How can anyone be shocked. I have been waiting for this for over 6 months.
March 5, 2008 – 1:13am
“1. People keep wondering why banks don’t just drop the price and sell the foreclosures. THEY CANT. Banks do not have the capital to take these loses onto their books as they would become totally insolvent. The government will ultimately step in and physically take these foreclosures off their sheets for them at the expense of the taxpayers. It is the only option I can foresee coming in the future. This is not new as they did the same in the 90’s with fewer amounts of foreclosed homes.”
