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The Banks Become Chefs . . . and COOK THE BOOKS

By
Industry Observer with RETIRED / State License is Inactive Inactive License Oregon

I keep reading all about the banks, short sales -- how long they take to close (if, in fact, they do), and what a nightmare this is.  Frustrating to be a listing agent on a short . . . frustrating to be a buyer's agent on a short, etc.  CASH buyers offering full list price . . . never get a response from the bank. 

The blog posts on Active Rain have meet flood level stages now!

And I keep telling people . . .

I keep telling people . . .

I keep telling people, over and over and over again:  the banks WANT foreclosure to happen.

Anyone who knows HOW foreclosures workrealizes that it's a legal process and it takes time!  The owners have a "right to redemption" for one.  Second, since foreclosure is a legal process, the process needs to happen.  It takes months and months to have a foreclosure filing wind it's way through the court.

So . . . stretch out the short sale to the maximum, everyone will get annoyed and leave the deal undone (or so they want this to play out!  And by "they" I mean the banking institutions).   

It's their perfect storm . . . their Trifecta.   

They want the inventory(which they can SELL later) . . . they want the bail out money(which gives them all nice big -- hmmm, bonuses . . . ) and they want a BIG FAT LOSS on their books which will be entitled:  "101 Ways to COOK the BOOKS" 

End of story!

OOPS . . . I've been REBLOGGED!!  What a GREAT Epilogue to the story!  Please continue reading (after your comment) and check out Candice Donofrio's ("more than just two cents" -- which should be a NEW GROUP on A/R! ) reblog: http://activerain.com/blogsview/1142222/the-banks-become-chefs-and-cook-the-books

Posted by

 

 

Carla Muss-Jacobs has RETIRED effective May 1, 2018

Representing Buyers in the Portland Metro Real Estate Market | Clackamas Multnomah and Washington Counties | Since 1999

Carla Muss-Jacobs, REALTOR®, ABR, CEBA, ePro
Principal Broker/Owner ~~ INACTIVE

Carla Muss-Jacobs' retirement became effective May 1, 2018

Direct: 503-810-7192 

 

All Rights Reserved © 

Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I wondered if you'd post this as a stand alone. :)

Bon Appetit Banks! With a side of fraud and larceny . . . HAHA

Jul 06, 2009 06:27 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Carla - I've never looked at the situation that why before and it definitely makes me think.

Jul 06, 2009 06:30 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

LOL Candice!  Come to think of it, I don't want "lies" with my order!   Thanks for reading and commenting.  Amazing how you predicted!!   

Jul 06, 2009 06:30 AM
Dinah Lee Griffey
Windermere Peninsula Properties - Allyn, WA
Managing Broker Windermere Peninsula Properties

I just have to ask... What have we done as a Nation to give them this opportunity. Was all of this planned at some point. If you look at the actions taken in the past it makes me wonder. Are they counting on our ignorance?

No strings attached, guidelines, or rules really. Just play with the money we begged China for, and how this really effects real people (Americans) does not matter. It all seems so false.I am disgusted.-Dinah Lee

Jul 06, 2009 06:37 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hi Michelle . . . yup, they hedge their bets and got it covered:  Win, place OR show!

Jul 06, 2009 06:38 AM
Dinah Lee Griffey
Windermere Peninsula Properties - Allyn, WA
Managing Broker Windermere Peninsula Properties

By the way Carla, I love your picture for the post. I think he is the epitome of what we are seeing today-Dinah Lee

Jul 06, 2009 06:42 AM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

This is a good post provoking some thought for sure.

I reblogged it with my own views . . . thanks Carla! :)

Jul 06, 2009 06:48 AM
Robert Ott
Century21 Beal Inc. - College Station, TX

Short sales; why bother with them? Who wants to be beat down today? Me! Me! Me!

Not me; I tend to agree with Carla. I would certainly want to look at stats concerning the number actually completed and the time frame for those few completions. There are a  lot more questions than answers when this topic comes up. 

Jul 06, 2009 07:02 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hi Dinah -- Good 'ol Snidely Whiplash.  And where are the RCMP when you need them!  Doodley Dooright anywhere in sight to come to the rescue??  But, to answer your questions, I can't . . . I think anything with NSA is a "you get what you paid for" conundrum.  Empty and meaningless.  I don't think this was 'planned' -- although I do think it was a CYA by lenders after the fact.

Thanks for your comments Robert.  I was just thinking how I'm not a stat person.  Good thing you are!  Take it away . . . blog the results!

Candice, I don't think anyone has every reblogged anything I've posted -- so THANKS for the compliment.  I'll check out your blog post now and comment!

Jul 06, 2009 08:26 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

We might have the only system in history where losing is rewarded with something good.

Jul 06, 2009 08:29 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Unfortunately, Jim, it's not just in real estate . . . nice comment!!  Thanks.

Jul 06, 2009 08:43 AM
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Hey Carla - that is a great post.  I liked it so much I re blogged! Way to go!

Jul 06, 2009 01:07 PM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Thanks Nevin!  Thanks for your comment and the re-blog!  And from a financial guy too . . . I appreciate that.

Jul 06, 2009 01:34 PM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Spot on post on cronyism. Banks have it Their Way.

Jul 07, 2009 01:21 PM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

"Have it their way" . . . BankerKing??  Thanks Claude!!

Jul 07, 2009 06:04 PM