On Thu, Oct 2, 2008 at 1:07 PM, Kristyne McDaniel <[EMAIL PROTECTED]> wrote: > The only good thing about the bailout is that the taxpayers are buying > assets through the borrowing. Those mortgages do have some value. > > If more people can keep their homes too, so much the better. > > The foreclose/resell cycle for recovering funds on mortgages only works to a > point. Sooner or later you foreclose on so many people that there's nobody > left to buy the houses for a reasonable price. It is just a race to the > bottom on price tags. -------------------------------------------------
Problem was a false sense of value on Real Estate. This location is worth 1.4 mill $ and a loan was given with a down payment of only .01 % Payments are made by owner but they are informed that the similar neighbors house is only worth .9 mill now that the USA realized the false values of 2006 and 7 are no longer realized. So homeowner thinks that it is better to lose the .01% down and 2 years of payments as well as the credit mark for a short time instead of fulfilling the obligation of paying off the finance company either in payments over time or by sale to another party. Now the deed holder is just screwed. So do we falsify the overall VALE of property so the current owners will feel comfortable? How the heck do you do that? I see this continuing for the next 5+ years. It is only going to get worse. Lenders will not want to get hammered because the buyers get remorse 1,2,3 years into the future. This is going to really suck. -- Stephen Russell Sr. Production Systems Programmer Mimeo.com Memphis TN 901.246-0159 _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
