12 Jun '11, 2am

Homeless homecoming: Bank refuses to delay foreclosure on ho ...: When Tim Collette's son Aaron comes home from

Saturday June 11, 2011, 8:28 pm In the original defaults (Fannie Mae and Freddie Mac) that started the recession, the banks had a lot of foreclosures to handle. They did a rush-job and got sloppy. By now, they should have matters back under control. Continuing such sloppy work this long is, in its effect, indistinguishable from criminal behaviour. If as the article says it is illegal for the bank to foreclose on this home, matters should never have gotten this far. I had a classmate once who was a loan-manager at a bank. He was the guy who advised and negotiated refinancing, and ordered foreclosures when no refinancing was feasible. He told me that banks actually try really hard to avoid foreclosing because when they auction off the houses they tend to get a whole lot less for them than they would have gotten from the loan-repayment and the interest on it. It also discoura...

Full article: http://www.care2.com/news/member/503332866/2834740