The FDIC Shell Game
Click the post title above to watch today’s video! Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at www.TBWSDailyShow.com!
Subscribe
-
LO Placement
-
Recent Posts
Show Archives
Video Cabinet
Associations
Blogroll
Credit
Education
Gov't Homes
Gov't Links
Instead of talking back and forth here, let’s get the word out to our stupid politicians and fellow Americans that we were all conned by Greenspan, the Federal Reserve, Wall Street and the Banks.
http://www.youtube.com/watch?v=wDhKWaSAVe8&feature=related
Hey WR, how bout addressing what I said instead of changing the subject?
Please send your smoking products too!
Foreclosures are rising and will still take an average of 500 days which is currently the time span. they will likely increase as there is a NEW trick being utilized by investors buying bad loans. They buy a loan from another investor say Wells, and Wells granted a modification subject to a three month trial payment program. Pretty standard practice. the new investor buys a loan with some equity at a deep discount say 30 cents on the dollar. they then foreclose on the borrower who is making the new payment. they new investor simply says they didn’t grant the modification and they make some quick money by foreclosing which the first lender woudln’t have made. this has gone to court in Orange County and the borrower has won AND received substantial settlement terms. but how many borrwers just give up or think litigation is too expensive. In reality mortgage lititgation is increasing by demand and is costing about the same as modifications and the courts are very sympathetic to borrowers. What’s next?
The Tax payers have been paying for their own foreclosure to take place with all the tax payers money for the past 4 years, that is why the banks will & fight “NOT” to approve anything for the home owners and lose the paper work by stringing the home owner along. When the fed issues monies for programs by the so called gov program it is money that insures the bank to foreclose on the home owner, while it looses the paper work for the programs that are suppose to help the home owner, The gov put the fed and banks in charge of both sides HA! (imagine that)
Wall street protesters already know this!
Do you think politicians, elected officials and others in positions of power are getting nervous by how much anger the general public holds for them?
What can we all do daily to make our situations better?
Best to know Ur enemy and upon knowing that, out smart em!
Until they do right by the people & follow the chain of title and quit stealing the tax payers money and stealing their homes/securities and keep coming up with more false programs on tax dollars that are made to fail into the hands of the banks, while looking as though their helping, this will continue into a downward spiral.
choose to help the people
Kirbywoo: My roommate runs the harmony drilling platform off Gaviota CA.
They ahve been shut down sine the oil spill in the gulf along with virtually every other offshore outfit on the west coast.
Yes Obama is the problem. And 5pence doesn’t need to blow any smoke up your’s. You already swallowed the koolaid with the Obamamine in it.
Welocme to reality.
Randy
You are soo right. It wasn’t BP’s fault it cut corners and destroyed the gulf, ending fishing jobs people in that region depend on and left the economy of the states affected in shambles. It’s Obama’s fault.
P.S. How come every trash American has to slip in something racist in any statement they make? Coolaid? Get a life loser!
Not sure what racist remark was. Coolaide is now racist?
It has more to do with just blindly following along.
Appreciate the info and heads up both of you provide.
It kinda sounds like Hope and Changed = Smoke and Mirrors
Hey 5pence! You say Obama wants oil prices to rise and that he can wave a wand and hit the oil companies with a wind fall profit tax but he is not because he is really secrectly “in” with the GOP congressman and senators who at every turn blocked any attempt at all by Obama to raise ANY tax on anyone or anything? (Warren Buffet, Corporations, Oil companies, GE, “job creators” etc) Please send me what you are smoking….Unbelievable.
First Countrywide would push their known bad loan pools on to investors then bet against them by buying a default swap through AIG. Now, BofA is following a similar plan by pushing their bad loan pools on to the FDIC.
A few months ago, I was perplexed as to why BofA would have merged with BAC Home Loans Servicing and now the foggy air is starting to clear. It appears to me that once BofA merged all of their bad entities together, they might be able to insure what was not insurable.
Pretty soon were going to need an FDIC bailout!
It looks like the financial world is the last great wild wild west.
More deliquencies coming? 50% of all working people made less than $26,500 last year. That is almost poverty level in some states. Think that’s going to rise? I doubt it, and the Federal Reserve has targeted inflation, where the things you need go up in cost and the things you don’t need stay flat or fall. Obama wants oil prices to rise, which means food costs rise. Instead of hitting the oil companies with a windfall profit tax – he’s allowing them to loot with impunity…. Blatant corruption in the highest office in the land. I thought Bush was the king of corruption with his crony capitalism – Obama is even worse.
So….who OWNS LPS and why would it benefit them that “delinquent payments” are down? Once again, follow the money. The last I checked, the true unemployment rate is still quite high. In my head, these two issues are tied together.
If everyone decided to cash in & get their $ from FDIC, they would be broke, like the banks…Do we really want to trust them??? I say put the $ in Silver if you are not rich, Gold if you are rich & get it into YOUR hands, some place that YOU know of. I don’t trust banks, safe deposit boxes, government backed banking industry. The more the gov knows about your $ the more they tax it so they can over leverage! Oh, & let’s not forget what they did in the last Depression, since this one will be worse when it is done!!!
Once again great info. I have also discovered a great way for investors to obtain funding for their deals. You know the kind that doesn’t require all the red tape. I use it on some of my rehabs. Easy to get and after the rehab I can get a new loan for up to 5 years. (New program)
If you happen to have money you’re looking to invest, you can invest it here also. Most investment loans you earn 8 to 10% and some have Pts. You can invest small amounts to larger amounts and most terms are 6 months. In other works your return could be as high as 16 to 20% if you loan it out twice in one year.
Just check it out for yourself. http://pmbintl.com/investorloans/
Folks from Mizz-ZOR-EE pronounce their state Mizz-zur-rah. So, when in Rome…….or is there a Rome, MO?
Who cares….M-I-Z-Z-O-U can go be by themselves in the SEC. They will be the Colorado in that league. Don’t let the door kick you on the way out Missoureeee.
Foreclosure periods from 6 months to 4 years. That’s a result of SELECTIVE FORECLOSURE! Owners that purchased with no money down, never could afford the home in the first place and are way under water, four years! For the average person who paid their mortgage for 15 years, paid down principal, worked hard to pay but they ran into some property, the banks target them for the six month foreclosure because there is equity for them to tap. The underwater homes are an immediate loss so they push them off to the future and hope there is a rebound in values. This IS what is going on and why some foreclosures are pushed through and some seem to take forever!
Tax payer? Homeowner/borrower is more like it. But it really dose not matter. If the banks can figure out a way to pass their losses off to anybody, (homeowner/borrower/lender/insurance company/government/etc…), they will. I’m still getting a kick out of that certain bank that got foreclosed on down here in Florida a few months ago. Ha ha ha..