[Datafeed]

Originally Posted by bayview6

What are similar houses in the same community selling for?

dunno, none are on the market anymore in my specific development/community? Nit LLV as a whole but in the subcommunity where the home is. there are some high end homes listed but they are a step or two above what I am getting.

[lvoc]

LLV SFRs are generally down to 45 to 50% of peak value in 2005 to 2007.

Some LLV Condos are down to around 15 to 20% of peak value. These are the units I thought might actually go to zero...though they never did.

[WestieJeff]

90% of 1st home loans are owned by Fannie/Freddie (aka the Government, aka the taxpayer). The banks are really only showing losses on 2nd loans. When a Wells Fargo/BoA/etc loan is short sold, 90% of the time Wells Fargo/BoA/etc will care less if it is approved or denied since the investor Fannie/Freddie is the one actually taking the loss.

Originally Posted by RCCCB

The reason that they take long and there aren't many is the banks are allowed to claim them as beyond full value on the books for accounting purposes, so a home that would short sale for $75k might be sitting on the books for $200K. Banks have to show a loss to get this stuff through.

[eventusstultorummagister]

Originally Posted by WestieJeff

90% of 1st home loans are owned by Fannie/Freddie (aka the Government, aka the taxpayer). The banks are really only showing losses on 2nd loans. When a Wells Fargo/BoA/etc loan is short sold, 90% of the time Wells Fargo/BoA/etc will care less if it is approved or denied since the investor Fannie/Freddie is the one actually taking the loss.

You just proved what I have been saying all along, that there is a ton of foreclosures still in the pipeline. When they pulled the plug (on robo-signing) we had not even hit the halfway mark and as you very astutely point out Fannie/Freddie own or guarantee a massive proportion of those loans. Can those bad loans be rehabilitated now? They have held firm against principle reductions because there would be an avalanche of strategic defaulters right behind them.

The Treasury Dept. amended the terms of the Fannie/Freddie bailout so that they would not require repayment during periods when Fannie/Freddie are losing money, this occurred because they had been borrowing more money from the Treasury just to pay the dividend. They will need to shrink those portfolios massively which translates to a lot more foreclosures, right?

^^^
This is all fact, look it up, do your own research...

BTW, the banks are FAR from "off-the-hook"...
Fannie/Freddie are looking at forcing banks to buy back at least some of the sketchy loans
(ie. where borrower's income was not verified):

http://www.reuters.com/article/2012/...87D14V20120815

"In addition to repurchase requests from Fannie and Freddie, the banks also face possible losses from loans sold to private investors and those that were insured by bond insurers, who say they shouldn't be on the hook for inappropriately underwritten loans"

The assumption that banks have nothing to lose is preposterous!

[lvoc]

Originally Posted by WestieJeff

90% of 1st home loans are owned by Fannie/Freddie (aka the Government, aka the taxpayer). The banks are really only showing losses on 2nd loans. When a Wells Fargo/BoA/etc loan is short sold, 90% of the time Wells Fargo/BoA/etc will care less if it is approved or denied since the investor Fannie/Freddie is the one actually taking the loss.

Don't think so. That is a current number comment for Freddie/Fannie and FHA. It is not historic.

And guarantees by the GSEs is the problem not the actual held. And even the actual held can be backed up.

The areal problem is widely held in various investment pools and is not on the books of any bank. Probably part of the problem.

[lvoc]

Originally Posted by eventusstultorummagister

You just proved what I have been saying all along, there is a ton of foreclosures still in the pipeline. When they pulled the plug (on robo-signing) we had not even hit the halfway mark and as you very astutely point out Fannie/Freddie own or guarantee a massive proportion of those loans. Can those bad loans be rehabilitated now? They have held firm against principle reductions because there would be an avalanche of strategic defaulters right behind them.

The Treasury Dept. amended the terms of the Fannie/Freddie bailout so that they would not require repayment during periods when Fannie/Freddie are losing money because they had been borrowing more money from the Treasury just to pay the dividend. They will need to shrink those portfolios massively which translates to a lot more foreclosures, right?

^^^
This is all fact, look it up, do your own research...

You are speculating past any knowledge...certainly yours.

The GSEs have a substantial fear that if they start reducing principal the world falls in. They are likely correct.

When our financial system screws up it does it to American Standards.

So we limp along...however with no indication of any substantial increase in foreclosures. What we are probably seeing is the day of the short sale.

[eventusstultorummagister]

Originally Posted by lvoc

You are speculating past any knowledge...certainly yours.

The GSEs have a substantial fear that if they start reducing principal the world falls in. They are likely correct.

When our financial system screws up it does it to American Standards.

So we limp along...however with no indication of any substantial increase in foreclosures. What we are probably seeing is the day of the short sale.

Speculating? Since when is examining facts and asking questions speculation??

One thing I know for certain, there is a MASSIVE disinformation campaign going on. I can't say I blame the powers that be really because it's the ONLY hope they have of keeping the Titanic (aka Ponzi scheme) afloat.

We need reform, on a level not seen before and I am afraid that it will arrive too late.

What we are "probably seeing" is more likely the "decline and fall of western civilization".

[tbill618]

Originally Posted by WestieJeff

The price should be based on the BPO, so as long as the BPO is done, the price should be "secure" so to speak.

I hope you are right about that. I don't think they would try and raise the price on us given comps.

I found out that the Cogburn law firm is handling the short sale for our buyers. Anyone have an opinion on these guys?

[eventusstultorummagister]

Originally Posted by tbill618

I found out that the Cogburn law firm is handling the short sale for our buyers. Anyone have an opinion on these guys?

Rooster Cogburn?

sorry, I couldn't resist...





Ned Pepper: I call that bold talk for a one-eyed fat man

[tbill618]

I just found out that our short sale is on Equator. Great right? My agent is trying to get a copy of the report which I assume shows all of the activity on this short sale. She said there is a chance they won't give it to us. WTF?!?! Why would they care if we saw this. I have been patient up to this point and hoping that things were moving along. If we don't get this Equator report I am going to become a very squeaky wheel.