The Great Recession is Officially Over
- Thread starter ATeam
- Start date
greg334
Veteran Expediter
A lot of foreclosures are up in the conventional mortgage end of business. There is an upspike in this for a good reason - the banks are still selling off these so called "toxic" loans to the government and are using the foreclosure as a means to recoup the money. The feds don't pay any good amount they agree to if there is a "readjustment" or assistance to the home owner while the bank can't write off the loss after the sale to the feds is made. Many banks see this as a problem, so they refuse to work with the home owner and foreclose on the house. This is obvious by the fact that many unconventional mortgages are already foreclosed on and not processed for reclaiming by the banks who don't care about those properties simply because they won't make the money they think they should.
chefdennis
Veteran Expediter
You are going to see home foreclosures go down "big time" in the coming months. Seems that the "servicing banks" those that people pay their monthly payment to, do not own or hold the title to these homes...when they package up mortages and sell them off to holding companies, they also sell the title to those homes (this is an industry norm and has been for yrs) the banks are jut collecting the payments or "servicing " these mortage peer agreement with the holding companies....
A Fla judge just ruled this is 'bank fraud" aand forced GMAC'ss new bank to stop all foreclosures in 23 states.....other banks are following suit for now until they can get a handle on this...this is also putting a stop to the sale of "foreclosed on" properties...
Now you know when there foreclosures go down for whatever period of time, barry and his minions will say this is a "recovery" for the real estate market......but you will also see a slight downturn in sales also....
A Fla judge just ruled this is 'bank fraud" aand forced GMAC'ss new bank to stop all foreclosures in 23 states.....other banks are following suit for now until they can get a handle on this...this is also putting a stop to the sale of "foreclosed on" properties...
Now you know when there foreclosures go down for whatever period of time, barry and his minions will say this is a "recovery" for the real estate market......but you will also see a slight downturn in sales also....
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greg334
Veteran Expediter
That's good to hear but it is a state by state process, right?
Just like the amazing amount of car sales going on, GM is still losing market share (according to their numbers) and they are counting dealer inventory in some markets as sold cars (technically they are) but they are recovering so great that there is constant sunshine over the tax payer's GM building.
Just a side note, this is how screwed up things are in the hollywood world, Detroit 187 (which is a great comedy by the way) shows the ren-cen without any GM logos on it. In the ads, it doesn't exist in the skyline.
Just like the amazing amount of car sales going on, GM is still losing market share (according to their numbers) and they are counting dealer inventory in some markets as sold cars (technically they are) but they are recovering so great that there is constant sunshine over the tax payer's GM building.
Just a side note, this is how screwed up things are in the hollywood world, Detroit 187 (which is a great comedy by the way) shows the ren-cen without any GM logos on it. In the ads, it doesn't exist in the skyline.
ron
Expert Expediter
Recession is over? Remember...."An optimest is one who tells you things are looking up....when things are going HIS way ! There are people who are making a lot of money off this recession. Beware of "two faced" people in government they'll burn you without any guilt. I think after this last election people are findng this out !