This is for those who insist banks are holding foreclosures off the market.
Telez is still here? That's funny since he insisted so strongly he wouldn't return to the board until the stock reached $1.98 and then only to be able to say he told us so.
great profit, but not a profit unless you have closed out some of the position...does not sound like you were a dope (yet, just jesting), but i think your comment was meant to be directed at someone else perhaps.
isnt "exhausting every other possible solution before forclosing" considered keeping forclosed properties off the market? Same thing, just different mumbo jumbo.
Basically, they are waiting for a free hand-out from the government until they forclose.
not to split hairs on this, but the homes "classified" as foreclosure properties, do not include properties seriously delinquent about to move into forclosure status, as they were holding off on this status change waiting for mortgage program to be "operational". That is where the "hidden" amount of potential new forclosures are coming.
This comment is interesting:
"Based upon foreclosure and REO timelines, it's going to take at least 18 months to flush the system of our current problems. But to flush the problems in only 18 months, more problem loans need to leave the system relative to the new problem loans of today and tomorrow. That does not appear to be the case right now-we aren't clearing faster than new problems are emerging.
Shows that the problem is not going away for more than a year..