freddie Mac in most cases. dixiegrrrrl Feb 2012 #8

Amazing, absolutely amazing. RKP5637 Feb 2012 #10

They stole our jobs, our money, our houses and priced food and energy dixiegrrrrl Feb 2012 #14

Yep, you really make an excellent point on "seldom hearing anyone talking RKP5637 Feb 2012 #24

"Many of the citizens in this country are enabling a pretty destitute future IMO." dixiegrrrrl Feb 2012 #26

When water is flowing over the dam, it's damn hard to stay a piece of driftwood RKP5637 Feb 2012 #27

If I'm not mistaken Johnson20 Feb 2012 #19

Rent them to the workers of "Company Store?" Like Walmart and other evil corporations? BeHereNow Feb 2012 #16

I've been wondering this too. JDPriestly Feb 2012 #17

Yep, that was the same at my college. Those that couldn't hack other RKP5637 Feb 2012 #22

the ripoff will continue for 5-7 more years Wellstone ruled Feb 2012 #21

More than a few of these jokers should be sitting behind bars IMO. I would RKP5637 Feb 2012 #23

Sell them to investors or to whom they can sell them. Not hurting them any. lonestarnot Feb 2012 #25