Foreclosures

[metta]

$1.2 million mansion for $10K?

http://www.bankrate.com/financing/mortgages/1-2-million-mansion-for-10k/?ec_id=m1078089

 

[Kulindahr]

$1.2 million mansion for $10K?

http://www.bankrate.com/financing/mortgages/1-2-million-mansion-for-10k/?ec_id=m1078089

Only in Florida.

 

[metta]

U.S. Set To File Suits Against Big Banks Over Mortgages


http://www.huffingtonpost.com/2011/09/01/us-suits-big-banks-mortgages_n_946010.html

 

[MoltenRock III]

U.S. Set To File Suits Against Big Banks Over Mortgages


http://www.huffingtonpost.com/2011/09/01/us-suits-big-banks-mortgages_n_946010.html

I'm not sure that's a good thing. I personally think all the state filed lawsuits would be better for consumers. Banks are hoping for one big negotiated settlement, instead of fighting the suits state-by-state. The problem is the federal government will not want to bail these banks out again if the settlement is too large, so have a very substantial interest in downsizing the damages the banks would likely otherwise settle for.

I assumed the Fed would get involved once the New York case was settled, whereby troubled mortgage holders are given a 25% reduction in the principal (not just an interest rate reduction). I think the banks should be sued state-by-state for their actions.

 

[Kulindahr]

U.S. Set To File Suits Against Big Banks Over Mortgages


http://www.huffingtonpost.com/2011/09/01/us-suits-big-banks-mortgages_n_946010.html

The suit should also seek to bust up those banks so they aren't "too big to fail".

 

[ejbonk]

Banks set to move forward quickly with Foreclosures after Justice Department Deal is Final in Law Suit.
Many Banks are now ready to hit the ground running,Fast Tracking many Foreclosure that had been stalled while the Federal Law Suit Case was under way.

 

[metta]

^
I hope that does not mean that they plan on dumping them on the market all at the same time. Are there any news articles on this.. I have not found any yet.

 

[Kulindahr]

^
Ditto.

I have a friend who cleans up houses to be sure they're ready for sale. He gets paid on the basis of the expected sale value of the house, like 1/10 of a percent. Since he has to pay for his own gas out of that, and that includes hauling crap to the disposal site, he's only making $25 on some houses already. Of course the guy who hired him gets twice that, and the management company who hired the guy to hire someone to do it is getting double again....

 

[metta]

^
too many middlemen....

 

[metta]

Survey: Home prices up in half of major US cities

http://news.yahoo.com/survey-home-p...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3