Foreclosures not slowing down in Colorado
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#2 Aug 30, 2007
Why don't the banks step forward and renegotiate with the owners and drop the adjustable rate part, unless they like having a lot of spare houses and no income?
#3 Aug 31, 2007
Because the lenders don't care if they have vacancies and losses to offset their interest income from those still able to make payments. Remember the goal of any corporate entity is for the top eschelon to make the biggest salaries and bonuses they can while paying zero corporate tax if they find enough losses. Also the lender's have a substantial amount of windfall profits to be made on the foreclosed persons lost equity. Very few mortgages were at 100% LTV's. If someone walked on a home that appraised at $250K 2 years ago and they got an 85% LTV loan making $37K of equity, even if the home has lost 5% of its former value, and after foreclosure and realtor expenses there is still a $10-$20K of windfall profit to the lender. This was all part of the original plan when they made these loans. Escalate the payments to force foreclosure and skim the the equity.
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