You've been DUPED! Banks arent losing ANY $ on these Foreclosures.

[Risk44]

Here is an example:

Most homes where I live were built in the last 3-5 years.. Some people had ARMS that were gonna readjust some people had traditional 30 yr mortgages.. most people made the payments for 1-5 years...

So lets just assume that the average house was 400k..

JOE and family made 2 years of payments at 3k a month totaling 72,000.. Now JOE is in foreclosure..

Bank Forecloses on house.. Puts house up for sale for 350k to 375k... dropped 50k off the price..

FRED comes along and buys this BARGAIN for 350K

Banks net profit after foreclosure (not including foreclosure costs etc)
$22k

AND WE JUST GAVE THESE PRICKS 700 BILLION DOLLARS???

 

[SpreadDestroyerr]

The derivatives are where they are all losing their ass.

 

[tiznow]

you really think bank foreclosed homes are selling for 10-20% off the original mortgage price with housing prices of the overall market down way more than that?

LOL

also i know i've read of people before they leave their foreclosed home trashing the houses and stripping the houses bare of any valuables before they leave decreasing their value even more....

on another note.....a big problem with the refinancing mortgages type stuff is back in the days people used to go into banks fill out forms and the banks had on record the mortgage and all that

what they did in recent past is they packaged all these mortgages into investment vechicles like CDOs and shit like that and sent them flying out the door all over the world and nobody knows who owns shit at this point

they created this big tangled mess and its hard to unravel to see who owns what....

 

[Risk44]

Even if joes house depreciated to 325k they would break even... the banks here are sitting on the REOS (Bank owned homes) and rejecting most offers unless they are within 5% of the banks asking price (appraised vakue)...

my house was bought for 395k in jan of 06 and today IMO its worth at least 340-370k

 

[tiznow]

Even if joes house depreciated to 325k they would break even... the banks here are sitting on the REOS (Bank owned homes) and rejecting most offers unless they are within 5% of the banks asking price (appraised vakue)...

my house was bought for 395k in jan of 06 and today IMO its worth at least 340-370k

i'd lay big money you'd be lucky to get an offer at 325k

i'm not saying the banks aren't raping us...obviously our economy one huge pyramid scheme and if the banks go up the whole system comes crumbling down.....

but saying they making money of mortgages is nonsense.....

plus alot goes into the CDOs and leverage and all that.....

most of these banks themselves have no idea what they truly have on the books

i mean hell look at the fannie mae numbers that have come out since nationalization

they losing money hand over fist.....

they know what's on the books and it ain't pretty now that they are sifting through the carnage....

 

[Risk44]

You would be surprised people are still buying - mainly investors, and Banks are sticking to their bottom lines... they dont want to have to answer to investors of why they let that 400k home go for less than 300k... so they are sticking to the appraised price and reducing it every 90 days by about 10%.. and rejecting all offers in between..

 

[Risk44]

i'd lay big money you'd be lucky to get an offer at 325k

i'm not saying the banks aren't raping us...obviously our economy one huge pyramid scheme and if the banks go up the whole system comes crumbling down.....

but saying they making money of mortgages is nonsense.....

plus alot goes into the CDOs and leverage and all that.....

most of these banks themselves have no idea what they truly have on the books

i mean hell look at the fannie mae numbers that have come out since nationalization

they losing money hand over fist.....

they know what's on the books and it ain't pretty now that they are sifting through the carnage....

My house would sell in less than 1 month if I listed it at 325k.. Homes are still selling in my sub.. newer.. close to freeway.. actually one just sold behind mine for 700k..

 

[Willie99]

hehehehehe

who's been duped again?

I would suggest it's the people that think the witch bitch and the messiah know how to save the world, banks included.

Pick a side, will ya? Or is this an indication you're coming on over to the party of the people, as opposed to government solutions for wiping your ass.