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10/14/10

What is Really Going on with the Foreclosures?

The Banks, like Bank of America, JP Morgan and others are stopping the foreclosures of hundreds of thousands across the country.

Some of the banks have been found to have hired homeless people, laid off waitresses and the like to sign off on the mortgages without proper training to ensure that the paperwork was all done properly.

People who were being foreclosed on were starting to challenge their foreclosures by making the banks prove they actually owned the title to the home they were foreclosing on.

Because most banks and mortgage companies trade or sell off titles, they had a hard time of proving ownership and in many cases the home owners were able to prevent their home from being foreclosed.

But are the banks themselves stopping the foreclosures under the guise of checking the paperwork or are they doing what they can to prevent a huge inventory of empty houses hitting the the already saturated housing market?

Obviously flooding the market with more homes would decrease the value of those homes and lower the prices. The banks would stand loosing billions.

In 2009, Bank of American sad "We do not hold foreclosed properties off the market." In that same year we read about a "Shadow Inventory" of homes that the banks refused to put on the market.

In January 2010, "Bank of America to release homes into the Nevada housing market..It's part of the so-called "phantom inventory" of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales."

This appears to be a manipulation of the housing market and should be investigated. Yes, investigate their sloppy paperwork and give justice to those who have had their homes unjustly foreclosed, but also investigate the banks and mortgage companies themselves from what could be nothing more than a price manipulation scheme.

GOD'S WORD FOR TODAY
Man shall not live by bread alone, but by every word that proceedeth out of the mouth of God. Matthew 4:4 (KJV)


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