[quote=briansd1]CA renter, in hindsight we know that banks were not prepared for the crash in home prices. However you want to look at it, the banks did not have the infrastructure needed to process all the foreclosures on a timely manner. It was a systemic problem.[/quote]
No, they quickly remedied that problem. The one they still struggle with it solvency. If they actually foreclosed and had to realize the real value of their properties instead of paper value, they’d be BK.
CAR is right, this keeps fools in houses they never could afford and keeps the same houses at price levels that are actually above sustainability and keeps the tax payers funding irresponsible banks and home debtors.
