Banks Loose Huge Sums of money on real estate loans they manage for fannie-mae and freddie mac.
As sales cooled and bankers were being bankers, many sales were blown by many banks causing very high, needless losses to the owners of fannie and freddie loans that these banks... "manage-very poorly". The only profits being made are the service charges paid to the banks. Their policies always leav the borrowers and loan owners worse off and holding the bag. These loan service companies cause bigger losses than if realtor's just sold the houses and then sent the money to the beneficiary. The debt collectors and borrowers could work out the rest after the sale. This process could bypass these freaking debt collector / loan service companies so their deal killing clerks wouls stop milking their fannie and freddie investors. Often fannie and freddie investors never even see a short sale file, because it is buried by one of their obtuse clerks.
REO and traditional sales only produced one new mls sale transaction in Citrus Heights and Orangevale over the first 22 days of July, as 30 new short sale transactions were created.
The loan service companies for the banks are hurting the whole real estate industry, they should be eliminated from the short sale process.
Published by Mike Jaeger Live - 2010 -
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