banking disasters: SHORT SALES HARDSHIP PARADOX AT BEST
- 09/25/11 06:49 AM
I remember contacting the bank right before the onset of foreclosures kicked in to negotiate a new term. Why? I had clients that were going to be out of work and couldn't afford to continue to make excessive high payments based on high interest rates. Prudence and honesty dictates calling ahead and trying to work something out
THE BANK FOLLOWS PROCEDURES
At that time, everyone was told NO to whatever you were calling in about. Remember, your paperwork including the note says what will happen if you don't perform. There really isn't anything to discuss if you go on that. After … (2 comments)
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banking disasters: BANK OF AMERICA LAYING OFF TENS OF THOUSANDS CAN THEY DO ANYTHING RIGHT?
- 09/14/11 08:57 AM
Insanity defined is upon us. Doing the same wrongs expecting a right makes no sense. We bail out this bank, so that all the corporate executives can be lavishly paid, we find out that they conduct business based on fraud principals, and will not and cannot follow any rules or regulations and now is TURNING on their own employees?
DON'T DO AS I SAY OR DO
All any up and coming bank or credit union has to do to be successful is not do anything this bank did or does. You will be just fine after that. I remember a few … (8 comments)
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banking disasters: BANK OF AMERICA EATS PEOPLE UP LIKE FRENCH FRIES WITH LOTS OF KETCHUP
- 09/10/11 04:23 AM
You go in the FRONT doors of any branch and there are the tellers with fixed smiles and long lost friend attitudes waiting to help you and care for you. Some of them are young and naive and have no knowledge of who they work for. Others are afraid you will find out. Find out what you may ask? The back END is chewing people up
THEY EAT PEOPLE LIKE YOU EAT FRENCH FRIES
B of A is one of the worst perpetrators of violating peoples rights professionally and personally in existence bar none
WHAT IF I DON'T WANT TO BEHAVE?
… (18 comments)
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banking disasters: THE FOX GOT INTO THE HEN HOUSE AND HENS ARE DROPPING LIKE FLIES
- 09/05/11 10:15 AM
What harm can an unregulated bank or lending institution do when they do not adhere to policy, regulation, procedure and their own business plan? Bring down the American economy quicker, faster and cheaper than it has ever been done before. He who has the gold ruled over us all right to our doom
THE RULES OF ENGAGEMENT ARE CLEARLY DEFINED
To make money no matter how you make it is not something to be proud of. Drug dealers make enormous amounts of money and any collateral damages that come out of doing so is just business as usual. I cannot excuse … (0 comments)
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banking disasters: BANK OF AMERICA HAS THE GOLD AND IT RULES UNJUSTLY AND UNFAIRLY
- 08/18/11 12:31 PM
Forget the fact that the Bank of America is being sued for billions, that it had to be bailed out, that effectively foreclosed on hundreds of military personnel while they where serving their country, that they don't do loan mods but keep saying they do, that they foreclose on you without warning and demand you must be delinquent to get help
THEIR BUSINESS PLAN IS NOT HARD TO FOLLOW
Forget all that because that is not the point of my post. This bank is not a professionally run business yet it wants access to profits, gain and privileges that most other … (2 comments)
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banking disasters: FORECLOSURES AVERAGING OUT TO 318 DAYS TO COMPLETE IN U.S.
- 08/01/11 04:58 AM
That is not an effective or efficient way of doing any type of business. In fact, the rate has gone up from last years time frame indicating less efficiency as we go. We are getting worse not better. Some states can get it done in a unheard of 90 day period and some take as long as 3 years to complete. This is a major deterrent to the economic recovery of the United States
BANKS ARE POOR BUSINESS PEOPLE
I want to take a moment to say that it would be much worse if Real Estate professionals were not involved. Many … (0 comments)
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banking disasters: MILITARY FIGHTING FOR AMERICA...BANK OF AMERICA FORECLOSES ON THEM WHEN THEY DO
- 07/21/11 02:15 PM
I wrote a post about this many months ago and it is time to revisit the subject again. My client who is in the military had a home in foreclosure with Bank of America. They showed no courtesies, no considerations and had the gall to even employ bullying tactics which was demanding not agreed to monies to close a short sale. I paid it out of my commissions so my client and his wife can have peace and walk away
MY CLIENT IS IN THE MILITARY...HE WALKS THE WALK
He tells me that he cant talk about these 6 month missions … (5 comments)
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banking disasters: TOO BIG TO FAIL...2011 MOVIE...EXCELLENT SUMMATION OF OUR FINANCIAL CRISIS
- 05/30/11 01:56 AM
I just finished watching the movie TOO BIG TO FAIL. Most excellent depiction of what took place, what is taking place and just how fragile the financial system of the the whole world is. The movie connects all the obvious dots. All the headlines, the opinions and the facts interwoven into a believable conclusion
SOME PEOPLE WIN..SOME PEOPLE LOSE
First off, there are many Wall Street players that are becoming and have become filthy stinking rich off this whole thing. That is the way it will go and it appears that there is nothing to be done about it.
IT IS … (0 comments)
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banking disasters: PEOPLE WILL USE YOUR OWN GREED AGAINST YOU...IF YOU LET THEM
- 05/29/11 06:37 AM
I remember many years ago when I was an ignorant (innocent) fool and out of a job. I was collecting unemployment and you have to go to the unemployment office in person to collect your check. I come out with my cashed check and I notice a group of people right next to the parking lot. I go over to investigate....
I NEVER SEEN A SHELL GAME BEFORE
There is a guy with a little stand belly button high and on it is three wooden cups. He places a small marble under one of them and then mixes all the cups … (7 comments)
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banking disasters: REPORT ON WHAT HAPPENED TO ECONOMY IS RELEASED.....
- 04/23/11 12:42 PM
I have not read this report. Many are reading it now and analyzing it. It does cast clear dispersions on the banks and the regulators wrongdoings, conflicts of interest, and unequaled greed. I have said it so many times, the depth of this disaster exceeds normal business procedures and operations
WITHOUT THE COMMON MAN..NOTHING MAKES SENSE
The public at large...God bless them and keep them safe is and remains... ignorant. For fellow Americans in power to seduce other not so savvy people is despicable. For the government regulators not to catch it or stop it is negligent and irresponsible. Let the … (2 comments)
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banking disasters: HELOC....the loan from hell
- 04/17/11 12:40 PM
Whoa is what I said then and thereafter when I first had my experience with HELOC's. I had an equity rich home with Countrywide and a second becoming due. I am talking with them and they tell me about this program that I qualify for where you just write a check up to $150,000 no questions asked. I said..any charge if I don't use it?
LINE OF CREDIT NO PROBLEM
There is no charge for setting it up. So I figured I had nothing to lose. I had a second becoming due and it was another option besides using my cash … (2 comments)
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banking disasters: SHORT SALES...MANUALLY ADJUSTING THE REAL ESTATE MARKET....part four
- 04/11/11 09:49 AM
When a borrower is tormented about whether to strategically default or not, that means there is something wrong with the system more than the individual. If just a few thousand people had this difficulty, then we would chalk it up statistically to a irresponsible few who failed for whatever reason
TENS OF MILLIONS and COUNTING
When millions are cast into something like this, then the problem lies elsewhere and becomes every ones problem and not just some people who are on the hook for a loan. Consider what a reverse Short Sale would be. That is where the borrower just accepts … (0 comments)
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banking disasters: SHORT SALES...MANUALLY ADJUSTING THE REAL ESTATE MARKET....part three
- 04/11/11 09:45 AM
The banks are in effect sore-losers and here is why. You see over the decades or even centuries, land has been coveted and fought for. It has value which is undisputed. What can be safer or more secure than putting up your home for collateral to a lender?
LAND AND IMPROVEMENTS IS THE BEST SECURITY
Hard money lenders which are traditionally second lien holders knew this and would loan out their funds to equity rich properties charging exorbitant rates and one sided terms with the understanding that if you defaulted, they either took over the property or it was sold and … (0 comments)
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banking disasters: SHORT SALES...MANUALLY ADJUSTING THE REAL ESTATE MARKET....part two
- 04/11/11 09:44 AM
Short Sales is our way of correcting a problem that should have never been. An ideal and normal market should and would correct itself. Supply and demand always worked. The problem was that all the excessive lending done on product was a result of an unregulated marketing blitz and dreams of quick riches.
WE WERE ENCOURAGED TO GO ALONG
People did not fail. The systems failed. If you have ever been to Las Vegas, there exists an element outside the glitz and glitter, the lure and suggested promises that is as sobering as a concentration camp. I am speaking of all … (0 comments)
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banking disasters: SHORT SALES...MANUALLY ADJUSTING THE REAL ESTATE MARKET....part one
- 04/11/11 09:41 AM
The banks came up short and got bailed out...remember? As far as the rest of us goes, if there ever was a time to Short Sell, that time is now. Real Estate isn't going anywhere, but the economy needs to get moving and since the industry wont correct itself, short sales are a form of self-correction
HOW WE GOT HERE SHOULD NEVER BE FORGOTTEN
The aggressive marketing programs introduced by banks and lenders over the last few years has produced this situation that we are all drowning in. Remember how you can buy anything with no money down and how the … (0 comments)
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banking disasters: MR. PRESIDENT.....FOCUS ON HE HOME FRONTS PLEASE...we need help here
- 03/28/11 07:51 AM
We have a broken economy, an unemployment issue, a battered and bruised housing market and a federal deficit problem. There is dissension in the house of politics and the world at large doesn't respect America. I am bothered by all this and wonder what the hundreds of thousands of employees that work in government are governing?
Japan is in the crisis mode dealing with their priorities after a devastating earthquake. They have their hands full and will begin the herculean task of rebuilding and beginning a new. They will return and become stronger for it while setting a fine example during … (0 comments)
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banking disasters: GLOBAL INTERFERENCE BY THE U.S......is costly for all concerned
- 03/28/11 04:53 AM
I find it interesting at how we are quick to take a stand on something half way around the world (Libya) without hesitation. It can be debated whether we should or should not. That is not my point. What I have noticed over the years is that we do not have an exit strategy once we do get involved
How can you get into something and not calculate the costs? You would think by now that we have an understanding of this. This is defective thinking and shocking when you consider that it comes from high level sources.
The recent blunders … (2 comments)
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banking disasters: WELLS FARGO CEO...only made...17.56 MILLION IN 2010 Recession SPARES NO ONE
- 03/22/11 03:50 AM
The figure quoted above is 6% less than what he made in 2009. So the recession has not spared this man and he too lost money. Now the corporation credits CEO John Stumpf with helping to bring in income in excess of 12 billion dollars last year. He must be rewarded for doing his job.
THE BANKS MAKE MONEY
The gross revenue for Wells Fargo is roughly about 85 billion a year down from 88 billion a year because of the recession, regulatory reforms, and the banking financial crisis. So you see even the banks are not immune from the economy … (0 comments)
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banking disasters: BANKS DON'T HELP PEOPLE...THEY HELP THEMSELVES TO PEOPLE
- 03/11/11 09:12 AM
The banks have always played an anti-people role when people needed them the most in the form of unexpected problems. The banks have always had a history of them first and everything else second while at the same time having a public relations campaign that said the opposite
THIS IS WELL PORTRAYED
If you watch the movie the Grapes of Wrath based on the book by John Steinbeck, they are correctly portrayed as they really are. Steinbeck caught hell from writing the book and then having a movie exposing that truth. Of course he also revealed how many people who lost … (2 comments)
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banking disasters: BANK DOES LOAN MODIFICATIONS ....farms out to INDIA ?
- 03/06/11 02:19 AM
I have an associate who is handling a very complicated loan mod with the bank. It involves a living trust where the beneficiary has died and the trustees now occupy the home but are not on the loan. It is complex and not easy to sort out and address. $250,00 is owed and the property is worth closer to $100,000. The payments are way higher than the cheapest rental in the area
FORECLOSURE PLUS COMMUNICATION PROBLEM?
So, what does the bank do? Farms all their inquiries out to INDIA where every question you ask is met with a script answer accompanied … (6 comments)
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I remember contacting the bank right before the onset of foreclosures kicked in to negotiate a new term. Why? I had clients that were going to be out of work and couldn't afford to continue to make excessive high payments based on high interest rates. Prudence and honesty dictates calling ahead and trying to work something out
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