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Bank of America starts thaw in foreclosure freeze - Yahoo! News (http://news.yahoo.com/s/ap/20101018/ap_on_bi_ge/us_bank_of_america_foreclosures - broken link)
Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.
Good for them. It's not good for the economy to let those foreclosures languish. It's not good for them and their stockholders to continue taking loses. Finally, it's not fair to those of us that read and understood our mortgage documents, actually made enough money to pay the mortgage and are paying on our mortgages to let people that aren't live in a house for free.
The sooner this mess is over, the sooner the housing market and the economy will recover. Even the people who are investigating the improper paper work admit that int he vast majority the banks had the right to foreclose and just didn't follow the procedure properly. We aren't talking about significant numbers of home owners being kicked out of their houses wrongfully, just a few paperwork and procedural issues. This is a non-issue.
Why is Obama responsible? Look at what the Realtors did making people think they only had a mortgage loan to pay back and never told them they had taxes, principal, repairs, utilities, food and gas for that brand new car they could buy with the extra $$$ for the mortgage loan. Look at the banks that just handed out loans to anyone with a pen to sign on the dotted line.
Why is Obama responsible? Look at what the Realtors did making people think they only had a mortgage loan to pay back and never told them they had taxes, principal, repairs, utilities, food and gas for that brand new car they could buy with the extra $$$ for the mortgage loan. Look at the banks that just handed out loans to anyone with a pen to sign on the dotted line.
You forgot to mention the irresponsible parties who took out the mortgages in the first place.
Maybe you think the realtors and bankers hypnotized them?
The economy is in stasis right now. We've got to finish healing the damage before we can start progressing again.
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