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Does anybody think that any of this legislation is going to help?

The "foreclosure crisis" is a farce. The more I see, the more I belive that almost 90 percent of the foreclosures are not even owner-occupied. In fact, many of these foreclosure owners never made one payment and have been collecting rent since they bought the property. We need to speed up the foreclosure process, not slow it down or freeze it, as many politicians have been doing.

Posted by Michael Pinter on 03/03/2009 04:04 PM

Comments (6)

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6 Comments on Does anybody think that any of this legislation is going to help?

MAR

Very intrguing thoughts. I can see how that might possibly be the case. I would be interested in seeing any reference material, articles and/or reports that lead you to that conclusion as I would like to read them as well. It might be helpful to share this information so as to further educate the masses regarding the facts of the situation.

Daniel,

Unfortunately, there is nothing to document the truth because so many of these loans closed showing them as owner-occupied loans with straw buyers. My ecperience with hundreds of loans in foreclosure and seeing that almost every one of them not bring owenr ocuupied is what led me to the post. I would love to give you empirical proof. Thanks for the commeny=t and feel free to subscribe to my blog.

Michael Pinter

Wow. I think that this is another case where real estate is local. The scenario you described is not the norm in my area.

Margaret,

I know you are speaking to legitamite people who are asking for your help, but do you think the lowlives who have taken advantage of the system would call you? Those are the guys who's loan gets sold to us. Believe me they are evreywhere and they are the vast majority of the problem.

Michael Pinter