To: Abiotic
Banks sit on property to keep the “value” on the books. They should sell and take the hit but nooo. I would love to own a house in Kalifornia at a reasonable price, so would a lot of people.
14 posted on
08/17/2012 7:31:07 AM PDT by
central_va
( I won't be reconstructed and I do not give a damn.)
To: central_va
Banks sit on property to keep the value on the books. They should sell and take the hit but nooo.Buy a bank. . .then you can run it any way you want.
19 posted on
08/17/2012 7:37:55 AM PDT by
MEGoody
(Ye shall know the truth, and the truth shall make you free.)
To: central_va
In some markets, if you start selling all the foreclosed properties the bank holding the mortgage will fail.
As long as they don't sell, they keep the value on the books for the full mortgage amount plus some appreciation. Once they sell, they have to write it down.
34 posted on
08/17/2012 9:06:37 AM PDT by
redgolum
("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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