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Courthouse Step Auctions. Great Deal? Or No Deal?
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The reason this is happening is becasue banks would rather evict people than tell their chinese slave labor investors that they're insolvent.
The Bad banks is where the big banks and gov't hide their risky mortgage bets and the family that was disrupted as a result. All the "troubled assets" where connected to real people who can't just go to a bad bank where everything is honkey-dory.
Mortgage writedowns & full disclosure means the FDIC and banks have to admit that they are insolvent.
eyewitness043 2 years ago
This is where money is being counterfeited, not just in wallstreet.
The Banks are somehow buying defaulted loans at the fieresale prices the TARP should've granted the original homeowner who now lives in a tent by the river.
Countrywide wouldn't do a work out of a $350,000 overvalued mortgage only to buy it from themselves for $180,000 after the homeowner was evicted.
Not to mention these homes are being purchased with bailout money and held OFF THE MARKET to inflate real estate mrkt.
eyewitness043 2 years ago
This is why I haven't bothered showing up for an auction. Take a half day out of work to bid for something that isn't for sale? Waste of time. Good reporting, Frank. Try to not spread the pig flu, please.
stinkypoon 2 years ago
I was actually curious about this. If auctions are such great deals, then why don't banks go there, buy other banks' properties and then offer them at a better rate that would still net a profit. Thanks Frank, love the website.
shrfu31 2 years ago