Wry Catcher
Diamond Member
- Thread starter
- Banned
- #61
The question remains and answers are - well - limited.
Banks cannot be made to act with responsibility, and if they choose to foreclose they will need to eventually sell the distressed properties.
Is it likely banks will sell the to their wealthy customers, those able to purchase distressed homes with all cash? There is no risk if little or no property is mortagaged; and, the taxpayer will eat the loss of interest as more and more banks charge of losses from their income.
If that occurs, might we be faced with a new world, where home ownership is out of reach for the working middle class, and our kids and theirs will live in rental property?
The image of Soviet style apartments, owned by the Bank of America, Citi or Wells seems to be the future unless, unless what?
Or does no solution exist?
Banks cannot be made to act with responsibility, and if they choose to foreclose they will need to eventually sell the distressed properties.
Is it likely banks will sell the to their wealthy customers, those able to purchase distressed homes with all cash? There is no risk if little or no property is mortagaged; and, the taxpayer will eat the loss of interest as more and more banks charge of losses from their income.
If that occurs, might we be faced with a new world, where home ownership is out of reach for the working middle class, and our kids and theirs will live in rental property?
The image of Soviet style apartments, owned by the Bank of America, Citi or Wells seems to be the future unless, unless what?
Or does no solution exist?