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Citigroup Inc. Message Board

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  • ironroad45 ironroad45 Jun 23, 2008 11:11 AM Flag

    Banks need to speed up foreclosures

    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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