Reducing Foreclosures paper

NEW -> Contingent Buyer Assistance Program
Basically a joke. Until the lender is willing to cut the principal close to the value of the property you are just creating zombie homeowners who will foreclose eventually as once an emergency, job loss, job transfer occurs they can not sell an upside down house nor refinance or short sell as only 5% of short sales work out. Unless you cut the principal and monthly payment by 10% the bank will own it in a year or two. Why do banks do this? If they did they would have to report the loss now and they are kicking the can further down the road hoping that things will get better. Do you see home prices appreciate in a couple years? NO...With 2.1 million homes going back to the banks this year this is a evil trick by the banks to save their jobs and not have to report to the government and their share holders they are insolvent and continue to take advantage of poor folks to bilk them out of a few more months of payments. Wells Fargo made a profit this quarter, don't believe it they are cooking the books and the government is looking the other way but by the end of the year it will be the big story that the government will have to deal with and nationalize a few if not all of the big banks because of the toxic loan debt they are hidding....
 
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