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RESET CONGRESS!!
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Oh my. There goes some more green shoots. Maybe I should say, "oh shoots'.

Maybe the onion sets I bought will provide some green shoots soon. Hope so.

Now to watch the commercial property foreclosure shoe drop. Already rearing it's ugly head here. Anyone wanna buy a strip mall... cheap?

A recent Celente video for your viewing pleasure..

 

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Ouch! You can bet the rest of the banks won't be far behind BofA. On a personal note I hope Wells Fargo goes freaking bankrupt, and it's executives get harassed by debt collectors like they harassed us. 20 phone calls a day minimum.
Wells Fargo happens to be my brokerage and also ended up with my house loan years ago.

Their mortgage arm is lost and without a clue. The wifey always pays it online and missed the last payment by a day. They called up and she said she'd pay them in 15 minutes-----just an oversight. No problems, right?

I get a call the next day from some Silly Sally to verify it and such---and she pauses and says, yes I see it's been paid, thank you etc.

We get a letter in 2 days saying...."realize this might be a difficult time for you, especially when we were unable to reach a mutual agreement regarding the options available to assist you with your current situation." And I need to call them "as soon as possible to discuss my options". WTF?????
They're too stupid for me to call back and endure just to enjoy the process of having fun with them.

I'm tellin' y'all........they are more than happy to repossess it seems. Are they that desperate to take on more "bad assets" just so they can get bailed out again?
 

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As far as all the banks go BB&t wasnt really hit that hard by the problems in the financal sector as they did not engage to nearly the same level the other large banks did
 

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http://www.irvinehousingblog.com/bl...osure-rate-by-600-in-2010/?source=patrick.net

An exert....

1.2 million Bank of America homeowners are in default. Even if they forclosed on 45,000 a month for a full year, that is only 540,000 foreclosures. What about the other 660,000 people in default? I think their number -- large as it may seem -- is actually wishful thinking. It is worse than that.
I was just hired by Bank of America....I was hired to keep loans from foreclosing......foreclosures means the bank is losing money...BOA dosent want that.
 

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Well,you know they are SO HELPFUL about the payments too(heavy sarcasm insert) I managed to drop my payment down between the seat and console and didnt notice until it was about 4 days late.I then get a ph call,your payment is overdue. WTF say I ,here is the check# it went out such and such day.I play the wait and watch,and notice as it approaches 12 days or so,not posting,I get worried.I call (and yes its BoA) and after the mandatory 15min hold,I get someone on that speaks passing english. I say " I wish to verify payment HAS been received/posted so that I do NOT get a late on my acct" OK,she says,we can do it over the phone for XX$$ I think it was about 14 or so ? Huh,I am trying to MAKE a payment,right now ? OK I will do it online,same deal only it posts the next day.WTF,do they NOT want to take my money ? I realize,having to hit the "ENTER" key on the keyboard to accept a payment that will process immed by ACH on an acct they already have on file is most difficult,but man,they seem determined to **** off EVERY customer they deal with.While I do NOT agree with walking away from your debts,I can certainly see the frustration caused by the TOTAL LACK of CUSTOMER service ! Sorry,if they stick their hands out to the .gov for another freebie,I swear somebody is gonna be MIGHTY unhappy !
 

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I hear so many horror stories. Wells Fargo is one of the worst. My poor nephew had a bunch of his student loans bought up by them. Now they harassing him and he didn't borrow from them intentionally.
 

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Looks like rain to me.
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There has been a moratorium on forecloseures for a while. This is keeping the bottom from falling out of the msarket. The banks don'y want to see their houses fall to zero in value.

Pretty soon those are going to start hitting the market though.

 

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Think positive

Whatever the number actually is, its that same number of people who will:

1) get exposed to prepping

2) get exposed to building their own homes

3) not have to pay all that interest

4) get to say stuff like: youll have to blow me dry of all bodily fluids b4 you get a dime you useless dongnibblers:thumb:

5) who learn to plan ahead by this mess so they don't go thru it again.

6) learn that its ok to not be indebted to the man.

etc.

Bottom line? There's always a silver lining!!!
 

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I was just hired by Bank of America....I was hired to keep loans from foreclosing......foreclosures means the bank is losing money...BOA dosent want that.
I hope you have some training before you are out there for BAC. Foreclosures do NOT necessarily mean the bank is losing money.

If you owe $500K on a house worth $50 M and you are foreclosed on for missing payments, I doubt the bank is going to lose money.

The act of foreclosure does not indicate in any way that the bank will lose money.

To bring it down to reality even more, banks have been able to extend and pretend over losses, and keep trash assets at par value on their books. Banks are not losing money in the aggregate, I can promise you that. Not the chosen ones.
 

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Whatever the number actually is, its that same number of people who will:

1) get exposed to prepping

2) get exposed to building their own homes

3) not have to pay all that interest

4) get to say stuff like: youll have to blow me dry of all bodily fluids b4 you get a dime you useless dongnibblers:thumb:

5) who learn to plan ahead by this mess so they don't go thru it again.

6) learn that its ok to not be indebted to the man.

etc.

Bottom line? There's always a silver lining!!!
more realistically, they will just end up sucking the government tit like all the other unemployed people, until that collapses too.
 

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I hope you have some training before you are out there for BAC. Foreclosures do NOT necessarily mean the bank is losing money.

If you owe $500K on a house worth $50 M and you are foreclosed on for missing payments, I doubt the bank is going to lose money.

The act of foreclosure does not indicate in any way that the bank will lose money.

To bring it down to reality even more, banks have been able to extend and pretend over losses, and keep trash assets at par value on their books. Banks are not losing money in the aggregate, I can promise you that. Not the chosen ones.

Right but it seems that in the current situation, people often owe a lot more than the houses are worth because the market price has dropped so drastically in the past couple of years.

So while technically you are right, I think on most of these houses they would 'lose' money on the forclosures. Or in reality, just have to admit the true market value of the properties, which is what they are trying to avoid.
 

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Right but it seems that in the current situation, people often owe a lot more than the houses are worth because the market price has dropped so drastically in the past couple of years.

So while technically you are right, I think on most of these houses they would 'lose' money on the forclosures. Or in reality, just have to admit the true market value of the properties, which is what they are trying to avoid.
Perhaps, but saying "foreclosures means the bank is losing money" is inaccurate at best.
 

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Perhaps, but saying "foreclosures means the bank is losing money" is inaccurate at best.
Are you saying that,perhaps,for example purposes a bank forcloses on a 200K loan. They then sell said property for 150K but assuming the new owner does not also default and pays out the entire term,they will get their original 200K plus a portion of interest(profit) back so there is not necessarily a "net" loss,long term but just a short term paper loss ? I realize we are now talking from a bankers point of view instead of layperson.Please explain if you would.:)
 

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How come there is no discussion of "Personal Responsibility" in this thread? We are upside-down because of the decline in home values but we have busted ass and sacrificed to keep up our end of the deal and make mortgage payments on time. Just asking.
 
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