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Old 01-21-2010, 10:00 AM
 
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ummm I never said anyone was holding thousands of foreclosures in NOVA. But, if they are then there is a problem.
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Old 01-28-2010, 08:02 PM
 
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Why are so many banks holding onto properties if people are willing to pay fair price for them
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Old 01-30-2010, 09:28 AM
 
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Originally Posted by snorkey View Post
Why are so many banks holding onto properties if people are willing to pay fair price for them
thats the million dollar question. It depends on what your definition of "fair price" is. The banks put these homes for sale at a certain price (lets say $150,000) well, then they try and get potential buyers to raise their bids before they will sell it. These scare tactics and bidding wars are BS. I advise buyers to not play that game
The other major issue is bailout money. Some banks are claiming to be deep in debt because of foreclosed homes. The government gives them money based on how hard they have been hit. If the banks sell all of their forecloseures, then they won'tget anymore free handouts. They will continue to receive bailout $$ as long as they remain victimized by the housing crisis! The banks are greedy!!!
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Old 01-30-2010, 09:54 AM
 
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Some of the banks are starting to release foreclosures. BAC, for one.

The banks are able to hold back because the taxpayers are covering their losses and they're being compensated by the government for deferring foreclosures for up to 12 months. Between the top 3 banks alone, 1 trillion dollars in losses were guaranteed by the taxpayers.
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Old 01-30-2010, 10:23 AM
 
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Originally Posted by lchoro View Post
Some of the banks are starting to release foreclosures. BAC, for one.

The banks are able to hold back because the taxpayers are covering their losses and they're being compensated by the government for deferring foreclosures for up to 12 months. Between the top 3 banks alone, 1 trillion dollars in losses were guaranteed by the taxpayers.
maybe these banks were feeling a little pressure. I was happy to hear obama scold the banks in his state of the union address.
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Old 01-30-2010, 11:51 AM
 
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My big question is....why are the jails not full of bankers? I think mortgage lending during the boom was so reckless as to be criminal. Anyone with any brains at all should have known that vast numbers of those loans would go into default.

I guess it's the American way....a black kid that holds up the 7-11 get 20 years...but bankers that hold up the taxpayers for a trillion dollars get a multi-million dollar bonus...
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Old 01-30-2010, 12:00 PM
 
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Originally Posted by car54 View Post
My big question is....why are the jails not full of bankers? I think mortgage lending during the boom was so reckless as to be criminal. Anyone with any brains at all should have known that vast numbers of those loans would go into default.

I guess it's the American way....a black kid that holds up the 7-11 get 20 years...but bankers that hold up the taxpayers for a trillion dollars get a multi-million dollar bonus...
its not a racial thing, its a power/political thing. The banks are only as powerful as we let them be. The American people have not held congress or the banks accountable, and thus we have been taken advantage of. We should not be supporting businesses that only serve their own interests. Shady businesses (i.e. banks) prey on an unsuspecting public.
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Old 01-30-2010, 12:03 PM
 
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I think the market is starting to deteriorate, again. We'll see what happens in the Spring.
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Old 01-30-2010, 04:44 PM
 
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Originally Posted by Guamanians View Post
its not a racial thing, its a power/political thing. The banks are only as powerful as we let them be. The American people have not held congress or the banks accountable, and thus we have been taken advantage of. We should not be supporting businesses that only serve their own interests. Shady businesses (i.e. banks) prey on an unsuspecting public.

Poor choice of words on my part....I should have said if "somebody holds up the 7-11...".

I agree that it's not racial, but color is involved...blue collar criminal vs. white collar criminal. The former goes to prison, the latter to the golf course.
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Old 01-31-2010, 03:16 PM
 
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Originally Posted by adolpho View Post
I think the market is starting to deteriorate, again. We'll see what happens in the Spring.
Wait til Tuesday... Punxatawney Phil will be looking for his shadow. Maybe there's a connection to the economy? It can't be any worse than his weather forecasting. Based on recent temps, I don't think there's much chance for an early spring. If Phil doesn't give us some good news then we might have to call Tonya Harding to take him out
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