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Old 06-18-2012, 09:16 AM   #29
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Sorry, right initials, wrong word. Community Reinvestment Act. Started in 1977 and amended, interpenetrated, and variously enforced through out the years. It started the subprime mortgage. Once the subprime mortgage was there, it started going downhill.

Lindsay has got the source of the problem. That's when things started to go downhill. I had a client get a "no income verification loan" at the high point. He had a $25,000 a year income and was able to get a $400,000 mortgage. Luckily he got out of the house before the fertilizer hit the ventilator, to paraphrase the expresssion, and he didn't get into a foreclosure bind. We saw all kinds of people getting mortgages who shouldn't have qualified for even a credit card.
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Old 06-18-2012, 09:42 AM   #30
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In Florida, these loans were called "liar loans" and were common. It all worked as long as the housing market "appreciated" 20% a year. Just refinance every two years to pay your mortgage and buy a new truck. Here, everybody who knew which end of a hammer to use was a subcontractor building new houses for the never ending supply of buyers.
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Old 06-18-2012, 09:46 AM   #31
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OK still can't figure it out.
It's pretty simple:
You have to evict people to make them leave. This involves attorneys and they cost money. In some states, the process can take months.

The alternative is that we make it easy for banks to force people out of homes, but doing so would have some very dire consequences since banks can't keep paperwork straight.

Also, if you've ever seen most foreclosed homes, people tend to strip them...

$10k is probably cheap.
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Old 06-18-2012, 10:03 AM   #32
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When people strip homes, they need to be arrested and held accountable for the loss.
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Old 06-18-2012, 10:28 AM   #33
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When people strip homes, they need to be arrested and held accountable for the loss.
I agree !!

also it should not cost anything for a bank to take a house back if someone hasn't paid in 12 months. Get a sheriff go to the house and give them 3 to 5 hours to get out. PERIOD!!!
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Old 06-18-2012, 01:17 PM   #34
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When people strip homes, they need to be arrested and held accountable for the loss.
X3

I can't believe how routine it has become for people to strip the house... selling all of the appliances on Craig's List before they leave. I haven't heard of a single case where the banks have tried to prosecute. Perhaps if they had picked a few early on to use as examples it could have nipped it in the bud but now it just seems to be expected.

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Old 06-18-2012, 01:51 PM   #35
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Just repo'd a house I financed for a louse (this was after the meltdown). He stole the door knobs & locks, 10 interior doors, 2 thermostats, one part of a shower door (what the *&*%$*?), smashed the lawn sprinkler timer trying to steal it, and left a dumpster load of trash & old tires. Not to mention he played me on the foreclosure, 2 trips to bankruptcy court, 2 trips to federal court (you want to talk about government waste, lets start a thread on that subject...). That's why cash for keys if you can make it work for both parties. My guy lied like a rug, so no cash for keys.

The whole meltdown is ongoing and will be for at least another 18 months IMO. There has been too much thumb sucking & foot dragging to work out all the obvious cases and get to the real bottom. We should have faced all the music as quickly as possible, but no, that'd bee too real for some people.

We have bankruptcy because our founders realized there is no percentage for debtors or creditors in debtor's prison. Home loan workouts are just another form of BK, and just business not personal. Getting heart strings tuned up like an orchestral chorus is for fools. A rented house vs a loan workout vs eviction- its all business. Too bad for the lender (in the case above, that's me), too bad for the borrower, get on with life & get on with business. And get smarter next time.

Do you suppose we could get D.C. to learn a teeny bit about over-borrowing?
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