CAN YOU BELIEVE THE BANKS???
I have tried to decypher America's largest bank's approach to short sales.

 

I understand that they have a huge percentage of assets that should not be called assets any more, and the moment they recognize this truth they probably will go out of business or at least be in deep, deep trouble.

 

The problem that I see, is that, instead of dealing with it and establishing a plan, they are simply waiting and pretending, waiting for a miracle and pretending nothing is wrong. The people that gets affected by this lame attitude is: homeowners that want to short sale, end their nightmare and go on with their lives; and Real Estate agents, who work like dogs to get a sale through, just to find ourselves immersed in this bureaucratic ocean of crap, playing the waiting game, the foreclosure l. The bank probably does not have the intention to authorize a short sale because their reserves are low, they could inform the agent to not come back until 6 months from now, because they cannot afford to foreclose or short sale that house at that moment, get a number and we will call you.... then the agent could go on and continue to collect sellers and place them in that huge line and wait for the number to come up, but NO, how could it be so easy. The bank, instead, prefers to ask for 5 lbs of documents, to upload them in their stupid Internet portal, to lower our commissions, to send another 5 lbs of documents, to go back to square one if the buyer got tired of this load of crap, and then when you think its over, after 6 or 8 months..... They transfer the property to one of the paper companies they have created to hide the ball:

• Home loan Servicing LP
• Realtime Resolutions
• LRC
• Moscodilis LLP

Collection agencies, or outsourcing companies designed to transfer the blame for whatever happens, to allow to play the game: wait and pretend.
Do you really think they have the "investor" voicing an opinion if Mr. Smith should bring $2,000 more to the table? or if they are going to pay HOA or not?, The investors only know that they bought a financial instrument, and are receiving their interest payments, they don't give a rat's ass where the money is coming from. There is really no investor reviewing the files, this would take years to do, just do the math. They have just created this scripted crap to have a story to tell to all the real estate agents, who cares about us?, we are disposable, the only use they see for us, is that they may also decide to sell stuff to us and get what is left of our retirement money (designations, courses, portals, lists of asset managers, seminars, conferences and all that %^&* crap).

 

I was scared in the begining of the possibility of Banks going broke, this would be the end of the world, I thought. Now, I have come to the conclusion that nothing would happen, life would go on, they probably deserve to go broke, they probably need to be replace with a fresh batch of independent investors that would begin lending money and would create a system based on supply and demand and all the principles that gave birth to our great Nation.
Its about time we allow all these TO BIG TO FAIL entities to start failing and allow us, the people to breath and live free again, when did we turn communist? when did all go away?
To hell with the banks, to hell with the oil companies, to hell with the pharmaceuticals, to hell with the insurance companies, to hell with Republicans and Democrats, WE NEED HEROES, WE NEED AMERICANS THAT LOVE AMERICA.