Dont get all excited, they are only going to knock down garbage that no one would give 50 cents for. Home prices will continue to fall for quite awhile. No one is buying, the worst is still to come.
Small problem, THEY didn't take the loss, WE either currently or eventually will take the loss. As the OP said, this is the kind of surreal bullshit that occurs when an artificial market that cannot properly assess risk is allowed to flourish.
Not unless there is an increased demand for those remaining homes. Last I checked everybody and their brother had already bought homes by the time this thing blew up.
S2007S brings some good content to this board. We all have our opinions but he's not the kind of guy you want to rip on.
Wrong. Nobody is lending when unemployment is 10%. People are pricing their homes as if everyone is a cash buyer
exactly. recently bofa and 2 other banks got 2 billion more dollars to help distressed homeowners. what it really does is allow bofa to take 50 grand for each low income homeowner, pretend they got caught up on the payments and restart the foreclosure clock. Its just a b.s. transfer payment out of tax payers to bofa.