[Heyygirl]

Originally Posted by 007 license to sell

So far Bank of American hasn't stopped foreclosures in or around Las Vegas.
This article prints the 23 cities so far that this has happened in. I was suprised that Vegas wasn't on the list since we are at ground zero for foreclosures.
This article names the states that some banks have halted foreclosures in and were not one of them.

[SIZE=4]At a Glance: Foreclosure delays in 23 states[/SIZE]‎

I find it interesting that the article, published in a California newspaper, didn't include California on it's list. I know four families who have been wrangling with B of A. All of them have months of verbal instructions and promises from B of A but no paperwork, then suddenly foreclosure is imminent. There appears to be no paper trail within B of A for foreclosure process. Are they overwhelmed, and haven't created protocol or is it simply that one hand doesn't know what the other is doing within the organization, or is it strategic in some way?

[fishordie]

As I have noted in the past banks have no desire to use their cheaply acquired monies obtained though the Fed at almost a zero percent interest rate and apply it to home loans. They only want to lend enough to promote their dog and pony show to keep the Feds and Main street off their backs.
Through other investment vehicles such as derivatives and hedge funds (Many of which hedge against and are betting on the continued fall of the Real Estate Market) the Banks are actually buoying the Markets by infusing this cheap money not into real estate loans but into high yielding market funds. Remember only a short time ago these giant banks were on the verge of insolvency at least according to the Gov't. Within a very short time frame and through some sort of magic (Yeah right its just simple leveraged investing) most of these same banks were able to pay back the monies with interest and still record incredible profits. Somehow or another our tax monies were used to once again line the pockets of bank executives and the banks stock investors. Not sure how this really helped Main Street but I am sure our trusted Gov't officials will be sure to tell us how much they did for us.

Even with the present home loan rates only the most qualified and lowest risk buyers will be afforded loans. The margins of profit gained by the banks by home loans are just no where near what their investment sides are making and thus will only loan enough to make it look good to main street. As of now the banks only making monies on the leveraged difference between savings and lending is no more. Through a series of negotiations and political maneuverings these banks have taken on the roll of investors rather than just bankers. Too big to fail??? Perhaps too big to fail as the investment markets would take a huge tumble if these same banks were forced to sell their non loan investment portfolios.

JMHO

FOD

[007 license to sell]

As far as the BofA and some other banks stopping foreclosures, it in regards to the lawsuits over the previous freezes. Harry Reid is currently trying to get the foreclosures frozen in Nevada as well, due similar foreclosure practices that were done here.

Also if you are trying to buy a short sale and it is owned by Wells Fargo, you need to know that Wells Fargo will no longer extend the closing date if the close of escrow date is not hit. Wells Fargo investors have requested this. This is crazy the delays for the most part been due to the banks slow response not the buyers. All this shows is no body knows how to fix the housing crisis, it's just going to keep drawing this out.

[macgeek]

http://images.cbvegas.com/reports/Re_Report_082010.pdf (broken link)

Jonathan

[jfkIII]

[007 license to sell]

This article must have been written before the announcement of a possible moratorium on foreclosures. Because the statements in this article that we're just bouncing along the bottom and we're slow because of the tax credit and time of year.
This article didn't address that inventory could get scarce according to other analysts due to the foreclosure moritorium pricing could go up due to foreclosure properties being held off the market until the moratorium would be lifted.
Analysts also state that higher pricing could be bad for potential buyer once the foreclosure moratorium is lifted and there is flood of foreclosures that hit the market due to banks holding back months. Nar has been trying to find out how many homes are in the shadow market already and since each banking enmity count homes differently for the shadow inventory it can be any where from 2.7 million to 7 million in the US.
And what that means those numbers could grow exponentially from the moratorium that is or will be currently holding back those properties until this is figured out.

And as far as short sales go if the banks don't start responding in a faster and more efficient manner the whole system could become the biggest quagmire anyone has ever seen.

Las Vegas homes sales and prices fall again

[olecapt]

Originally Posted by jfkIII

What scares you? Basically the same as it has been since January or before.

Now what happens in October may be interesting...we shall see. But September was more of the same.

[Coop01]

Originally Posted by olecapt

Yup...no western trustee sale states.

I would think though that they are still making the assertion that they have scanned the file and it is correct...just not swearing so to a court.

Class action time?

They are already going forward with class action suits.
MERS is the next focus and the main stream media has finally grabbed the ball.
Some of the depositions posted on the referenced web site show that there is a lot going on that was flying under the radar screen. Check out this web site and read how they were doing it.
Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge

Congress knew about it . They passed HR 3808 "The Interstate Recognition of Notarizations Act".

What? Didn't hear about it? It was passed with NO public debate and by voice vote.
Obama didn't sign it . He wants some discussion first.

Banks can shop for the best state regulations now.
Ya gotta love it.

Stand by for TARP 2

[olecapt]

Originally Posted by Coop01

They are already going forward with class action suits.
MERS is the next focus and the main stream media has finally grabbed the ball.
Some of the depositions posted on the referenced web site show that there is a lot going on that was flying under the radar screen. Check out this web site and read how they were doing it.
[url="http://4closurefraud.org/"]Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge[/URt L]

Congress knew about it . maThey passed HR 3808 "The Interstate Recognition of Notarizations Act".

What? Didn't hear about it? It was passed with NO public debate and by voice vote.
Obama didn't sign it . He wants some discussion first.

Banks can shop for the best state regulations now.
Ya gotta love it.

Stand by for TARP 2

Obama pocket vetoed it. They waited too long and it became an issue..

[las vegas drunk]

This MERS situation is most likely going to be a catastrophe.

Chuck Moon: Financial "Meltdown" Round Two