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Old 10-19-2010, 09:03 AM
 
Location: North Las Vegas
1,631 posts, read 3,940,800 times
Reputation: 768

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This all sounds suspicious to me, a bank calls for a 50 state moratorium over nothing? And in less than a week 100,000 foreclosures are cleared to go back on the market. On CNBC today Moynihan from BofA stated they have 1000 employees that have worked on this to straighten this out, how can that be. It works out to 10,000 cases per employee to go over in a short time. I don't know about anyone else but this smells like a cover up.
Granted people who have quite making payments and aren't trying to work something out with their bank should move on. Just wait there will be more shoes to fall the banks have closet full of shoes that are going to fall. And the legs have fallen off the stool.

Don't mean to sound like a Debbie Downer, just a realist. Anyone purchasing in this market has to really do their home work and then realize the housing market is going to be in state of flux for a few years and if you purchase now or anytime in the future you need to be ready to hang on to the property for a long time. NOT look at it as future cash cow.
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Old 10-19-2010, 06:54 PM
 
31 posts, read 46,764 times
Reputation: 18
Definitely something fishy go on in the industry, but it looks like there is a slight error in your calculations. 100,000 foreclosures divided by 1,000 staff = 100 foreclosures per staff member.
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Old 10-24-2010, 12:14 PM
 
2,724 posts, read 4,751,255 times
Reputation: 1042
Relevent article from today's LVRJ:

Average loan in state worth 129 percent of the value of the home

THE BIG STORY: Silver State has extra helping of bad debt to Freddie Mae, Fannie Mac - News - ReviewJournal.com

"County assessor records echo Laska. They show that nearly two-thirds of the single-family homes foreclosed on between 2007 and the first half of 2010 were not owner-occupied, meaning they most likely were investor-owned rentals."
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Old 10-28-2010, 11:02 AM
 
2,724 posts, read 4,751,255 times
Reputation: 1042
Lower housing prices may be here to stay

Scholar says crises have resulted in value reset

Lower housing prices may be here to stay - Business - ReviewJournal.com

"One reason for higher vacancy and decreasing rents in the Las Vegas Valley is the "exponential increase" in investment money coming into the market and buying foreclosed homes for rental purposes, he said. That's destabilizing neighborhoods across the valley and the country."
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Old 10-28-2010, 11:20 AM
 
10,494 posts, read 27,132,440 times
Reputation: 6716
"Nevada 70% underwater, Recovery forecast 2033"

Phoenix Housing Market Expected to Recover in 2034!!!
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Old 10-28-2010, 08:33 PM
 
9,848 posts, read 8,251,950 times
Reputation: 3296
Quote:
Originally Posted by 007 license to sell View Post
This all sounds suspicious to me, a bank calls for a 50 state moratorium over nothing? And in less than a week 100,000 foreclosures are cleared to go back on the market. On CNBC today Moynihan from BofA stated they have 1000 employees that have worked on this to straighten this out, how can that be. It works out to 10,000 cases per employee to go over in a short time. I don't know about anyone else but this smells like a cover up.
I was telling everyone I know that this would go nowhere. The Democrats allowed this news to fester for a while hoping to grab a few votes, but all that happened was each person either verified all papers were there or complete them for 100 loans each.
I used to certify documents when I worked at a bank. To review a case takes about a minute, then getting together the paperwork to foreclose takes what ever the time is.

Bottom line is if you took a loan, you owe the payment.
No payment, you lose the home.

If people continued to see home prices double in three years, none of them would have complained about this issue, but now that they made a poor choice they want an do over and it isn't going to happen.
People are responsible for their choices IMO.
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Old 10-28-2010, 08:48 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,070,187 times
Reputation: 2661
Quote:
Originally Posted by RCCCB View Post
I was telling everyone I know that this would go nowhere. The Democrats allowed this news to fester for a while hoping to grab a few votes, but all that happened was each person either verified all papers were there or complete them for 100 loans each.
I used to certify documents when I worked at a bank. To review a case takes about a minute, then getting together the paperwork to foreclose takes what ever the time is.

Bottom line is if you took a loan, you owe the payment.
No payment, you lose the home.

If people continued to see home prices double in three years, none of them would have complained about this issue, but now that they made a poor choice they want an do over and it isn't going to happen.
People are responsible for their choices IMO.
I am skeptical that it is over. Might be and that would be a good thing...but I would not make any book on it just yet.

I would also note that perhaps 25% or 30% of the loans I have come across over the last couple of years should never have been made. So you hold that people are responsible if they make a bad loan but a bank is not? How does that work?

I would also note that the chain of ownership issue still appears to be open in a number of spots. And that could be a real dozey. If a bank failed to transfer ownership of a mortgage in keeping with clearly spelled out legal requirements do they still own the mortgage? If you don't own the note do you have a right to foreclose.

I think we could well end up in a situation where the owner is in default but nobody has the neccessary legal right to pursue it. It may even take legislation to fix the problem. What that not make an interesting mess.
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Old 10-28-2010, 11:09 PM
 
9,848 posts, read 8,251,950 times
Reputation: 3296
Quote:
Originally Posted by olecapt View Post
I am skeptical that it is over. Might be and that would be a good thing...but I would not make any book on it just yet.

I would also note that perhaps 25% or 30% of the loans I have come across over the last couple of years should never have been made. So you hold that people are responsible if they make a bad loan but a bank is not? How does that work?

I would also note that the chain of ownership issue still appears to be open in a number of spots. And that could be a real dozey. If a bank failed to transfer ownership of a mortgage in keeping with clearly spelled out legal requirements do they still own the mortgage? If you don't own the note do you have a right to foreclose.

I think we could well end up in a situation where the owner is in default but nobody has the neccessary legal right to pursue it. It may even take legislation to fix the problem. What that not make an interesting mess.
Well I am sure Obama who has sunk in his own politics up to his head will try to use this if it serves him if he tries to run in 2012.
Bottom line is that if you make a bill, you pay a bill.
If you are current, no problem. If you have a problem while current then they deserve help.
Those not current should lose their homes if they can't make it.
If they guessed right and houses went to 500k they wouldn't be making all these complaints in attempts to stay in homes they don't pay for IMO.

The banks will better comply with paperwork to run this through and many homes will be bought by all those hedge funds at 200 plus a pop as they have been.
No fun ahead IMO.
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Old 10-29-2010, 01:13 AM
 
2,724 posts, read 4,751,255 times
Reputation: 1042
Quote:
Originally Posted by RCCCB View Post
Well I am sure Obama who has sunk in his own politics up to his head will try to use this if it serves him if he tries to run in 2012.
Bottom line is that if you make a bill, you pay a bill.
If you are current, no problem. If you have a problem while current then they deserve help.
Those not current should lose their homes if they can't make it.
If they guessed right and houses went to 500k they wouldn't be making all these complaints in attempts to stay in homes they don't pay for IMO.

The banks will better comply with paperwork to run this through and many homes will be bought by all those hedge funds at 200 plus a pop as they have been.
No fun ahead IMO.
The Obama administration had no choice, if they paused to investigate, the foreclosures would pile up. They must keep the foreclosure mills humming. As for the issue of the banks contempt for regulations I honestly believe that once the dust settles the people who filed false affadavits will be punished for their blatant violations... or am I just the lone cry in the wilderness?
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Old 10-29-2010, 03:44 AM
 
1,347 posts, read 2,441,475 times
Reputation: 493
Quote:
Originally Posted by RCCCB View Post
I was telling everyone I know that this would go nowhere. The Democrats allowed this news to fester for a while hoping to grab a few votes, but all that happened was each person either verified all papers were there or complete them for 100 loans each.
I used to certify documents when I worked at a bank. To review a case takes about a minute, then getting together the paperwork to foreclose takes what ever the time is.

Bottom line is if you took a loan, you owe the payment.
No payment, you lose the home.

If people continued to see home prices double in three years, none of them would have complained about this issue, but now that they made a poor choice they want an do over and it isn't going to happen.
People are responsible for their choices IMO.
Agreed. You could see this coming when even during the peak of the hoopla, Obama resisted the suggestion of a national foreclosure moratorium. This is largely political fodder used to whip up the masses and demonstrate that our public servants are doing something, anything, to help the unfortunate, disadvantaged, homeowner.
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