[Rt.66]

This article deserves its own thread:

http://www.irvinehousingblog.com/blog/comments/arden-northwood-irvine/?ref=patrick.net

This is exactly what I have been seeing in my farm areas. Lots of empty homes, however if you were not actively seeking out foreclosures you probably would’nt even know they were part of the shadow inventory. Banks send people by the homes once and while to mow lawns, etc. The porch lights are left on, neighbors park cars in the driveway, etc. Some are left unattended but many are looked after. Neighbors don’t want vagrants or vandals or teen partying going on next door so they work to keep a lived in look.

The truth is out there. You can search it out or you can join the bidding wars.

Great quote from the article above:

“This is the part of The Great Housing Bubble that still makes me angry. The powers-that-be know how big this problem is, and yet our policies and our public relations are all geared toward getting knife catchers to jump into the equity meat grinder. They know they are encouraging others to take on the losses the lenders cannot absorb, and they do not care how that impacts you.”

[Rt.66]

This article deserves its own thread:

http://www.irvinehousingblog.com/blog/comments/arden-northwood-irvine/?ref=patrick.net

This is exactly what I have been seeing in my farm areas. Lots of empty homes, however if you were not actively seeking out foreclosures you probably would’nt even know they were part of the shadow inventory. Banks send people by the homes once and while to mow lawns, etc. The porch lights are left on, neighbors park cars in the driveway, etc. Some are left unattended but many are looked after. Neighbors don’t want vagrants or vandals or teen partying going on next door so they work to keep a lived in look.

The truth is out there. You can search it out or you can join the bidding wars.

Great quote from the article above:

“This is the part of The Great Housing Bubble that still makes me angry. The powers-that-be know how big this problem is, and yet our policies and our public relations are all geared toward getting knife catchers to jump into the equity meat grinder. They know they are encouraging others to take on the losses the lenders cannot absorb, and they do not care how that impacts you.”

[Rt.66]

This article deserves its own thread:

http://www.irvinehousingblog.com/blog/comments/arden-northwood-irvine/?ref=patrick.net

This is exactly what I have been seeing in my farm areas. Lots of empty homes, however if you were not actively seeking out foreclosures you probably would’nt even know they were part of the shadow inventory. Banks send people by the homes once and while to mow lawns, etc. The porch lights are left on, neighbors park cars in the driveway, etc. Some are left unattended but many are looked after. Neighbors don’t want vagrants or vandals or teen partying going on next door so they work to keep a lived in look.

The truth is out there. You can search it out or you can join the bidding wars.

Great quote from the article above:

“This is the part of The Great Housing Bubble that still makes me angry. The powers-that-be know how big this problem is, and yet our policies and our public relations are all geared toward getting knife catchers to jump into the equity meat grinder. They know they are encouraging others to take on the losses the lenders cannot absorb, and they do not care how that impacts you.”

[Rt.66]

This article deserves its own thread:

http://www.irvinehousingblog.com/blog/comments/arden-northwood-irvine/?ref=patrick.net

This is exactly what I have been seeing in my farm areas. Lots of empty homes, however if you were not actively seeking out foreclosures you probably would’nt even know they were part of the shadow inventory. Banks send people by the homes once and while to mow lawns, etc. The porch lights are left on, neighbors park cars in the driveway, etc. Some are left unattended but many are looked after. Neighbors don’t want vagrants or vandals or teen partying going on next door so they work to keep a lived in look.

The truth is out there. You can search it out or you can join the bidding wars.

Great quote from the article above:

“This is the part of The Great Housing Bubble that still makes me angry. The powers-that-be know how big this problem is, and yet our policies and our public relations are all geared toward getting knife catchers to jump into the equity meat grinder. They know they are encouraging others to take on the losses the lenders cannot absorb, and they do not care how that impacts you.”

[Rt.66]

This article deserves its own thread:

http://www.irvinehousingblog.com/blog/comments/arden-northwood-irvine/?ref=patrick.net

This is exactly what I have been seeing in my farm areas. Lots of empty homes, however if you were not actively seeking out foreclosures you probably would’nt even know they were part of the shadow inventory. Banks send people by the homes once and while to mow lawns, etc. The porch lights are left on, neighbors park cars in the driveway, etc. Some are left unattended but many are looked after. Neighbors don’t want vagrants or vandals or teen partying going on next door so they work to keep a lived in look.

The truth is out there. You can search it out or you can join the bidding wars.

Great quote from the article above:

“This is the part of The Great Housing Bubble that still makes me angry. The powers-that-be know how big this problem is, and yet our policies and our public relations are all geared toward getting knife catchers to jump into the equity meat grinder. They know they are encouraging others to take on the losses the lenders cannot absorb, and they do not care how that impacts you.”

[Rt.66]

[quote=SD Realtor]Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.[/quote]

I’m guessing all the people on a RE forum know the difference.

I’m guessing most also assume “banks” can be extended to any financial institution holding mortgages and that they all may have similar reasons for holding off selling REOs 🙂

[Rt.66]

[quote=SD Realtor]Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.[/quote]

I’m guessing all the people on a RE forum know the difference.

I’m guessing most also assume “banks” can be extended to any financial institution holding mortgages and that they all may have similar reasons for holding off selling REOs 🙂

[Rt.66]

[quote=SD Realtor]Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.[/quote]

I’m guessing all the people on a RE forum know the difference.

I’m guessing most also assume “banks” can be extended to any financial institution holding mortgages and that they all may have similar reasons for holding off selling REOs 🙂

[Rt.66]

[quote=SD Realtor]Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.[/quote]

I’m guessing all the people on a RE forum know the difference.

I’m guessing most also assume “banks” can be extended to any financial institution holding mortgages and that they all may have similar reasons for holding off selling REOs 🙂

[Rt.66]

[quote=SD Realtor]Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.[/quote]

I’m guessing all the people on a RE forum know the difference.

I’m guessing most also assume “banks” can be extended to any financial institution holding mortgages and that they all may have similar reasons for holding off selling REOs 🙂

[Rt.66]

Wells Fargo’s CEO:
Wells Fargo is not holding REOs in order to avoid marking down asset values. We are not using the emergency mark-to-market rule suspension to over-value our non-performing residential and commercial real estate loans, so that we appear to be solvent. I am not just saying this so that we appear to be solvent. We are not holding out for a Gov. entity to be formed, such as RTC2, to unload a boat load of REOs (we do not have) onto the tax payers.

He didn’t actually say that, but what would you expect the banks to say? I’d expect them to say exactly what that BofA exec in the interview said. Everyone from the Gov. to the Fed to banks and Goldman are lieing like a rug warehouse to us every day. All of us should know by now that they are trying to resuscitate the consumer and continue the transfer of wealth by telling him that things are not as bad as they are.

If the banks have a huge, huge shadow inventory that they are holding on to, would they admit it? If they have so many non-performing loans that they are completely insolvent would they tell the press? Will Goldman Sucks come out and admit that they run the Gov. and do indeed have tentacles sucking the wealth from us thru our 401ks, at the gas pump, obvious manipulation of the stock market and with free use of our tax dollars?

[Rt.66]

Wells Fargo’s CEO:
Wells Fargo is not holding REOs in order to avoid marking down asset values. We are not using the emergency mark-to-market rule suspension to over-value our non-performing residential and commercial real estate loans, so that we appear to be solvent. I am not just saying this so that we appear to be solvent. We are not holding out for a Gov. entity to be formed, such as RTC2, to unload a boat load of REOs (we do not have) onto the tax payers.

He didn’t actually say that, but what would you expect the banks to say? I’d expect them to say exactly what that BofA exec in the interview said. Everyone from the Gov. to the Fed to banks and Goldman are lieing like a rug warehouse to us every day. All of us should know by now that they are trying to resuscitate the consumer and continue the transfer of wealth by telling him that things are not as bad as they are.

If the banks have a huge, huge shadow inventory that they are holding on to, would they admit it? If they have so many non-performing loans that they are completely insolvent would they tell the press? Will Goldman Sucks come out and admit that they run the Gov. and do indeed have tentacles sucking the wealth from us thru our 401ks, at the gas pump, obvious manipulation of the stock market and with free use of our tax dollars?

[Rt.66]

Wells Fargo’s CEO:
Wells Fargo is not holding REOs in order to avoid marking down asset values. We are not using the emergency mark-to-market rule suspension to over-value our non-performing residential and commercial real estate loans, so that we appear to be solvent. I am not just saying this so that we appear to be solvent. We are not holding out for a Gov. entity to be formed, such as RTC2, to unload a boat load of REOs (we do not have) onto the tax payers.

He didn’t actually say that, but what would you expect the banks to say? I’d expect them to say exactly what that BofA exec in the interview said. Everyone from the Gov. to the Fed to banks and Goldman are lieing like a rug warehouse to us every day. All of us should know by now that they are trying to resuscitate the consumer and continue the transfer of wealth by telling him that things are not as bad as they are.

If the banks have a huge, huge shadow inventory that they are holding on to, would they admit it? If they have so many non-performing loans that they are completely insolvent would they tell the press? Will Goldman Sucks come out and admit that they run the Gov. and do indeed have tentacles sucking the wealth from us thru our 401ks, at the gas pump, obvious manipulation of the stock market and with free use of our tax dollars?

[Rt.66]

Wells Fargo’s CEO:
Wells Fargo is not holding REOs in order to avoid marking down asset values. We are not using the emergency mark-to-market rule suspension to over-value our non-performing residential and commercial real estate loans, so that we appear to be solvent. I am not just saying this so that we appear to be solvent. We are not holding out for a Gov. entity to be formed, such as RTC2, to unload a boat load of REOs (we do not have) onto the tax payers.

He didn’t actually say that, but what would you expect the banks to say? I’d expect them to say exactly what that BofA exec in the interview said. Everyone from the Gov. to the Fed to banks and Goldman are lieing like a rug warehouse to us every day. All of us should know by now that they are trying to resuscitate the consumer and continue the transfer of wealth by telling him that things are not as bad as they are.

If the banks have a huge, huge shadow inventory that they are holding on to, would they admit it? If they have so many non-performing loans that they are completely insolvent would they tell the press? Will Goldman Sucks come out and admit that they run the Gov. and do indeed have tentacles sucking the wealth from us thru our 401ks, at the gas pump, obvious manipulation of the stock market and with free use of our tax dollars?

[Rt.66]

Wells Fargo’s CEO:
Wells Fargo is not holding REOs in order to avoid marking down asset values. We are not using the emergency mark-to-market rule suspension to over-value our non-performing residential and commercial real estate loans, so that we appear to be solvent. I am not just saying this so that we appear to be solvent. We are not holding out for a Gov. entity to be formed, such as RTC2, to unload a boat load of REOs (we do not have) onto the tax payers.

He didn’t actually say that, but what would you expect the banks to say? I’d expect them to say exactly what that BofA exec in the interview said. Everyone from the Gov. to the Fed to banks and Goldman are lieing like a rug warehouse to us every day. All of us should know by now that they are trying to resuscitate the consumer and continue the transfer of wealth by telling him that things are not as bad as they are.

If the banks have a huge, huge shadow inventory that they are holding on to, would they admit it? If they have so many non-performing loans that they are completely insolvent would they tell the press? Will Goldman Sucks come out and admit that they run the Gov. and do indeed have tentacles sucking the wealth from us thru our 401ks, at the gas pump, obvious manipulation of the stock market and with free use of our tax dollars?

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