Big Bank Fees Holding Back U.S. Economic Recovery

[emptystep]

that of course is a one in a milllion event that you are using as typical because you are a low IQ liberal and character free liberal. Sorry

3.4 Million Completed Foreclosures since Sept. 2008, CoreLogic Reports
by ChrisGuldi on April 10, 2012

From the start of the U.S. financial crisis in September 2008, CoreLogic reports that approximately 3.4 million foreclosures have been completed.

So 3.4 people missed one payment. I would imagine if you went through all 3.4 million you might find more than 3.4 who basically got cheated out of their home. Oh, but it was their fault however, all 3.4 million of them.

At some point this stuff will begin to disgust me.

I would agree that some may have been "cheated" (tens of billions of bank settlements are not offered for no reason), although there is no evidence to support the "one missed mortgage payment" theory. People that said they were cheated fell into two main groups (as far as I can tell) - those who were convinced to take on home equity debt where the interest (and payment) subsequently reset (although they didn't mind spending whatever money was borrowed; hard to feel too sorry for this group), and those who were seeking modifications and were supposedly told that "if you stop making your payments we can modify the loan. There's no assistance for up-to-date borrowers", then the banks subsequently foreclosed the loans without offering the modifications (of course, there is no evidence on the bank side that indicates this type of advice was offered, only the word of the borrower, but it happened often enough that it seems very likely to be true). While this may have led to some animosity toward the banks by both affected borrowers and those aware of their stories, I find it hard to believe that was the proximate cause of the "unbanked." One thing really has nothing to do with the other; a lower income person with a few bucks in a checking account is fully protected by the FDIC and would have no reason to assume their money was in danger of being taken.

As far as banks "holding back" homes, of course they want to get the highest price for their assets; putting them all on the market at once would not be the way to accomplish that. Supply and demand, you know.

Churches used to have the biggest building in town.

(Prudential and Hancock. [and community boat house. ])

 

[EdwardBaiamonte]

3.4 Million Completed Foreclosures since Sept. 2008, CoreLogic Reports
by ChrisGuldi on April 10, 2012


So 3.4 people missed one payment. I would imagine if you went through all 3.4 million you might find more than 3.4 who basically got cheated out of their home. Oh, but it was their fault however, all 3.4 million of them.

At some point this stuff will begin to disgust me.

I would agree that some may have been "cheated" (tens of billions of bank settlements are not offered for no reason), although there is no evidence to support the "one missed mortgage payment" theory. People that said they were cheated fell into two main groups (as far as I can tell) - those who were convinced to take on home equity debt where the interest (and payment) subsequently reset (although they didn't mind spending whatever money was borrowed; hard to feel too sorry for this group), and those who were seeking modifications and were supposedly told that "if you stop making your payments we can modify the loan. There's no assistance for up-to-date borrowers", then the banks subsequently foreclosed the loans without offering the modifications (of course, there is no evidence on the bank side that indicates this type of advice was offered, only the word of the borrower, but it happened often enough that it seems very likely to be true). While this may have led to some animosity toward the banks by both affected borrowers and those aware of their stories, I find it hard to believe that was the proximate cause of the "unbanked." One thing really has nothing to do with the other; a lower income person with a few bucks in a checking account is fully protected by the FDIC and would have no reason to assume their money was in danger of being taken.

As far as banks "holding back" homes, of course they want to get the highest price for their assets; putting them all on the market at once would not be the way to accomplish that. Supply and demand, you know.

Churches used to have the biggest building in town.

(Prudential and Hancock. [and community boat house. ])

are going to keep trying to change the subject or admit your "one missed payment" was a lie?????

 

[emptystep]

I would agree that some may have been "cheated" (tens of billions of bank settlements are not offered for no reason), although there is no evidence to support the "one missed mortgage payment" theory. People that said they were cheated fell into two main groups (as far as I can tell) - those who were convinced to take on home equity debt where the interest (and payment) subsequently reset (although they didn't mind spending whatever money was borrowed; hard to feel too sorry for this group), and those who were seeking modifications and were supposedly told that "if you stop making your payments we can modify the loan. There's no assistance for up-to-date borrowers", then the banks subsequently foreclosed the loans without offering the modifications (of course, there is no evidence on the bank side that indicates this type of advice was offered, only the word of the borrower, but it happened often enough that it seems very likely to be true). While this may have led to some animosity toward the banks by both affected borrowers and those aware of their stories, I find it hard to believe that was the proximate cause of the "unbanked." One thing really has nothing to do with the other; a lower income person with a few bucks in a checking account is fully protected by the FDIC and would have no reason to assume their money was in danger of being taken.

As far as banks "holding back" homes, of course they want to get the highest price for their assets; putting them all on the market at once would not be the way to accomplish that. Supply and demand, you know.

Churches used to have the biggest building in town.

(Prudential and Hancock. [and community boat house. ])

are going to keep trying to change the subject or admit your "one missed payment" was a lie?????

Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare

But, along the way, that machinery broke down. No one, the Parkers say, told them their loan had been sold. With no word from the new servicer, New Jersey-based PHH Mortgage, the Parkers sent their first payment to the original bank, which mailed the check to PHH, according to documents the Parkers provided to The Huffington Post. But that check went missing. The Parkers say that despite the fact that they made every other payment, that missing check led to foreclosure proceedings, and a wrecked Kendra Parker's credit rating.

 

[EdwardBaiamonte]

Are you going to keep trying to change the subject or admit your "one missed payment" was a lie????

Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare[/url]

why be a liar?? You said banks forclosure for one missed payment??

This implies many banks and many forclosures. You have presented one bank and one forclosure that resulted from a computer error in a bank that was processing millions of payments!!

So, do you want to be a low IQ liberal and demonstrate your lack of character too?? You're a brainwashed anti-business Marxist without knowing it. It will make you look slow every time. Sorry!

 

[iamwhatiseem]

quod gratis asseritur, gratis negatur

 

[EdwardBaiamonte]

Facing Foreclosure Without Missing A Payment:

sounds like a processing error, not a policy to evict people which would be silly since house prices were falling and the bank would lose money.

A braindead Marxist will latch onto anything that might make business look bad