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In addition the costs associated with that foreclosure process is reimbursed by Freddie Mac or Fannie Mae. The bank could, in fact make money when a loan goes into default that is guaranteed by Freddie Mac or Fannie Mae because they may have another opportunity to provide financing for the new buyer (that’s where they make money, all those fees you pay when you initially take out a mortgage) and the process begins once again.”
By the way if you didn’t already know, Freddie Mac and Fannie Mae is now owned and controlled by the U.S. government courtesy of another bailout for corporate Fat Cat Titans. Between the two companies they insure about half of all mortgages in the United States. (Over 5 Trillion dollars worth it’s estimated)
“It’s really a shell game of smoke and mirrors.’ states Lexus. “The banks are singing the blues making it appear they are on the verge of financial collapse because of the financial crisis they essentially created themselves. The only way the bank loses when a property is foreclosed upon is when they lose the fees paid to them to service the loan.”
You see. Life 101. Nobody gives a s*** about you.
What part of don't buy something you can't afford was part of this? The individuals buying the homes knew this when they signed the paper work. Each and everyone of them knew this from the start. They did it any way. Dumb should be punished!
The banks loose money when a property is vauled beyond it's true worth, ( Housing Buble 101 ) They pay out $200 thousand for a property now worth $70 thousand when it forecloses. Freddie and Fannie can't cover that loss x 10 million.
If your buying a home you OWN a TV, and every sigle person who lost their homes saw the AFLAC duck. Insurance? Protect your life style, your investments? WHAT EVER... Live below your means. Not at your means! Bad things happen to EVERYBODY at some point in their lives and It's a crying shame that the hard fact of life is " Stupid is, as Stupid dose." You put down your money and you take your chances. Indiviuals bought property during the buble they hoped to turn a profit on in a few years. They weren't buying homes to live out their lives in. Greedy get rich quick indiviuals were not forced to buy these inflated properties they couldn't afford. Foreclosures happen in any economic enviorment at a rate of around 9%. The rate is about 7% higher than normal. Combinded with 3x's the losses you have a finacial disaster.
Crying "VICTIM" where's my free money?! I want a bail out too! BS ...How long dose unemployment last these days? 693 days. Can you say Goverment bail out x 30 million. Corprate Fat Cat Titans make the jobs for everybody in one way or another, without them forget about your creature comforts. If the US finacial mega institutions fail, the economy will fail across the world. We will be in a war worse than anything that human history has documented to date. If the American people don't pay out in hard earned cash, they will certainly pay in American blood.
Learn your world history, Learn to take resposiblity for your actions. Don't expect someone else to pay for your misfortunes.
True, but we are only talking about subsidizing the payments on your morgage. Not the total note. Your veiw of the Banking Bail out is as if you were looking at an Elephant under a micro scope. Your using normal morgage information and applying it to an abnormal event.