Yesterday was a busy day in the News on Foreclosures. To no surprise the Banks have not been following the correct procedure when it come to foreclosing loans for Homeowners as posted yesterday on Yahoo News. Below are several statements from that article.
Evictions are expected to slow sharply, housing analysts said, as state and national law enforcement officials shine a light on questionable foreclosure methods revealed by two of the country biggest home lenders in the last two weeks.
Even lenders with no known problems are expected to approach defaulting homeowner more cautiously and look more aggressively for resolutions short of outright eviction.
Despite the turmoil, some economists said the breakdown could ultimately lay the groundwork for a real estate recovery.
Stricken neighborhood across the country, for example, could benefit. One big factor undermining home sales is fear of a large number of foreclosed homes coming to the market. If the foreclosures are delayed or never happen, housing prices might find a floor.
"Maybe this is like shock therapy," said the economist Karl E. Case. "Maybe this will actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody."
Yesterday I went to see the movie Wall Street and was that an eye opener for me. It truly questions who really runs our Country and no wonder the wealthy do not want to pass the extension of the tax cuts if they are not included.
What is not being addressed is the massive profits the banks are making and the tax benefits to them if they continue to write off bad debts. They invest our money and make fortunes while we are in a world of trouble. Real Estate is the basis for so many industries in this country and if people can not keep their homes, and can not get money from the banks to expand their business and buy homes nothing will recover.