[LomanBill]

[able to foreclose on the property, in other words steal the home then re-sell it at a loss]

Uhuh.  And FDIC also picks up the tab on the loss for certain institutions.

"But who lost? That would be the taxpayers who lost. The taxpayers lost the discounted value of the loan in sale to One West Bank. That was about $169,500 less than the loan value. And, the FDIC also covered 95% of the lost from the original value of the note. The loss was $131,000 plus foreclosure costs for a total loss of about $141,000. That makes the total loss to the taxpayers was about $300,000."

http://www.larryhotz.com/fdic-pays-bank-to-foreclose/

Ain't that cute?

B.O.H.I.C.A.

 

[bbernard]

Unbelievable isn’t it? One of my homes was motgaged with IndyMac Bank. Guess who took over my mortgage when the Government closed its doors? Yup, It was offered to OneWest Bank aka George Soros, in that sweet heart deal you talk about. This is why I will fight tooth and nail to never foreclose on this property because if I do, this loser makes out.
Our country is a mess. Damn Shame!