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Citigroup Inc. Message Board

  • greenspanbubble greenspanbubble Jun 23, 2008 10:53 AM Flag

    Banks need to speed up foreclosures

    throw deadbeats out as quickly as possible. there
    is no way those crooks will pay their mortgage
    ever.

    there are lots of people who have lots of money
    by buying oil, should let them enjoy 80% reduction
    of RE.

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    • They do not want to flood the market with more homes!

      • 2 Replies to whos_your_daddy_1220
      • The may well have little choice. As it is now, many houses are sitting empty and are a target for vandals. Swimming pools full of algae, etc. Entire neighborhoods sit empty in some areas. If the banks don't stop fooling around and sell these houses, they'll be in even bigger trouble later on. Eventually, when the bank goes under, the federal government ends up with the mess. Remember the Resolution Trust corporation set up to clear up the real estate mess lest over the the S&L crisis? We'll probably see something similar at some point.

        Right now, though, the banks are still in denial.

    • it's not the foreclosures...it's carrying the bad debt of the foreclosures on the books(balance sheet) by holding the properties and not selling them(not to mention the blyth it puts on the streets with so many vacant houses)

      More banks are allowing "short sales"(selling below loan value) as regulators are forcing banks to clean up their balance sheets.

      In the 70's many banks set up Real Estate Management operations: maintaining; local Gov't enforcing code, sales & rentals as well as lease to own, ect.

      The banks need to speed up the management of forclosures, instead of carrying the debt on their balance sheet that is worth less than the property.

 
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