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  • July 15, 2008 at 9:02 AM #13301
    RunningBear
    Participant

    This should go down as a rumor but I think it is something to consider. For those thinking that we are getting close to bottoming in the housing market I would think about what this post is saying.

    So I work for the enemy 8)

    A couple quick obervations from what I’m seeing:

    1. My company will avoid selling a foreclosed home we have taken at all costs. Many times we are choosing not even to foreclose because it is a waste of money. We just sit on it and twiddle our thumbs waiting for what I don’t know. So we have a ton of bad debt but it doesn’t “look” that way because we are avoiding that bad debt from hitting the books. If we do actually have a foreclosure we just play games with realtors, investors and homebuyers, we take their offers, and they wait 60 days, then counter offer, then maybe look at another offer…wait another 60 days, then counter offer. We are just blowing smoke so the big hit won’t go on the books yet. It seems would would rather just be ok with not accepting payments anymore than having to take a home.

    2. Another interesting observation. Do banks get any kind of federal money or assitance if they loaned $$ to people who are considered in “disaster areas”? The reason I ask is my company has had a bunch of loans where people aren’t paying, and when I say not paying I mean not 1 cent in 15 months on 500k mortgages and we have done NOTHING. Just recently, some of these accounts have been placed under a “disaster relief” program due to the wild fires raging here in California. The catch is, when I am reviewing these accounts none of the addresses are even close to being in a fire areas. Yes, they may be in the same COUNTY where a fire is currently burning …..but 60 miles from actual flames. So now these loans maybe can be put back on the books as up to date because they are in a ‘disater relief loans’ and not “bad debt” anymore. Boy the banks never seem to halt with the tricks up their sleeves. I was wondering if anybody else has seen this.

    FYI the property locations are in Salinas, Seaside, Gonzales, Greenfield, Soledad, and King City. The fire is burning in Big Sur! Same county but no fire risk.

    http://patrick.net/phpBB3/viewtopic.php?f=2&t=10237

    July 15, 2008 at 10:38 AM #239607
    gdcox
    Participant

    This accords. What we need is a banking expert to advise when a foreclosed property has to be marked down. If it is only when it is sold and in the meantime it is valued at the valuation at time of mortgage issue, these games would be explainable.

    July 15, 2008 at 10:38 AM #239745
    gdcox
    Participant

    This accords. What we need is a banking expert to advise when a foreclosed property has to be marked down. If it is only when it is sold and in the meantime it is valued at the valuation at time of mortgage issue, these games would be explainable.

    July 15, 2008 at 10:38 AM #239749
    gdcox
    Participant

    This accords. What we need is a banking expert to advise when a foreclosed property has to be marked down. If it is only when it is sold and in the meantime it is valued at the valuation at time of mortgage issue, these games would be explainable.

    July 15, 2008 at 10:38 AM #239804
    gdcox
    Participant

    This accords. What we need is a banking expert to advise when a foreclosed property has to be marked down. If it is only when it is sold and in the meantime it is valued at the valuation at time of mortgage issue, these games would be explainable.

    July 15, 2008 at 10:38 AM #239812
    gdcox
    Participant

    This accords. What we need is a banking expert to advise when a foreclosed property has to be marked down. If it is only when it is sold and in the meantime it is valued at the valuation at time of mortgage issue, these games would be explainable.

    July 15, 2008 at 10:57 AM #239617
    nostradamus
    Participant

    Maybe they figure a slow, downhill run is better than dumping it all on the market at once. Maybe they’re holding out so all the people responsible for this mess can jump out with their golden parachutes leaving the next generation of bankers on the hook. Maybe they want to create an artificial demand by reducing inventory (easy, since they hold much of the inventory). Maybe they don’t want their buddies in office to look bad so are waiting for the next administration to take over.

    We the people are going to end up owning those homes if the FDIC takes over the banks with lots of REO inventory. If you have over $100k in a bank taken over by the FDIC, you get a share of the liquidated assets. So you do get something back, in this case it might be a house!!!

    July 15, 2008 at 10:57 AM #239755
    nostradamus
    Participant

    Maybe they figure a slow, downhill run is better than dumping it all on the market at once. Maybe they’re holding out so all the people responsible for this mess can jump out with their golden parachutes leaving the next generation of bankers on the hook. Maybe they want to create an artificial demand by reducing inventory (easy, since they hold much of the inventory). Maybe they don’t want their buddies in office to look bad so are waiting for the next administration to take over.

    We the people are going to end up owning those homes if the FDIC takes over the banks with lots of REO inventory. If you have over $100k in a bank taken over by the FDIC, you get a share of the liquidated assets. So you do get something back, in this case it might be a house!!!

    July 15, 2008 at 10:57 AM #239759
    nostradamus
    Participant

    Maybe they figure a slow, downhill run is better than dumping it all on the market at once. Maybe they’re holding out so all the people responsible for this mess can jump out with their golden parachutes leaving the next generation of bankers on the hook. Maybe they want to create an artificial demand by reducing inventory (easy, since they hold much of the inventory). Maybe they don’t want their buddies in office to look bad so are waiting for the next administration to take over.

    We the people are going to end up owning those homes if the FDIC takes over the banks with lots of REO inventory. If you have over $100k in a bank taken over by the FDIC, you get a share of the liquidated assets. So you do get something back, in this case it might be a house!!!

    July 15, 2008 at 10:57 AM #239814
    nostradamus
    Participant

    Maybe they figure a slow, downhill run is better than dumping it all on the market at once. Maybe they’re holding out so all the people responsible for this mess can jump out with their golden parachutes leaving the next generation of bankers on the hook. Maybe they want to create an artificial demand by reducing inventory (easy, since they hold much of the inventory). Maybe they don’t want their buddies in office to look bad so are waiting for the next administration to take over.

    We the people are going to end up owning those homes if the FDIC takes over the banks with lots of REO inventory. If you have over $100k in a bank taken over by the FDIC, you get a share of the liquidated assets. So you do get something back, in this case it might be a house!!!

    July 15, 2008 at 10:57 AM #239822
    nostradamus
    Participant

    Maybe they figure a slow, downhill run is better than dumping it all on the market at once. Maybe they’re holding out so all the people responsible for this mess can jump out with their golden parachutes leaving the next generation of bankers on the hook. Maybe they want to create an artificial demand by reducing inventory (easy, since they hold much of the inventory). Maybe they don’t want their buddies in office to look bad so are waiting for the next administration to take over.

    We the people are going to end up owning those homes if the FDIC takes over the banks with lots of REO inventory. If you have over $100k in a bank taken over by the FDIC, you get a share of the liquidated assets. So you do get something back, in this case it might be a house!!!

    July 15, 2008 at 12:01 PM #239682
    peterb
    Participant

    I suspected this was going on. I’ve posted about the lenders not wanting to take the hit on their books so they just turn a blind eye to the loans not performing. And they try not to sell too many homes in any given quarter.
    So maybe there’s a way to see how many home loans are in “non performing” status.i.e..they have not made a payment in 3 months.

    July 15, 2008 at 12:01 PM #239820
    peterb
    Participant

    I suspected this was going on. I’ve posted about the lenders not wanting to take the hit on their books so they just turn a blind eye to the loans not performing. And they try not to sell too many homes in any given quarter.
    So maybe there’s a way to see how many home loans are in “non performing” status.i.e..they have not made a payment in 3 months.

    July 15, 2008 at 12:01 PM #239824
    peterb
    Participant

    I suspected this was going on. I’ve posted about the lenders not wanting to take the hit on their books so they just turn a blind eye to the loans not performing. And they try not to sell too many homes in any given quarter.
    So maybe there’s a way to see how many home loans are in “non performing” status.i.e..they have not made a payment in 3 months.

    July 15, 2008 at 12:01 PM #239881
    peterb
    Participant

    I suspected this was going on. I’ve posted about the lenders not wanting to take the hit on their books so they just turn a blind eye to the loans not performing. And they try not to sell too many homes in any given quarter.
    So maybe there’s a way to see how many home loans are in “non performing” status.i.e..they have not made a payment in 3 months.

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