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Bailout Bliss?
By Todd Schafer
Just today, I had a rather interesting conversation with a prospective tenant.
She sounded very intelligent, and brought some very interesting points to the table. She, like many other renters in heavily foreclosed areas, recently found a foreclosure notice tacked to her door. Even though it isn't her late with the payments, she has to move. 90% of the prospective tenants calling me have a similar tale. Through no fault of theirs, they are being forced to move. I had always thought after reading some books on the subject that banks were not interested in foreclosing on properties with negative equity (more is owed against than what the property is worth). I mean why would a bank or any organization want to take control of a liability? There is no money to be had by them at a foreclosure sale. So why the recent uptick in foreclosures? My prospective tenant seems to think that banks are eager to get MORE foreclosures on their books so they can qualify for more Uncle Sam bailout money. And to think these measures were supposed to keep people in their homes? I think it's safe to say that the American public knows little of the chicanery going on behind the curtain. |
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The copyright for this content entitled "Bailout Bliss?" has been specified by the contributor as:
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The copyright for this content has been relinquished by the author. The content may be used freely by anyone.
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This intel was contributed by toddiem
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May, 2012
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