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Fraud

By Cindy & Troy Browning

Real Estate Agent with Dickson Realty, Reno,NV

April 04, 2011 10:41 AM

Did anyone watch "60 Minutes" last night? Even though we knew about the forged documents and signers who would have thought it was to the extent it was. No wonder the banks have stalled on the amount of foreclosures to make sure that they are really the owners.

What a novel idea! If one of us had done that, it is bank fraud and we go to jail or pay a large fine. HELLO, why are these banks and servicing companies getting away with this? Because the current administration in its infinite wisdom is allowing it to happen and will bail them out just like they have before.

Where is my bailout if my business fails? I'll tell you it is in my house that the bank just took because they wouldn't modify or help me out. Even though they are still making money on the loans they bought from the banks out of business.

Give me a break. Until we have a new administration that will allow free enterprise and not get into the auto business (see GM) and banking business (too many to list) we are doomed.

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Sarasota & Manatee Counties FL

SaraMana Properties - QuickFreeMLS.com - Bradenton, FL

QuickFreeMLS.com - Listings In Paradise

DO you realize that EVERY SINGLE BANKER AND POLITICIAN IN THE COUNTRY IS A LITERAL CRIMINAL.

How does it make you feel to live in such a "great" country?

Apr 04, 2011 11:00 AM

Greg Saffell

Tucson, AZ

Real Estate Professional Tucson, Oro Valley AZ

Cindy, I missed 60 minutes but I'm on board for a new administration, can't wait!

Apr 04, 2011 11:01 AM

Doug Kaller

Academy Mortgage, Reno, NV - Reno, NV

Cindy,

I didn’t watch 60 minutes (why aggravate myself) but agree with your points. Our government has spent in excess of a trillion dollars on bailouts, TARP, etc. Although all of these programs have added to our elected officials war chests and benefitted their friends, they have had no effect on the economy.

I believe we cannot get out of the current situation until every home that was financed between 2002 and 2009 has either had the balance adjusted to within 125% of the current market, sold as a short sale, or been foreclosed upon. Loan modifications just extend the term while short sales and foreclosures destroy neighborhoods and push home values lower with each subsequent sale.

Although I would prefer to see government get out of the way and allow the forces of the market to resolve the problem, I know that is not going to happen. If we are going to throw money around, I’d suggest a refinance program where principle balances would be adjusted to within 25% of the current market. If this were combined with a mortgage program similar to FHA, people would want to stay in their homes. If at that point, additional short sales were prohibited, we could build stability in the market and get on a path to recovery.

Although I realize this is a pipe dream, I believe it makes more sense than anything we’ve seen to date.

Apr 05, 2011 04:14 AM

Rob Ernst

Certified Structure Inspector - Reno, NV

Reno, NV-775-410-4286 Inspector & Energy Auditor

I didn't see it but it's seems like some banks are moving forward now. They aren't letting them sit vacant as long as they were before. Well at least the ones that are in good shape. The ones that aren't they secure and let them sit. But then again there seems to be less people walking so maybe they are helping who they can. The exception seems to be BOA. They seem to be doing things their own way.

Apr 08, 2011 02:12 PM

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