More foreclosures, short sales, and economic woes to come. Yet people like the CEO of Goldman Sachs, Lloyd Blanfein, were able to procure bonuses of 9 million dollars. They are now under investigation for investor fraud. The company's goals, which they always stated, were to protect their investor's money. Unfortunately, this was not the case. Knowingly, they managed to broker a deal to investors that would lead to them losing billions of dollars of their money, but Goldman Sachs made enormous financial gains from the transaction and kept quiet about the financial loses to come.
As an investment pool, Goldman Sachs recommended that their investors buy mortgages worth billions of dollars while knowing that huge losses were about to come. They knew that they were selling bad mortgages and made a lot of money doing so. If that wasn't appalling enough, Goldman Sachs went on to get bail out money and didn't lose anything. This sale was another factor that led to the collapse of the real estate market.
Interestingly, they were able to enjoy the bailout money that they received from AIG funds. They are not the only ones being targeted by the SEC (Securities and Exchange Commission) as other large banks will follow. My question is: Why did it take the SEC so long to investigate? The democrats are blaming the republicans and vice versa, but they all gave bailout money to the banks.
Is anything really helping the people? No, the stay of execution has been lifted and banks will foreclose. One in every 138 homeowners in this country already has a default registered against their house.
Last year foreclosures started slowing down due to moratoriums and President Obama's push to do loan modifications, but it has only helped a small few. Expect a lot more foreclosures this year, as the banks are now processing those in default at a much faster pace. The trend is reversing and the banks are no longer letting people stay in their homes. So do something, don't let the banks foreclose on you. There are many alternatives to foreclosure.
As a Short Sale Specialist, I would like to help. Call direct or email me.
Shelley Gross (818) 481-8697
website: www.shelleysellsthevalley.com
email: shelleysellsthevalley@gmail.com
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