How the banks profit from short sale and foreclosure

[Reaper]

This video explains it all on why Chase has low-balled the help given to me and many others. Even my own original mortgage agent fell to foreclosure. How symbolic is that?

[Onyx]

Crooks!

It's nothing more than legalized robbery. The best way to rob a bank is to own one.

[Reaper]

Found out from my realtor buddy that he was offered a loan modification but has no income. He yelled at the woman who offered it to him saying that they aren't offering people like me a loan modification who actually has an income. Just more evidence that the big banks aren't interested in helping the home owner.

[Gaf The Horse With Tears]

The banks work within the rules/laws given to them by Congress. Specifically the House Financial Services Committee and the Financial Services Subcommittee on Housing and Community Opportunity that dictate the rules under which they do loans.

I might note that both chairpersons (Barney Frank and Maxine Waters) are both Democrats and are both under investigation for major Ethics violations.

At this point in the Housing mess.. I really miss Bush. He asked Congress 17 times since 2003 to do something about Subpar loans... even went to far as to predict the meltdown... and the Congress kept right on pushing the banks to give out more Subpar loans...

[phee]

The banks work within the rules/laws given to them by Congress. Specifically the House Financial Services Committee and the Financial Services Subcommittee on Housing and Community Opportunity that dictate the rules under which they do loans.

I might note that both chairpersons (Barney Frank and Maxine Waters) are both Democrats and are both under investigation for major Ethics violations.

At this point in the Housing mess.. I really miss Bush. He asked Congress 17 times since 2003 to do something about Subpar loans... even went to far as to predict the meltdown... and the Congress kept right on pushing the banks to give out more Subpar loans...

I miss Bush when it comes the economy the same way a burn victim misses pyromaniacs....

[Gaf The Horse With Tears]

I miss Bush when it comes the economy the same way a burn victim misses pyromaniacs....

But you also can't name one of his domestic economic policys that caused this mess. The recession and the housing collapse were caused by Fannie May and Freddie Mac (and thier Democrat backers in Congress).

[phee]

But you also can't name one of his domestic economic policys that caused this mess. The recession and the housing collapse were caused by Fannie May and Freddie Mac (and thier Democrat backers in Congress).

The Deregulation of the financial market for one.

[Gaf The Horse With Tears]

The Deregulation of the financial market for one.

Not a Bush policy, the deregulation happenned under Clinton and Bush argued FOR regulation.

[phee]

http://www.cbsnews.com/video/watch/?id=4562253n

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/30/AR2008103004749.html

http://www.newser.com/story/41383/huge-bush-deregulation-push-before-jan-20.html

http://www.salon.com/news/opinion/feature/2008/03/18/economy

Just some of them

[Gaf The Horse With Tears]

http://www.cbsnews.c...ch/?id=4562253n

http://www.washingto...8103004749.html

http://www.newser.co...ore-jan-20.html

http://www.salon.com...8/03/18/economy

Just some of them

And not one of them exacted (if at all) before the meltdown started. I'm sorry but this mess is on Congress and the Democrats within it that run the sub-commities that make the financial rules.

[phee]

And not one of them exacted (if at all) before the meltdown started. I'm sorry but this mess is on Congress and the Democrats within it that run the sub-commities that make the financial rules.

I guess we see what we want to see....

[Gaf The Horse With Tears]

I guess we see what we want to see....

I am glad that you are finally admitting to only seeing what you want to see rather than actual documented history.

[phee]

I am glad that you are finally admitting to only seeing what you want to see rather than actual documented history.

I will amend.... We see what we want to see except for Gaf... he sees everything without bias.

[Reaper]

It's hard to believe any one side anymore when the information is online. I don't think there are any "unbiased" information sources anymore. Someone always has an opinion hidden in each so-called fact.

I for one, am experiencing what homeowners go through especially when the economy affects the jobs you get and how much money you can make. I closed out my Chase accounts today finally and have the house on the market for short sale. I have done everything I can including a 2nd inquiry into a loan modification. Since Chase doesn't participate in any of the state programs, I can no longer have any faith in banks being honest to their word when they say "we are dedicated to keeping the homeowner in their home."

[phee]

It's hard to believe any one side anymore when the information is online. I don't think there are any "unbiased" information sources anymore. Someone always has an opinion hidden in each so-called fact.

Thanks Mate.... pretty much goes along with what I was saying about people only hearing what they want.

[Gaf The Horse With Tears]

I will amend.... We see what we want to see except for Gaf... he sees everything without bias.

Perhaps you should read the articles you posted as your evidence. All were written in Bush's last year in office... all talked about deregulation that MIGHT happen in the last days of Bush's term. That doesn't support your statements as you tried to say they did.

[LadyKay]

Well now.....I understand now why my mortgage company denied my many request of a loan modification and ended up taking my house from me.

Edited August 14, 2010 by LadyKay

[Destroit]

Not a Bush policy, the deregulation happenned under Clinton and Bush argued FOR regulation.

Very true. It's funny that most people blame Bush for the bad economy simply because the media made it out to look like his fault and because he happened to be in office at the time, when in fact, most of the deregulation that set us up for disaster was enacted when Clinton was still in office. Bush, as you said, did try to vote to put regulation in effect.

Very true. It's funny that most people blame Bush for the bad economy simply because the media made it out to look like his fault and because he happened to be in office at the time, when in fact, most of the deregulation that set us up for disaster was enacted when Clinton was still in office. Bush, as you said, did try to vote to put regulation in effect.

[Reaper]

Perhaps you should read the articles you posted as your evidence. All were written in Bush's last year in office... all talked about deregulation that MIGHT happen in the last days of Bush's term. That doesn't support your statements as you tried to say they did.

I have to admit that Bush did help the homeowner out when the banks were going after people for the money difference when a foreclosure or short sale occurred. He made it so when the banks sent you the 1099 to be taxed on the difference, that you were exempt as the homeowner.